Search result for OPEC
After a surprising cut by OPEC and allies, European markets end the day lower, while oil and gas stocks rise by 4 percent.
Monday's slight decline across Europe's stock markets came as investors focused on the oil market in the wake of a surprise production cut by the OPEC+ alliance.
After being flat for most of the afternoon, the pan-European Stoxx 600 index ended up 0.1%.
Brent crude fut...
Oil prices are unchanged as the market awaits decisions from the Federal Reserve and OPEC.
Oil prices remained relatively unchanged as the market anticipates a meeting of OPEC and its allies, a Federal Reserve rate decision, and U.S. government data on oil and fuel stockpiles on Wednesday. Brent crude futures fell 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermedia...
Asia is more concerned about the impact of Libyan difficulties on oil prices than cargo movements
Due to the region's low reliance on those supplies, Libya's oil production woes are unlikely to have a significant impact on Asia's crude buying plans, but refiners are girding for some price impact and supply squeeze as goes straight of the North African OPEC producer scramble for ca...
OPEC+ Agrees to Increased Oil Output in March
A group of the most powerful oil producers in the world agreed to go ahead with the planned increase in oil output on Wednesday. The decision has come at a time when crude prices are already trading at record levels during the geopolitical tensions.
OPEC and non-OPEC partners form an in...
Russia-Ukraine Issue Boosts Oil Prices
Oil prices soared once again on Thursday as fears of the conflict between Russia and Ukraine intensified. If Russia continues with its plan of invading Ukraine, the energy supply line to Europe could be disrupted.
The heightened fear of this happening sent the Brent crude rising b...
UAE Should Hold COP28 Talks on Oil and Gas
The third-biggest producer of OPEC is going to host the COP28 in the United Arab Emirates in 2023.
On 18th January, the Minister of Industry and Advanced Technology of the UAE, Dr. Sultan bin Ahmad Sultan al Jaber, said that the discussions during the COP28 should also include the input...
INDIA URGES OPEC TO PRODUCE MORE CRUDE OIL
HIGHLIGHTS
- India has urged OPEC to increase crude oil production.
- The daily output of OPEC is 7 million barrels per day.
India has urged Organization of Petroleum Exporting Countries (OPEC) and its partners to increase oil produ...
MAY 2020 SPELLS GAINS FOR OIL: WESTERN TEXAS INTERMEDIATE CLOSES AT 88% FOR MAY
Highlights:
- Balance in the demand and supply restored for oil
- With reopening of the economies, oil gets another boost
Post the historic dip to below zero in April 2020, oil has made a miraculous recovery. It was actually a matter of time since this w...
FLIGHTS RESUME FROM SFO TO EUROPE, WITHOUT A PAUSE
Highlights:
- Nonstop flights to resume from SFO to Europe.
- Flight services to Europe were on a halt since April 1.
- The airport authorities are taking all the safety precautions.
Many International flights are heading...
CRUDE OIL STORAGE: A JACKPOT HITTING BUSINESS TODAY
Highlights:
- Crude oil is more than in abundance today
- With pandemic shutting down economies and travel, there is an urgent need for storage
- Oil tankers and crude oil storage firms are enjoying one of the best periods in their businesses
HISTORIC LOW: (MINUS) -$37.63 A BARREL FOR OIL FUTURES CONTRACT
Highlights:
- Crude oil futures contract take a beating to minus $37.63 per barrel
- A historic low since 1946
- It is the result of too much oil in the country with a serious storage deficit
The pandemic of coronavirus seems to be c...
OIL PRICES INCREASED, OPEC MEMBERS PLAN ADDITIONAL RATE CUTS
HIGHLIGHTS
- Members of the Organization of the Petroleum Exporting Countries (OPEC) are considering to reduce an additional cut of 1 million barrels per day.
- Airlines cancellations and travel bans by countries globally sparked worries about the worldwi...
Oils Dips below $57 as the COVID-19 Pandemic Grows and OPEC Unable to Reach Consensus!
On Tuesday the 18th, oil prices continue to decline even as multiple pleas from Saudi Arabia and other OPEC countries, to cut down oil production, have failed to generate a consensus among its members and allied countries. In the mid-afternoon trading numbers, prices for Brent Crude, were down by...
Saudis Looking to Cut Global Oil Supply as Coronavirus [COVID-19] Threatens Demand:
According to sources the Saudis, in recent years, have always strived to maintain the oil prices above $60. With this year oil prices reducing by $11 a barrel and getting dragged down to $54/Barrell, it has alarmed most of the oil dependent economies. Now with the spread of Coronavirus [COVID-19]...
Oil prices increased above 2% amidst tension in Middle East
On Sunday, oil prices increased above 2% as pressures in the Middle East escalated over the weekend.
Futures raised above $70 a barrel in London as the U.S. State Department stated, there is risk of missile attacks in neighboring military bases and energy facilities in Saudi A...
Abu Dhabi F1 race
As Saudi Arabia needed assistance to convince Russia to sign deeper cuts in the supply of oil at this month's OPEC, it was its gulf partner in the United Arab Emirates.
FILE PHOTO: The OPEC logo is put outside its office in front of OPEC and NO-OPEC meetings, Austria 6 December 2019...
The OPEC deal results in Saudi stocks going up
Since OPEC and its allies decided to extend the production cuts by 500,000 barrels a day to boost oil prices, the Saudi stock market rose strongly on Sunday, led by bank shares. On Friday, Saudi Arabia led the OPEC+ Group, which in a decade is seeking to avert over-supply and increase prices, wil...
Asia well prepared as Crude Outputs to be Reduced by OPEC
Asia seems to be adequately prepared for the era of reduced production of crude that the OPEC is bringing along itself.
According to an agreement signed on Friday, by Russia, OPEC and allies, the collective output to be slashed by 503,000 b/d to 1.7 million b/d over Jan-March. KSA to vo...
Saudi Arabia cut the stock of oil divine beings the ascent in costs.
Oil costs picked up on Tuesday, as trusts rose in OPEC and its partners to concur further yield cuts when they meet this week, despite the fact that additions were restricted, in the midst of certain investigators' suspicion over the accomplishment of further decreases.
Brent prospe...
Next week's OPEC+ meeting will be important for the oil market
Brent has come under pressure (a bit lower than $64.6 per barrel on Friday) after a spate in profit-making based on the rising US inventory, two months earlier in the week, which was driven by optimistic rumors over the US-China trade deal (even if partial).
The production of oil in the...