Tag Archives: Oil Price

After a prolonged oil price plunge. pushing price levels down to around $59 Brent per barrel. signs are showing that the market believes the downward trend has overshot its target.

OPEC is close to reaching an agreement to extend the production cut deal beyond its current expiry date at the end of June.

A year ago. in the enduring twilight of one of St. Petersburg’s famous white nights of summer. Saudi Arabia and Russia reached an agreement that set a new direction for the oil market.

Increasing trade friction and potential barriers would certainly have a negative impact on the global economy and oil demand growth.

Last year. ahead of the return of U.S. sanctions against Iran. there was speculation that Washington could use crude oil from the U.S. Strategic Petroleum Reserve to cushion the blow.

Iran currently holds the most influence over crude oil price movement. followed by Russia and the United States.

The U.S.-China relationship has moved further off track over the past two weeks.

India’s total crude oil imports for FY19 was marginally down to 209.4 million tonne.

EIA data showed the inventories jumped almost 10 million barrels last week.

Iraq has adequate supplies of natural gas but has been flaring gas at increasing rates as oil production climbs.