Tag: Oil Market

Saudi Arabia Will Help Stabilise Oil Market, Crown Prince Tells Japanese PM

February 3, 2022

PARIS, France – Saudi Arabia’s Crown Prince Mohammed bin Salman told Japanese Prime Minister Fumio Kishida in telephone talks that the kingdom would contribute to the stabilisation of the international crude oil market, the Japanese government said on Thursday. Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil … More Saudi Arabia Will Help Stabilise Oil Market, Crown Prince Tells Japanese PM

Oil Down After Deep Saudi Cuts Spur Demand Concerns

September 6, 2021

London – – Oil prices fell on Monday, extending losses after the world’s top exporter Saudi Arabia slashed crude contracts prices for Asia over the weekend, reflecting well – supplied global markets and concerns over the outlook for demand. Brent crude futures for November fell 49 cents, or 0.67 to $72.12 per barrel by 1042 … More Oil Down After Deep Saudi Cuts Spur Demand Concerns

OPEC+ Sees No Need To Meet U.S. Call For More Supply

August 17, 2021

London/UK OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters. The price of international benchmark Brent crude has risen 35% this year towards $70, driven … More OPEC+ Sees No Need To Meet U.S. Call For More Supply

Oil Prices Fall As Coronavirus, Floods Threaten Demand

July 26, 2021

Oil prices fell on Monday as concerns about fuel demand from the spread of COVID-19 variants and floods in China offset expectations of thight supplies though the rest of the year. Brent crude future for September fell 44 cents, or 0.6% to $73.66 a barrel by 0432GMT while U.S. Texas Intermediate crude was at $71.62 … More Oil Prices Fall As Coronavirus, Floods Threaten Demand

Saudi Arabia To Supply Full July Crude Oil Volumes To Buyers In Asia – Sources

June 11, 2021

Saudi Arabia, the world’s top crude oil exporter, will supply full volumes of July – loading crude to its Asia customers, five sources with knowledge of the matter told Reuders on Friday. OPEC+ agreed in April to gradually ease oil output cuts from May to July and confirmed the decision at a meeting on June … More Saudi Arabia To Supply Full July Crude Oil Volumes To Buyers In Asia – Sources

Sustained Higher Oil Prices To Spur U.S. Output Growth – JP Morgan

March 13, 2021

Sustained higher oil prices are expected to spur higher U.S. oil output this year, JP Morgan analysts said in a weekly note. ‘At current prices, most U.S. onshore operators are economic, leaving a vast group  of operators, from large public companies to private players, in good position to ramp up activity in 2h21 and build … More Sustained Higher Oil Prices To Spur U.S. Output Growth – JP Morgan

BUSINESS | Global Oil Prices Have Fully Recovered From The Pandemic

February 8, 2021

MILAN – – After a rocky 12 months, oil prices – which got crushed when COVID-19 slashed demand for energy around the world – are roaring back. What’s happening: Brent crude futures, the global benchmark, have breached $50 per barrel, their highest level since January 2020. The immediate catalyst appeared to be weekend remarks from … More BUSINESS | Global Oil Prices Have Fully Recovered From The Pandemic

BUSINESS | OPEC+ Fears Second Virus Wave Could Lead To Oil Surplus In 2021

October 18, 2020

MOSCOW – OPEC and its allies fears a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel officials from OPEC+ producers, called the Joint … More BUSINESS | OPEC+ Fears Second Virus Wave Could Lead To Oil Surplus In 2021

BREAKING NEWS | Saudi King Salman, Nigerian President Discuss Oil Market: SPA

August 19, 2020

RIYADH | SAUDI ARABIA – Saudi Arabia’s King Salman bin Abdulaziz and Nogerian President Muhammadu Buhari discussed efforts taken to stabilize and rebalance global oil markets in a telephone call, Saudi state news agency SPA reported on Wednesday. The two leaders ‘stressed the importance of compliance, by all participants, to the OPEC+ agreement and the … More BREAKING NEWS | Saudi King Salman, Nigerian President Discuss Oil Market: SPA