Oil prices extended losses on Tuesday as the threat of further interest rate increases and continued Russian crude flows cancelled out demand recovery expectations from China. March Brent crude futures fell 5 cents to $84.85 per barrel by 0415 GMT, while the more heavily traded April contracts fell by 32 …
Read More »Oil Falls Ahead of OPEC+, US Federal Reserve Meetings
Oil prices fell on Monday, giving up earlier gains, as global producers this week will likely keep output unchanged during a meeting this week and investors are cautious ahead of a U.S. Federal Reserve meeting that may spur market volatility. Brent crude futures fell 20 cents, or 0.2 per cent, …
Read More »Libya Anticipates more Foreign Deals after Eni’s $8 Billion Natural Gas Investment
Libya’s state energy firm said it expects to sign more deals with foreign companies after Eni SpA agreed to invest $8 billion to extract natural gas in the North African country. Libya’s abundance of oil and gas reserves — among the largest in Africa — and its proximity to Europe …
Read More »Iran Ranks Fourth among Top Oil Suppliers in OPEC
In its latest monthly report, the agency declared that the total oil production of the Organization of the Petroleum Exporting Countries in the last month of the past year stood at 29.19 million barrels per day, and the total oil production of 13 OPEC member states decreased 40k bpd in …
Read More »OPEC Development Fund Raises $1 bln with First ever Bond
The OPEC Fund for International Development, a development institution established by the Organization of the Petroleum Exporting Countries’ member governments nearly 50 years ago, has raised $1 billion by selling its first ever bond. With the money earmarked for food security, healthcare, infrastructure, education, employment and renewable energy projects, the …
Read More »OPEC: Iran’s Annual Oil Output Grew 7% in 2022
Iran’s oil production in 2022 increased seven percent compared to the previous year, according to OPEC’s first monthly report released in 2023. According to the OPEC report, the Islamic Republic produced 2.554 million barrels per day (bpd) of crude oil in 2022, 162,000 bpd more than the figure for 2021, …
Read More »OPEC Expands Control of Oil Markets as Shale Growth Stalls
After a decade of exponential growth, the U.S. shale patch is no longer the swing producer on the global markets. That role is now back in the hands of OPEC and its largest and most influential members in the Middle East, analysts and industry executives say. From growth of over …
Read More »OPEC’s December Production Jumped, but Remains below Target
The Organization of the Petroleum Exporting Countries increased its December production, according to the most recent Monthly Oil Market Report published on Tuesday. OPEC-13’s average December production rose by 91,000 barrels per day, according to the MOMR, to 28.971 million bpd, with nearly all of the gains coming from Nigeria. …
Read More »Iraq’s First New Refinery in Decades Set to Hit Full Capacity by July
The new Karbala refinery south of Baghdad is expected to reach full 140,000 barrels per day (bpd) capacity by July this year, a source at the facility told Reuters on Tuesday. The Karbala refinery, estimated to have cost just over $6 billion, is expected to begin commercial production of fuels …
Read More »RBC: if Oil Prices Fall further, OPEC will Act
If the selloff in oil continues and prices continue down, OPEC may well swing into action, RBC Capital Markets’ head of global commodity strategy Helima Croft told the Australian Financial Review today. “OPEC looks content to stay the course on the current production policy and is seeking to stay out …
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