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
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
Oil prices gained over 4.6% on Monday as the market attempted to digest developments in the Middle East, and as the dollar weakened slightly. Brent oil prices climbed to $105.8 per barrel by 3:42 EST Monday, up 4.65% on the day. West Texas Intermediate (WTI) was trading at just over $102. Prices rose Monday as … Read more
Crude oil prices should stay in the triple digits, Kpler’s head of Sweet Crude Analysis Matt Smith told Yahoo Finance. There won’t be a continued downward pressure on oil, according to Smith. “I don’t think that we’re going to see continued downward pressure on oil. I think what we’re seeing in the last couple of … Read more
Oil prices climbed higher today after the US Energy Information Administration reported a crude oil inventory draw of 2.8 million barrels for the week to June 24. A day earlier, the American Petroleum Institute estimated an inventory draw of 3.8 million barrels for the week to June 24, after reporting its biggest oil inventory build … Read more
OPEC+ is slimming down its projections for an oil market surplus this year, according to a report seen by Reuters. The report, which was prepared ahead of the OPEC+ JTC meeting that will take place on Tuesday, showed that the OPEC+ group now sees the oil market surplus at 1 million bpd this year—down from … Read more
Crude oil is a notoriously inelastic commodity—whatever its price, consumption does not vary greatly. Yet per a notorious industry joke, the only cure for high oil prices is higher oil prices. And we seem to be nearing the point of demand destruction as oil-dependent economies begin to slow down in response to rising prices. The … Read more
OPEC+ is largely expected to rubber-stamp next week its decision to boost production in August by 648,000 bpd, five Reuters sources said on Thursday. Of course, that’s what sources said leading up to the previous meeting as well—although the group decided to raise production by more than planned. At the previous meeting, OPEC+ agreed to … Read more
The oil market is currently going through one of the most turbulent periods since the infamous March 2020 collapse, as investors continue to grapple with recessionary fears. Oil prices have continued sliding in the wake of the central bank deciding to hike the interest rate by a record-high 75 basis points, with WTI futures for … Read more
Russia is raising its oil production this month compared to May and expects to further boost production in July, Russian Deputy Prime Minister Alexander Novak said on Thursday. Russia is currently seeing a significant increase in its production so far this month compared to May, an increase of around 600,000 barrels per day (bpd), Novak … Read more
