Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday. The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to …
Read More »EIA Revises down Brent Oil Price Forecast for Next Year
The Brent crude oil spot price will average $83 per barrel next year, the Energy Information Administration (EIA) said in its monthly Short Term Energy Outlook (STEO) published on Tuesday. In last month’s STEO, the EIA had forecast 2024 forecast for the Brent crude oil benchmark at $93 per barrel. …
Read More »OPEC+ will Need to Maintain Oil Cuts to End-2024, Citigroup Says
OPEC+ will need to maintain its latest oil supply cuts throughout next year in order to keep the global market in balance, according to Citigroup Inc. The Organization of Petroleum Exporting Countries and its allies have announced that it will cut supplies by a further 900,000 barrels a day during …
Read More »Oil Extends Gains on US Strategic Reserve Purchases
Oil prices rose on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year persisted. Brent crude futures rose 0.6 per cent, or 48 cents, to $76.32 a barrel by 0406 …
Read More »OPEC and the US Wrestle for Control of Oil Prices
The US and OPEC+ are once again locked in a battle to establish a dominant position for control over oil prices. Oil prices have been on the slide for the past seven weeks; the longest sustained drop for around five years. From a 2023 high point of $94 a barrel …
Read More »Oil Heads for Seven-Week Decline for First Time in Half a Decade
Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures were up $1.46, or 2%, …
Read More »COP28: No Decision was Taken on Energy Transition, Says OPEC Chief
The Organisation of Petroleum Exporting Countries (OPEC) said yesterday there was no “single solution” to the energy transition as pressure grows to agree on phase-out of fossil fuels at the COP28 climate talks. “There is no single solution or path to achieve a sustainable energy future,” OPEC Secretary General, Haitham …
Read More »OPEC Members Push against Fossil Fuel Phase-out in COP 28 Deal
OPEC members are pushing against attempts to include language on “phasing out” fossil fuels in a UN Climate Change Conference, or COP 28, deal, highlighting the struggle over whether the summit can for the first time in 30 years address the future of oil and gas. Negotiators and observers at …
Read More »Oil Heads for Seven-Week Decline for First Time in Half a Decade
Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures were up $1.46, or 2%, …
Read More »Aramco’s Nasser Calls for Higher Upstream Spend
Speaking at COP28 in Dubai, Saudi Aramco CEO Amin Nasser repeated calls for more upstream investment in the interests of both energy security and to meet growing global demand. Those arguing against fossil fuels have criticized oil and gas industry expansion plans. However, the United Arab Emirates — a fellow …
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