Analysts polled by Reuters raised their oil price forecasts for a second consecutive month, expecting the OPEC+ cuts to continue tightening the market, although few see $100 oil due to the still uncertain global economic outlook. The Reuters September Oil Poll showed on Friday that 42 economists and analysts now …
Read More »OPEC+ Cuts Offset by Booming U.S. Oil Production
Despite the fact that U.S. oil producers are now deploying the lowest number of drilling rigs in more than a year and a half, America’s crude oil production is set to hit a monthly record in September—at 13 million barrels per day (bpd), according to estimates by Rystad Energy. Production …
Read More »Oil Prices Rise on Supply Deficit Concerns
Oil prices rose on Tuesday for the fourth consecutive session, as weak shale output in the U.S. spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia. U.S. West Texas Intermediate crude futures rose 99 cents, or 1.1%, to $92.47, by 0400 GMT, …
Read More »Iran Becomes 3rd Top Oil Producer among OPEC Members
Iran continued to increase its oil production in August to reach three million barrels per day (bpd) and stand at the third place among OPEC top producers, according to figures released in the organization’s latest monthly report. OPEC data showed that Iran’s oil output increased by 143,000 bpd or five …
Read More »Why Oil could Top $100 in Q4 2023
Oil prices have soared to a 10-month high on Wednesday, with a surprise build in U.S. crude inventories failing to dampen expectations of tight supplies for the rest of the year. Front-month November Brent crude closed +1.5% at $92.06/bbl, its best settlement since November 16 while U.S. front-month Nymex crude …
Read More »Saudi Aramco to Deliver Full Oil Volumes to Asia in October
Saudi Arabia’s oil giant Aramco has told at least five refiners in North Asia that it would supply the full crude oil volumes by contract next month, Reuters reported on Monday, quoting sources familiar with the plans. Aramco, the world’s top crude oil exporter, will ship the full volumes North …
Read More »Oil Holds above $90 per Barrel despite Supply Cuts
Oil prices eased in early Asian trade on Monday as economic concerns in China weighed on fuel demand outlook although Brent stayed perched above $90 a barrel, supported by tightening supplies after Saudi Arabia and Russia extended supply cuts. Brent crude fell 49 cents, or 0.5%, to $90.16 a barrel …
Read More »OPEC+ August Crude Oil Production up 120,000 bpd, but Below Summer Levels
OPEC+ member countries saw a collective increase of 120,000 barrels per day (bpd) in crude oil production during August, driven by rises in Iraq, Iran, and Nigeria, which partially offset additional cuts by Saudi Arabia and Russia. According to the latest Platts survey by S&P Global Commodity Insights, OPEC+ production …
Read More »Oil Steadies as Weak China Data Offsets Expectations of Supply Cuts
Oil prices were steady on Tuesday as weak economic data from China offset expectations of supply cuts. Brent, the benchmark for two thirds of the world’s oil, was trading 0.09 per cent lower at $88.92 a barrel at 9.02am UAE time, while West Texas Intermediate, the gauge that tracks US …
Read More »Oil is Falling as Traders Capitalize on Rising Oil Prices
Oil prices recorded a limited decline on Monday as investors profited from the highest oil prices seen since November and on expectations that Saudi Arabia and Russia’s curbs would continue through October. International benchmark Brent crude traded at $88.48 per barrel at 10.21 a.m. local time (0721 GMT), a 0.08% …
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