Tag Archives: Oil

The Organization of the Petroleum Exporting Countries (OPEC) is expecting the global demand for crude oil to rise by 5.8 million barrels per day (b/d) in 2021, decreasing its previous expectations by about 100,000 b/d. Extended lockdowns and the re-introduction of partial lockdowns in a number of countries has resulted …

The International Energy Agency said today, Thursday, that global oil supplies are still exceeding demand due to the continuing general isolation measures aimed at combating the Coronavirus and the spread of its strains, but vaccines should help to recover demand and quickly allow producers to pump more. The Paris-based Energy …

Sources told Reuters that despite plans to increase its oil production, data show that Russia’s production of oil and gas condensate actually fell from February 1 to February 10 to 10.11 million barrels per day from an average of 10.16 million barrels per day in January. As of February, Russia …

Oil prices retreated, giving back some of the strong recent gains they have made, on expectations of a slower economic recovery and speculation that market strength may entice producers like Saudi Arabia to reduce production. Brent crude fell 35 cents, or 0.6%, to $ 61.12 a barrel with the opening …

Oil, Crude, trading

The rally of oil prices continued on Wednesday, supported by the decline in the United States crude inventories last week, as shown by the weekly report of the U.S. Energy Information Administration (EIA) earlier today. In addition, the prospects of increases government stimulus spending in the U.S. is proving support …

Commercial crude oil inventories in the United States decreased by 6.6 million barrels last week, data showed on Wednesday. Oil stockpiles in the U.S. stood at 469.0 million barrels in the week ending February 5, according to the weekly report of the U.S. Energy Information Administration (EIA). “U.S. crude oil …

Iraq Oil Minister HE Ihsan Abdul Jabbar Ismaael said on Wednesday that Iraq’s oil exports should average around 2.9 million barrels per day in February, as reported by Reuters. Ismaael added that he expects Brent prices ranging between $58 and $63 and noted that he doesn’t expect OPEC+ to make …

The US Energy Information Administration, on Tuesday, February 9th, reduced its forecast for global oil demand growth in 2021 by 180,000 barrels per day to 5.38 million barrels per day. In its monthly forecast, the administration raised its estimate of oil demand growth in 2022 by 190,000 barrels per day …

Oil prices fell on Wednesday, February 10, threatening to end the longest rise in two years as investors ignored sector data showing lower US crude oil inventories, boosting optimism about an expected increase in global demand for fuel. Brent crude fell cents to 61.08 dollars a barrel, after increasing about …