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Oil Price News

 

Brent May Rise Toward $100/bbl as Saudi Output Cut Could Worsen Supply Gap - Analysts

Jun 05, 2023

A global shortfall in crude oil supply is set to deepen in the third quarter as the world's top exporter Saudi Arabia pledged extra output cuts from July in a move likely to push Brent towards $100 a barrel by the end of the year, analysts said.Oil prices jumped more than $1 a barrel on Monday as the Saudi energy ministry said on Sunday its output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May…

Aramco, Exxon CEOs Push Back against Forecasts of Peak Oil Demand

Sep 19, 2023

The CEOs of top Saudi Arabian and U.S. oil producers Aramco and Exxon Mobil on Monday pushed back against forecasts that oil demand will peak, and said the transition to cleaner energy to fight climate change would require continuing investment in conventional oil and gas…

Oil Prices Ease from 10-month Highs but Hold above $90 a Barrel

Sep 11, 2023

Oil prices dipped on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year…

Oil Jumps as Saudi Arabia and Russia Extend Supply Cuts to end-2023

Sep 05, 2023

Oil prices spiked more than 1% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December.Brent crude futures for November were up $1…

Oil Prices Could Rise Further This Zear, but 2024 Demand to Slow Sharply: IEA

Aug 11, 2023

OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday.Tighter supply driven by oil output cuts from OPEC and its allies…

Brent Oil Hovers Over $80 as Inflation Worries Ease

Jul 19, 2023

Global oil benchmark Brent hovered above $80 on Wednesday, buoyed by China's pledge to reinvigorate economic growth and expectations that the U.S. Federal Reserve will stop raising interest rates soon.Brent futures rose 38 cents at $80.01 a barrel by 0956 GMT…

Saudi Output Cut Unlikely to Lift Oil Prices to High $80s-low $90s, Citi Says

Jun 06, 2023

Top crude exporter Saudi Arabia's one million barrel per day (bpd) oil output cut is unlikely to underpin a 'sustainable price increase' into the high $80s-low $90s with weak fundamentals pointing to lower prices by year-end, Citi analysts said in a note on Tuesday…

Brent Oil Drops on Fears of Global Economic Slowdown

Feb 21, 2023

Brent oil prices fell on Tuesday as fears that a global economic slowdown would reduce fuel demand prompted investors to take profits on the previous day's gains. Traders are awaiting the minutes of the latest Federal Reserve meeting, due on Wednesday…

Oil Set to End Turbulent 2022 With Second Annual Gain

Dec 30, 2022

Oil rose on Friday and was on track for a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and weakening demand from the world's top crude importer, China. Crude surged in March with global benchmark Brent reaching $139…

Indonesians Must Prepare for a Potential Fuel Price Hike, Minister Says

Aug 12, 2022

Indonesians must prepare for a potential hike in fuel prices as the government looks to control its ballooning energy subsidies amid high global oil prices, a cabinet minister said on Friday.Southeast Asia's largest economy has tripled this year's energy subsidy budget to 502 trillion rupiah ($34…

Russia's Medvedev Says Oil Could Hit Up to $400 a Barrel if Japanese Proposal Adopted

Jul 05, 2022

Russia's former president Dmitry Medvedev said on Tuesday a reported proposal from Japan to cap the price of Russian oil at around half its current level would lead to significantly less oil on the market and could push prices above $300-$400 a barrel…

Brent Climbs Above $120/bbl after Saudi Arabia Hikes Crude Prices

Jun 06, 2022

Oil futures jumped on Monday, with Brent rising above $120 a barrel after Saudi Arabia hiked prices for its crude sales in July, signaling tight supply even after OPEC+ agreed to accelerate output increases over the next two months.Brent crude was up 91 cents…

Chevron 1Q Income Nearly Quadruples as Oil Prices Surge

Apr 29, 2022

Chevron Corp's first-quarter profit nearly quadrupled from the same period a year ago, easily surpassing Wall Street's forecasts as oil and gas prices surged following Russia's invasion of Ukraine.The second-largest U.S. oil producer on Friday posted adjusted earnings of $6…

Oil Prices Steady Amid Fears Over Slowing China Demand

Apr 18, 2022

Oil prices steadied on Monday as worries over slowing demand in China prompted investors to take profits on gains made earlier in the day on concerns over tight supply and the deepening Ukraine crisis.Brent futures LCOc1 were up 27 cents, or 0…

Oil Prices Drop on Concerns of Weaker Chinese Demand

Mar 28, 2022

Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID-19 infections.Brent crude LCOc1 futures slid as low as $113.72 a barrel and were trading down $5…

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