Oil

Global oil demand will drop by 1.4 million barrels per day, according to the latest forecast by Rystad Energy on Friday cited by the National. The 1.4 million bpd loss would sink oil demand to 99.6 million bpd on average, below 2019 levels of 100.2 million bpd. And a rebound …

Oil was up on Thursday morning in Asia but remained in a narrow range after supplies from Libya shook markets earlier in the week. Brent oil futures jumped 0.92% to $107.78 by 12:11 AM ET (4:11 AM GMT) and WTI futures rose 0.83% to $103.04. Markets are likely to become …

The U.S. Energy Information Administration (EIA) lowered its 2022 Brent spot average price forecast in its April Short Term Energy Outlook (STEO) report, which was released recently. According to the latest STEO, the EIA now sees Brent spot prices averaging $103.37 per barrel this year, which marks a near $2 …

Oil prices rose on Monday as concerns grew about tighter global supply, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia. Brent futures were up US$1.50, or 1.3 per cent, at US$113.20 a barrel at 12.30am GMT, and US West …

Russia’s oil industry—a vital source of budget revenues—is already showing signs of slowdown as Western buyers shun Russian oil while Moscow struggles to replace lost sales in the West with sales in emerging Asian markets. The war Putin started in Ukraine is hitting home: storage capacity is full, infrastructure and …

Japan announced on Friday that it would release 6 million barrels of crude oil from its private reserves as part of the International Energy Agency’s plan to release 120 million barrels of crude oil to ease the price of crude. Japan is set to release a total of 15 million …

OPEC on Tuesday cut its forecast for growth in world oil demand in 2022 citing the impact of Russia’s invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) …

Oil prices climbed on Tuesday as fears of a demand downturn in China eased after Shanghai relaxed some Covid-19 related restrictions, and oil cartel OPEC warned it would be impossible to increase output enough to offset lost Russian supply. Brent crude futures were up $1.72, or 1.75%, to $100.20 a …

It has been exactly six weeks since Russia invaded Ukraine, with no end in sight to one of humanity’s biggest existential crises in modern times. In response to Russia’s unprovoked and unjustified war, the United States and the West have hit the rogue nation with a plethora of sanctions, with …

The International Energy Agency has said that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine. The Paris-based organization said on April 7 that the new …