Oil

As uncertainty over global crude oil demand continues to hang over the market, even one of its most bullish forecasters – the Organization of Petroleum Exporting (OPEC) – has now lowered its demand growth forecasts for both 2024 and 2025. For nearly a year, both it and the think-tank International …

Brent and U.S. crude oil futures fell on Tuesday as traders grew less nervous about the potential for a wider war in the Middle East, with Iran yet to act on threats to retaliate on Israel for assassination of a Hamas official in Tehran. Benchmark Brent crude futures settled down …

On Monday, Basrah crude oil decreased despite a stability in global oil prices. Basrah Heavy crude edged lower by $0.14 to $73.60, while Basrah Medium also rose by $0.14 to $76.77. Global oil prices remained stable, maintaining most of their gains from the previous week, which had exceeded three percent. …

Saudi crude oil exports to China are set to fall in September to about 43 million barrels, several trade sources said on Monday, citing monthly allocations for term buyers. September exports from the world’s top exporter to China are estimated to slip by about 3 million barrels from a revised …

Oil prices rose for a fifth consecutive session on Monday, holding on to last week’s more than 3% gains, as US recession fears eased while geopolitical tensions in the Middle East supported prices. Brent crude futures climbed 22 cents, or 0.3%, to $79.88 a barrel by 0458 GMT, while US …

OPEC+ oil production experienced its largest increase in nearly a year in July, with Iraq and Kazakhstan raising their outputs despite deeper cut commitments, while Russia remained significantly above its quota. According to a survey by Platts OPEC+ from S&P Global Commodity Insights on August 10, the group’s total production …

The US EIA has forecast that US oil markets will experience a closer balance between supply and demand this year. At the same time, the EIA has revised its forecast for 2025 crude prices downwards compared with its Short-Term Energy Outlook (STEO), published in July. Despite recent drops in crude …

The US government’s energy-tracking agency added to a chorus of concerns about falling demand for oil next year caused by an economic slowdown in China, the world’s largest crude importer. Global crude consumption will be about 104.5mn barrels a day in 2025, down 200,000 barrels a day from a previous …

The U.S. Energy Information Administration (EIA) has raised its forecast for crude oil demand in the United States, according to the agency’s Short-Term Energy Outlook released today—although its price outlook for this year and next has been revised down. The EIA now sees U.S. petroleum and other liquid fuels consumption …

Oil prices slipped in early Asian trading on Wednesday following a brief rebound in the previous session after industry data showed an unexpected build in US crude oil and gasoline inventories, offsetting global oil supply concerns. Brent crude futures fell 21 cents, or 0.27%, to $76.27 a barrel by 0020 …