Oil

OPEC+ remains very much in control of the oil market as ministers gather for their monthly meeting. Crude is trading just below $80 a barrel in London, the highest in almost three years, and the cartel’s production policy will be the main factor influencing prices in the coming months, according …

The OPEC+ cartel’s production policy will be the main factor influencing oil prices over the coming months, according to Vitol Group. There’s little chance of Iranian barrels returning to global markets this year and U.S. shale producers aren’t investing enough to raise output quickly, according to the world’s largest independent …

Oil prices rose on Friday as traders await a key meeting by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, Trend reports citing Xinhua. The West Texas Intermediate for November delivery added 85 cents to settle at 75.88 U.S. dollars a barrel on the …

Oil prices were volatile on Thursday, but keen to return to their upward path despite an unexpected build in US crude oil inventories as the world countries are bracing themselves for a post-pandemic energy crisis. International benchmark Brent crude was trading at $77.92 per barrel at 0701GMT for a 0.21% …

Non-member of the Organisation of Petroleum Exporting Countries or OPEC+ is likely to stick to a deal to add 400,000 barrels per day (bpd) to its output for November when it meets next week, sources said, despite oil hitting a three-year high above $80 a barrel and pressure from consumers …

The Organization of the Petroleum Exporting Countries (OPEC) predicts that as the world economy recovers from the pandemic, oil demand will increase substantially in the next few years, adding that despite the energy transition, the world still needs to continue to invest in oil production to avoid contraction. In its …

Iraq warned that oil demand will probably rise as the supply crunch in natural-gas markets forces consumers to look for alternative fuels, echoing the views of fellow OPEC member Nigeria. “There is some new concern,” Iraqi Oil Minister Ihsan Abdul Jabbar said in an interview. Iraq is ready to pump …

Oil declined amid Russia’s plans to boost upcoming overseas oil sales and as the US dollar rallied. Futures in New York ended the session nearly 1 percent lower on Friday. Russia is to increase its oil exports 3 percent in the fourth quarter of this year, Interfax reported. Meanwhile, gains …

Consumers should have been enjoying “solid gains” in production as the Organization of Petroleum Exporting Countries and its allies continued their revival of idle capacity, the agency said in its monthly report. Instead, global supply fell by 540,000 barrels a day in August due to unexpected disruptions and will be …

Russia’s crude oil and condensate output jumped in the first weeks of September as some of the nation’s key producers ramped up in line with the OPEC+ deal and Gazprom PJSC recovered from a fire at a facility in West Siberia. The nation pumped an average of 1,456.9 thousand tons …