Russia Boosts Production While OPEC+ Considers Deeper Oil Output Cuts

Russia Boosts Production While OPEC+ Considers Deeper Oil Output Cuts

With only 3 days to go until the EU ban on Russian seaborne crude imports gets implemented, Russian oil producers are going against all expectations and have actually ramped up production in recent weeks, according to some accounts. On October 5th, the group of oil producers known as OPEC+ agreed to cut production in November … Read more

India To Keep Purchasing Russian Oil After Sanctions Go Into Effect

India To Keep Purchasing Russian Oil After Sanctions Go Into Effect

India said that it would continue to purchase Russian crude oil even after the embargo and price cap go into effect on December 5, an official in the Indian Oil Ministry said on Friday. India has consistently stated its intention to continue to purchase whatever crude oil makes the most financial sense for the import-heavy … Read more

Why 2023 Is Likely To See Much Higher Oil Prices

Why 2023 Is Likely To See Much Higher Oil Prices

Earlier this week, oil prices plunged to 2022 lows as energy markets panicked about demand amid COVID chaos in China that has resulted in an unexpected and extraordinary manifestation of street protests and even calls for Chinese President Xi Jinping to step down. The market’s response to this, according to Rystad Energy, was an overreaction. … Read more

Oil Shoots Up On Huge Crude Inventory Draw

Oil Shoots Up On Huge Crude Inventory Draw

Crude oil prices moved further up today after the US Energy Information Administration reported a crude oil inventory decline of 12.6 million barrels for the week to November 25. At 419.1 million barrels, oil inventories are 8 percent below the five-year average for this time of the year. Last week’s inventory move compared with a … Read more

Oil Prices Extend Losses After EIA Inventory Data Release

Oil Prices Extend Losses After EIA Inventory Data Release

Crude oil prices fell today, even after the US Energy Information Administration reported inventories of oil had shed 3.7 million barrels over the week to November 18. This compared with a decline of 5.4 million barrels for the previous week and an estimated draw of 4.8 million barrels reported by the American petroleum Institute for … Read more

US, Allies Eye $60 Price Cap For Russian Crude

US, Allies Eye  Price Cap For Russian Crude

The United States and its allies are hoping to establish the price level at which Russian crude oil will be capped, people familiar with the talks told the Wall Street Journal on Tuesday. Officials are talking about setting the price at which Russia’s crude oil will be capped at $60 per barrel. The group will … Read more

Oil Prices Reverse Course After Saudi Arabia Denies Output Hike Rumors

Oil Prices Reverse Course After Saudi Arabia Denies Output Hike Rumors

By Charles Kennedy – Nov 21, 2022, 11:42 AM CST Saudi Arabian officials are denying the news that OPEC is considering a 500,000 bpd output hike. Crude prices crashed this morning after the WSJ reported that OPEC+ is considering an output increase. A production hike from the group would be a welcome development for the … Read more

European Refiners Now Have Too Much Oil

European Refiners Now Have Too Much Oil

European refiners now seem to have more crude oil than they need—with the early panic about Russia’s dwindling oil exports—and the world’s subsequent oil shortage—proving to be overblown. Crude oil traders have pointed to Europe’s ability to source crude oil from Latin America, the Middle East, and the United States as the main cause for … Read more

Fitch: This Is The Biggest Downward Risk For Oil Markets In 2023

Fitch: This Is The Biggest Downward Risk For Oil Markets In 2023

Short-term oil price forecasts have been persistently bullish this year, with most forecasters expecting benchmarks to top $100 sometime next year. Over the longer term, however, things change. Goldman Sachs, for instance, this week said in a note that it expected oil could surge to $125 per barrel if China ended its Covid restrictions. Its … Read more