WTI Crude Falls To Lowest Level Since January

WTI Crude Falls To Lowest Level Since January

Crude oil prices fell further on Tuesday, with WTI falling to its lowest benchmark price since January this year. Crude oil prices began their fall on Monday, dragged down by China’s disappointing economic data that led to China’s central bank cutting lending rates. WTI prices fell to $86.13 per barrel by 2:24 pm ET, down … Read more

Oil Market Surplus Strengthens Case For New OPEC Output Cuts

Oil Market Surplus Strengthens Case For New OPEC Output Cuts

This week, OPEC issued its Monthly Oil Market Report. It was released just hours after the IEA released its own monthly oil market forecast. Unlike the IEA, the oil-producing group forecast that growth in oil demand this year would be slower than previously expected. OPEC also forecast an oil market surplus, sparking speculation that it … Read more

Are Oil Prices Set For A Comeback?

Are Oil Prices Set For A Comeback?

Oil prices have given up in recent weeks all the gains they had made since the Russian invasion of Ukraine as market fears of recession intensified. There are signs of slowing economic growth, which could dent oil demand. But oil market participants and analysts are struggling to estimate how much demand could suffer in a … Read more

Saudi Arabia And The UAE Won’t Be Tapping Emergency Oil Capacity

Saudi Arabia And The UAE Won’t Be Tapping Emergency Oil Capacity

By Julianne Geiger – Aug 04, 2022, 10:00 AM CDT Sources: Saudi Arabia and the United Arab Emirates are ready to deliver a “significant increase” in crude oil production if the market should run up against a severe supply crisis this winter. Combined, OPEC members have between 2 million bpd and 2.7 million bpd in … Read more

Oil Falls As EIA Reports Large Crude Inventory Build

Oil Falls As EIA Reports Large Crude Inventory Build

Crude oil prices fell today after the Energy Information Administration reported a build in crude oil inventories of 4.5 million barrels for the week to July 29. This compared with a draw of an almost identical size for the previous week. US crude oil inventories are at 426.6 million barrels, which is 7 percent below … Read more

EIA Inventory Report Pushes Oil Prices Higher

EIA Inventory Report Pushes Oil Prices Higher

By Irina Slav – Jul 27, 2022, 9:46 AM CDT Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory draw of 4.5 million barrels for the week to July 22. This compared with a modest inventory decline of 400,000 barrels for the previous week. It also compared with an … Read more

Record Profits Could Convince Oil Majors To Hike Dividends

Record Profits Could Convince Oil Majors To Hike Dividends

The world’s largest international oil and gas companies are expected to accelerate share repurchases, and some could raise dividends next week when Big Oil is expected to report another very strong quarter. Shareholders could be in for higher returns as Shell, BP, TotalEnergies, Exxon, and Chevron are all forecast to post exceptional and possibly record … Read more

Total Global Recoverable Oil Reserves Are Falling At An Alarming Rate

Total Global Recoverable Oil Reserves Are Falling At An Alarming Rate

Following publication of BP’s annual Statistical Review, each year Rystad Energy releases our own analysis of the global energy landscape to provide an independent, data-based comparison and evaluation. Continuing the trend from previous years, Rystad Energy’s 2022 review shows a sizeable drop in recoverable oil resources in what could deal a major blow to global … Read more

OPEC’s Oil Production Drops As Cartel Undershoots Target Again

OPEC’s Oil Production Drops As Cartel Undershoots Target Again

OPEC’s crude oil production fell in June compared to May, due to outages in Libya and Nigeria, and the 10 cartel producers bound by the OPEC+ pact lifted their combined production by just 20,000 barrels per day (bpd) last month, the monthly Reuters survey showed on Friday. OPEC’s all 13 members—including Libya, Iran, and Venezuela … Read more