Tag Archives: oil output

Oil prices fell by $2 on Monday ahead of a Federal Reserve meeting as investors try to figure out the bank’s direction with regard to raising interest rates, while concerns about growing fuel demand in China and rising Russian crude supplies weighed on the market. Brent crude futures fell $1.91, …

There was little change in oil prices in early Asian trading on Thursday, as investors assessed concerns about demand amid a slowdown in the global economy against an expected decline in supplies thanks to Saudi production cuts. And by 0110 GMT, Brent crude futures fell one cent to $76.94 a …

Oil prices rose on Wednesday, supported by Saudi Arabia’s surprise pledges this week to cut production further, which offset the impact of weak Chinese data and an increase in US fuel inventories. Brent crude futures rose 36 cents, or 0.5 percent, to $76.65 a barrel by 0949 GMT. West Texas …

Oil prices extended losses on Wednesday as fears of headwinds from the global economy exacerbated gains gained after top crude exporter Saudi Arabia pledged earlier this week to deepen production cuts. Brent crude futures fell 40 cents, or 0.5 percent, to $75.89 a barrel by 0456 GMT. US West Texas …

In May 2023, India recorded its highest oil import from Russia with 1.96 million barrels per day, a 15% increase from the previous peak in April. Indian imports of Russian oil surpassed the total purchases from Saudi Arabia, Iraq, UAE, and the US combined, according to industry data. Russian crude …

Oil prices were little changed on Tuesday after erasing earlier losses as worries over sluggish global economic growth offset Saudi Arabia’s pledge to deepen output cuts. Brent futures remained unchanged at $76.71 a barrel, while US West Texas Intermediate crude rose 12 cents, or 0.2%, to $72.27 for some time …

On Friday, Russia said that it reduced daily oil production in March by 700,000 barrels. That was a greater decrease than the 500,000 barrels per day that the nation had previously committed to. The decreased output coincides with OPEC+’s promise to lower production by 1.1 million barrels per day beginning …

Oil prices surged on Tuesday on expectations that China’s strict COVID-19 controls could be eased, but concerns that OPEC+ would keep its output unchanged at its upcoming meeting limited the trading day’s gains.Brent crude futures settled at $84.84 per barrel versus the previous closing price $83.21. WTI crude oil futures …

Saudi Arabia’s energy minister said, on Monday, that OPEC+ has the means to deal with market challenges including cutting production at any time, in different forms.“Oil market has fallen into a self-perpetuating vicious circle of very thin liquidity, extreme volatility undermining market’s essential function of efficient price discovery,” the minister …

Two sources from OPEC+ said that the bloc’s production was 2.892 million barrels per day lower than its target levels in July, as sanctions imposed on some members and reduced investment by others hampered the group’s ability to increase production. The two sources said compliance with production targets reached 546 …