Oil prices have edged higher after a G7 price cap on Russian seaborne oil came into force on top of a European Union embargo on imports of Russian crude by sea. Brent crude futures LCOc1 rose 66 cents to $83.34 a barrel by 0108 GMT on Tuesday. West Texas Intermediate …
Read More »Oil Prices Climb as China Continues to Ease Covid Restrictions
Crude oil prices climbed on Monday morning as Chinese cities continue to relax Covid restrictions now in their third year under the government’s zero-Covid policy. However, reports of two Covid-related deaths in two different cities have emerged over the weekend and they may give authorities cause for being cautious about …
Read More »Kuwait Says Oil Buyers don’t Want to Boost Imports Next Year
Kuwait’s state energy company said customers are reluctant to increase oil imports next year, signaling that the market’s being suppressed by global economic weakness. “We’re really nervous about where demand is going over the next few months and the next year, especially if there is a recession,” Sheikh Nawaf Al-Sabah, …
Read More »Led by Saudi Arabia and Russia, OPEC+ to Maintain Oil Output Levels
Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force. The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including Russia, …
Read More »Russia Boosts Production while OPEC+ Considers Deeper Oil Output Cuts
With only 3 days to go until the EU ban on Russian seaborne crude imports gets implemented, Russian oil producers are going against all expectations and have actually ramped up production in recent weeks, according to some accounts. On October 5th, the group of oil producers known as OPEC+ agreed …
Read More »OPEC Set to Stick or Cut more amid Plan to Cap Russian Oil Price
Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session in October the 13-nation …
Read More »Reuters Survey: OPEC Cut 710,00 Bpd in November
Led by Gulf member states, OPEC oil output dropped in November in line with the OPEC+ pledge to cut output by 2 million barrels per day for the month, according to a Reuters survey released on Wednesday. OPEC produced 29.01 million barrels per day in November, the survey reported, which …
Read More »Why 2023 is Likely to See much Higher Oil Prices
Earlier this week, oil prices plunged to 2022 lows as energy markets panicked about demand amid COVID chaos in China that has resulted in an unexpected and extraordinary manifestation of street protests and even calls for Chinese President Xi Jinping to step down. The market’s response to this, according to …
Read More »Oil Dips on OPEC+ Uncertainty; Easing China COVID Curbs Cap Declines
Oil prices dipped in Asia trade on Thursday as uncertainty lingered ahead of Sunday’s OPEC+ meeting, though easing COVID curbs at the world’s top crude importer China capped price declines. Brent crude futures fell 25 cents, or 0.3 per cent, to $86.72 per barrel by 0430 GMT, while U.S. West …
Read More »China and India are Buying Russian Crude at a 40% Discount
The European Union on Friday once again failed to reach an agreement on a price cap for Russian oil, with the bloc’s eastern-most members including Poland, Estonia, Latvia, and Lithuania objecting that the proposed $60-$70 per barrel for Russian crude is too generous and well above the rates Russia currently …
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