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Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell. But optimism over talks between the United States and Iran and an impending increase in supply …

The White House is in talks to appoint a special envoy to lead negotiations on halting the construction of Russia-to-Germany gas pipeline Nord Stream 2, current and former U.S. officials said, as the Biden administration grapples with how to stymie a nearly completed energy project that would serve as a …

Three key developments were announced last week by the UAE in line with its role as a principal member of the U.S.’s new Middle East strategy to counter China’s dramatically increasing influence over the region: plans for a major economic expansion; plans to attract more oil trade into new contracts; …

Russia is slashing its estimates for domestic crude oil, gas, and coal production for 2021 and 2022, according to the latest amendments in the government’s program for energy development. As per the latest forecasts from the Russian government, oil production this year is set to stand at 517 million tons, …

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased Covid-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell. Brent crude futures for June rose by 34 cents, or0.5%, to $63.08 a barrel by 0123 …

The U.S. slashed its oil production forecast through next year just as OPEC and its allies begin to rollback their production cuts in the coming months. U.S. oil output is set to reach 11.04 million barrels day this year, down from last month’s forecast at 11.15 million after a deep …

Last week’s surprise decision from OPEC+ to ease the production cuts by a cumulative 2 million barrels per day (bpd) by July relies on expectations of robust oil demand recovery in the second quarter. Yet, recent demand concerns suggest the alliance’s supply management policies could once again be more in …

Goldman Sachs is still bullish on oil and anticipates strong demand that would require OPEC+ putting another 2 million barrels per day (bpd) on the market in the third quarter, after the around 2 million bpd that the alliance and Saudi Arabia decided to return between May and July. “We …

Oil futures settled sharply lower on Monday, with U.S. prices down almost 5%. The decline follows a decision by the Organization of the Petroleum Exporting Countries and their allies last week to incrementally increase production from May through July. There’s also a “reduced demand outlook with COVID cases rising dramatically …

Russia last month increased its oil production amid a more generous OPEC+ quota, even as increasing COVID-19 cases threaten oil demand in the short term. The nation pumped 43.34 million tons (39.3 million metric tonnes) of crude and condensate last month, according to preliminary data from the Russian Energy Ministry’s …