Iran could increase its oil exports in August as its crude is now estimated to be much cheaper than Russia’s in China, the key oil customer for both exporters, oil flows tracking firms told Reuters on Wednesday. Iran, as well as Russia, offer their crude at discounts to China, but the discount of Iranian crude … Read more
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
Biden’s “hard-won”, post Saudi fist-bump OPEC output boost of 100K barrels may end up being not only the smallest on record, but also the shortest. In its latest monthly report, OPEC revealed that it expects global oil markets to tip into surplus this quarter as it downgraded the outlook for demand and bolstered estimates for … Read more
Oil prices are back around the levels they were at before Russia invaded Ukraine, highlighting that a global recession and demand destruction are now the central focus of traders. Oilprice Alert: This month’s Intelligent Investor column, now available for Global Energy Alert members, compares two of the most promising Canadian oil stocks on the market. … Read more
Yesterday, OPEC and its partners led by Russia agreed to increase their combined oil production by 100,000 bpd in September. Reports note that the decision follows calls from the US and other big consumers for more oil. However, 100,000 additional barrels daily will probably not be enough to lower prices much further. The production increase … Read more
OPEC+’s small increase in output offers little comfort for consumers hit hard by soaring oil prices. OPEC+ responded to months of diplomatic efforts from US President Joe Biden with one of the smallest oil production increases in its history. The cartel will add only 100,000 barrels a day of oil in September, giving a tight … Read more
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
Reader Update: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, all for less than a cup of coffee per week. Chart of the Week – After more … Read more
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
US West Texas Intermediate crude oil futures are trading higher on Friday on reports that OPEC and its allies will ignore President Biden’s request to boost supply at next week’s production meeting. A weaker US Dollar and stronger risk sentiment is also lending support at the close of the week. Crude oil traders have been … Read more
