Tag Archives: opec

An optimistic prognosis for oil consumption and a tighter supply have caused the WTI crude price to rise to $88.40. Global oil production is expected to increase to 101.2 million barrels per day (bpd) in 2023 and 102.9 million bpd in 2024, according to the US Energy Information Administration.According to …

Oil prices rose on Wednesday as lower supply as a result of production cuts by Saudi Arabia and Russia offset concerns about slowing demand from China, the world’s largest crude importer, and a report showing an increase in US crude inventories. And state media reported that the Saudi cabinet confirmed …

Oil prices fell in early trading on Wednesday, as concerns about slowing demand from China, the largest crude importer, increased after negative trade data, outweighing concerns about shrinking global supply in light of production cuts from Saudi Arabia and Russia. Brent crude futures fell 17 cents, or 0.2 percent, to …

Oil prices continued their gains on Monday, August 7, to touch their highest levels since mid-April, after Saudi Arabia and Russia, two of the major oil producers, pledged to continue cutting supplies for another month, aiming to continue balancing global markets and supporting prices. By 00:23 GMT, Brent crude futures …

Two OPEC+ sources said the meeting of the group’s senior ministers’ committee kept oil production policy unchanged on Friday. The committee, called the Joint Ministerial Monitoring Committee, includes ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, within the framework of what is known as …

Oil prices rose for the second day in a row on Friday and are set to achieve a weekly gain for the sixth time in a row, after Saudi Arabia and Russia pledged to cut production until the end of next month. Brent oil futures for October delivery rose 30 …

Sources in the OPEC + group told Reuters that the group is unlikely to change the current oil production policy during the meeting of the ministerial committee on Friday, as the lack of supplies and the strength of the demand trend lead to an increase in oil prices. Ministers from …

British oil company BP’s profits fell by nearly 70% year-on-year in the second quarter of 2023 on the back of weak fossil fuel prices. The British energy major posted an underlying replacement cost profit in the second quarter, which is used as a proxy for net profit, of $2.6 billion. …

The Japanese yen fell again to a three-week low on Tuesday as traders assessed moves announced last week by the Bank of Japan to adjust its yield curve control policy, while the Australian dollar fell ahead of the Reserve Bank of Australia’s interest rate decision. The yen has been on …

Oil prices changed little on Tuesday and remained hovering near a three-month high reached on Monday amid signs of declining global supplies due to production cuts by producing countries and strong demand in the world’s top fuel consumer, the United States. By 0135 GMT, Brent crude futures were at $85.30 …