Tag Archives: Business Recorder

The United States wants to see a hike in oil production, including from OPEC countries, said a senior State Department official Monday. “As world economies recover, we’ll see more consumption. And therefore we’d like to see supply meet demand,” said Jose Fernandez, the US Undersecretary of State for Economic Affairs, …

OPEC Secretary General Haitham Al Ghais said on Monday the collective decision to cut output in October was the right move and added that credit should be given to the OPEC+ alliance for its constructive role in supporting global market stability. “Due recognition should be given for our constructive and …

Saudi Arabia, the world’s largest oil exporter, may trim prices for crude grades sold to Asia for a fourth straight month in March, amid low physical oil premiums, as oversupply worries linger despite expectations of demand recovery in China. State oil company Saudi Aramco may lower the official selling price …

US oil may drop more into a range of $70.72-$72.04 per barrel, driven by a wave C. This wave is capable of travelling into a wide range of $63.20-$70.89, formed by its 100% and 61.8% projection levels. In addition to this set of projection levels, the wave C is well …

US oil may fall into a range of $70.72-$72.04 per barrel, as pointed to by a falling trendline. The contract is riding on a wave e, the fifth wave of a five-wave cycle from the Nov. 7 high of $93.74. This wave is expected to travel to $70.72. The pattern …

US oil may test a resistance at $86.76 per barrel, a break above could open the way towards $87.66-$88.07 range. The roller-coaster move of the price on Monday suggests the development of a wave C, the third wave of a three-wave cycle from $81.20. This wave could either end around …

Kuwait Petroleum Corporation’s (KPC) chief executive said on Sunday the Gulf state currently produces more than 2.8 million barrels per day of oil in accordance with its OPEC quota. Sheikh Nawaf Saud al-Sabah also said Kuwait has plans to increase crude oil production whenever the market needs it, but currently …

Oil prices eased on Tuesday, reversing earlier gains, as U.S. consumer prices unexpectedly rose in August, giving cover for the U.S. Federal Reserve to deliver another hefty interest rate increase next week. Brent crude was down 80 cents, or 0.9%, to $93.20 a barrel at 1254 GMT, while WTI crude …

The forecast for global crude oil demand was raised by the International Energy Agency (IEA) and lowered by OPEC in reports last week, but the apparent differing views actually masked an increasing convergence between the consumer and producer groups. The market take on last week’s separate reports was largely that …

Hungary said Saturday that Russia has started delivering additional gas to the EU member following a July visit to Moscow by its foreign minister. Hungary’s Foreign Ministry said trade negotiations with Moscow “led to an agreement”, resulting in Russia’s Gazprom starting to deliver “above the already contracted quantities” on Friday. …