Oil Could Fall to $90 If Inflation Persists

Oil Could Fall to  If Inflation Persists

Crude oil prices could fall to $90 per barrel if the economies of the world’s two biggest consumers continue struggling with growth, Bharat Petroleum’s told the Economic Times. “Prices can touch $90 in two months if the US continues with inflation and low growth and China is unable to find fixes for its economic troubles. … Read more

OPEC+ To Boost Production Target By 100,000 Bpd In September

OPEC+ To Boost Production Target By 100,000 Bpd In September

By Tsvetana Paraskova – Aug 03, 2022, 7:49 AM CDT OPEC+ agreed to a small 100,000 bpd production hike for September. The OPEC+ Ministerial meeting took over the recommendation of the Joint Ministerial Monitoring Committee. Saudi Arabia and the UAE are believed to be the only two producers in OPEC+ and in the world currently … Read more

Reuters Survey Shows 310,000 Bpd OPEC Output Increase

Reuters Survey Shows 310,000 Bpd OPEC Output Increase

HAS Reuters survey on Monday showed that OPEC produced 310,000 bpd more in July to fill in the gaps from reduced production in Nigeria and the force majeure in Libya, which has since been lifted. OPEC produced 28.98 million bpd in July in total, according to the Reuters survey, which represents an increase of 310,000 … Read more

Energy Aspects: Crude Oil Demand Not Declining In Recession Pattern

Energy Aspects: Crude Oil Demand Not Declining In Recession Pattern

Global oil demand is not declining in a pattern that would be consistent with a recession, and demand will still grow next year from this year despite expected slowdowns in Europe and the United States, Amrita Sen, director of research at Energy Aspects, told Bloomberg on Friday. There is still a lot of pent-up demand … Read more

Shell And TotalEnergies See Risk Of Higher Oil Prices

Shell And TotalEnergies See Risk Of Higher Oil Prices

By Julianne Geiger – Jul 28, 2022, 10:30 AM CDT Shell CEO van Beurden: there is more upside than downside for crude oil prices. Van Beurden sees ongoing tightness in crude oil supply. TotalEnergies CEO Pouyanne also stated that he saw room for demand to go higher with limited room for production growth. As oil … Read more

Brent-WTI Spread Widens To Over $8 As US Gasoline Demand Slows

Brent-WTI Spread Widens To Over  As US Gasoline Demand Slows

The spread between Brent crude oil prices and West Texas Intermediate (WTI) hit its widest level in over three years on Monday, with WTI down more than $8 compared to Brent as US gasoline demand falls. Brent crude was trading at $104.8 on Monday 11:41 EST, while WTI was trading at $96.12, representing a spread … Read more

Baker Hughes: Oil Market Faces “Unusual Set of Circumstances”

Baker Hughes: Oil Market Faces “Unusual Set of Circumstances”

Baker Hughes (NASDAQ: BKR) missed analyst forecasts of adjusted earnings as it reported on Wednesday a set of what it said were “mixed results” for the second quarter of 2022 due to supply-chain inflation and revenue losses from the suspension of its operations in Russia. Looking ahead, Baker Hughes sees the oil market facing “an … Read more

Analysts Hike Oil Price Forecast As Supply Concerns Intensify

Analysts Hike Oil Price Forecast As Supply Concerns Intensify

Brent prices are expected to average $106.82 a barrel in 2022, the monthly Reuters poll showed on Thursday—and that’s the highest average oil price forecast in the survey so far this year, as the West is scrambling to replace Russian oil supply. In the previous May survey by Reuters, nearly three dozen economists and analysts … Read more

Exxon CEO Warns That Consumers Will Pay For Hasty Energy Transition

Exxon CEO Warns That Consumers Will Pay For Hasty Energy Transition

ExxonMobil expects all new cars sold two decades from now to be electric vehicles. But the US supermajor also believes that people will “pay a high price” in this rush to renewables without providing the energy the society currently needs, Exxon’s chief executive Darren Woods told CNBC’s David Faber in an interview last week. Exxon … Read more