Oil

Led by production increases in Saudi Arabia and Russia, the OPEC+ group raised its October oil output by 490,000 barrels per day (bpd), TASS news agency quoted the International Energy Agency as saying in its monthly report on Tuesday. Saudi Arabia’s oil production rose to 9.8 million bpd in October …

A new study from the Organization of Petroleum Exporting Countries (OPEC) said that Libya has surpassed Nigeria as Africa’s biggest oil production, the Nigerian newspaper PM NEWS reported. Nigeria’s oil output decreased to around 1.23 million barrels per day (bpd) in October, down from roughly 1.25 million bpd the previous …

The U.S. government projected that the global oil market will become oversupplied and prices will fall by early next year, cooling expectations that the White House may tap the nation’s emergency reserves. Supply increases next year from OPEC nations as well as U.S. drillers will ultimately pressure prices lower. The …

Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed US crude stocks unexpectedly fell last week just as near-term travel demand picked up with Covid-19 pandemic curbs easing. Brent crude futures climbed 32c, or 0.4%, to $85.10 a barrel by 4.16am GMT, after …

The world will see its level of spare oil production capacity dwindle next year as jet fuel demand returns to pre- or near-pre-crisis levels, Amin Nasser, the chief executive of Saudi Aramco, said on Tuesday. “The industry’s spare capacity, currently at 3-4 million barrels per day (bpd) is providing some …

Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer, Aramco, raised the official selling price for its crude, suggesting demand remains strong amid tighter supplies. Brent crude was up by 90c, or 1.1%, at $83.64 a barrel, after dropping nearly 2% last week. US oil gained 87c or …

Saudi Arabia sent another bullish jolt into the oil market a day after OPEC+ ignored Biden’s calls for more oil, raising the official selling price of all the nation’s crudes to all buyers. Aramco increased pricing for its key Arab Light grade of crude for Asian customers in December by …

Oil dipped for a third day as investors turned their focus to an OPEC+ meeting on production policy after US crude stockpiles expanded. Futures in New York edged toward US$80 a barrel after losing almost 4 per cent over the past two sessions. OPEC+ is gathering later Thursday (Nov 4) …

Oil prices were steady on Tuesday as producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures edged higher by 3c to $84.74 a barrel by 5.07am …

For the past year, oil consuming countries have become increasingly anxious at crude’s resurgence: first to $50 a barrel, then $75 and now to more than $85. And when Vladimir Putin, one of the leaders of the OPEC+ alliance, warned that $100 a barrel was a distinct possibility, the alarm …