Oil

The Permian has led U.S. shale production growth in recent months and will continue to do so in the coming months, but the oil price rally so far in 2022 has also driven increased drilling activity in other shale basins with higher breakeven prices. $90 oil is incentivizing more drilling …

An unexpected drop in US crude inventories did little to boost oil prices, with investors focused on the outcome of US-Iran nuclear talks on Thursday, which could see more Iranian oil barrels on the market. International benchmark Brent crude was trading at $91.19 per barrel at 0615 GMT with a …

The U.S. Administration is currently reviewing a request from Chevron to potentially allow the U.S. oil giant to take and trade crude from Venezuela as a form of payment for the millions of dollars the South American producer owes Chevron for its joint ventures there, Reuters reported on Monday, quoting …

Oil prices continue to move toward the $100 a barrel threshold amid growing supply concerns, as OPEC and allied producers are slow to boost output. Ransomware attacks on German storage facilities and winter storms in the US are also pushing prices higher. European benchmark Brent Crude closed around $92.8 per …

Oil rocketed to a fresh seven-year high above $92 a barrel, and almost every indicator is pointing to the rally extending. The market’s structure is trading at its strongest level in years, indicating scarce supply. Diesel – the fuel that helps power the global economy – is also surging as …

After a month in which oil prices surged 15% and geopolitical tensions seethed around the world, OPEC and its allies took a record-quick 16 minutes to decide that they would stick to their previously planned output increase. Apparently, there were no lengthy discussions at Wednesday’s meeting about member nations of …

Oil prices climbed on Friday, heading for gains for the seventh consecutive week over reports of supply disruptions in Libya and an explosion on an oil production ship off the coast of Nigeria. International benchmark Brent crude was trading at $91.44 per barrel at 0654 GMT with a 0.36% gain …

Oil prices eased on Thursday following weak U.S. payrolls data and some profit taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases, Trend reports with reference to Reuters. Brent crude fell 17 cents, or 0.2%, to $89.30 a barrel by 0420 GMT, after …

Oil prices climbed on Wednesday toward last week’s seven-year highs as a draw in U.S. crude stocks confirmed strong demand and a lack of supply, but investors remained cautious ahead of an OPEC+ meeting later in the day. Brent crude rose 17 cents, or 0.2%, to $89.33 a barrel by …

OPEC+ will likely stick to existing policies of moderate output increases on Wednesday, February 2, five sources from the producers’ group said even as it expects demand to rise to new peaks this year and as oil prices trade near their highest since 2014. The group, which comprises of the …