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Brent Crude Oil Price Falls Below $80 For First Time Since February
Brent crude oil prices fell to below $80 a barrel on Monday for the first time since February, after an OPEC+ meeting in which members agreed that countries could starting phasing out voluntary output cuts starting in October.
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Resistance To COP28 Plegde To Phase Out Fossil Fuels After OPEC Pushback
Some countries are resisting a pledge to phase-out fossil fuels in a COP28 climate deal, jeopardising attempts for UN climate talks to deliver a hard commitment for the first time in 30 years on ending the use of oil and gas.
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Explained: Why Is OPEC Cutting Crude Oil Output
The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40% of the world's crude, agreed on a new oil output deal on Sunday.
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Saudi Arabia Announces Fresh Output Cut To Boost Oil Price
Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession.
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OPEC Head Mohammad Barkindo Dies At 63 In 'Shock' To Oil Cartel
OPEC Secretary General, Nigeria's Mohammad Barkindo, has died unexpectedly at the age of 63, it was announced on Wednesday, leaving the oil cartel without a head at a tumultuous time for the markets.
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Oil Falls 2% On Powell Comments, Hopes For Venezuela Supply
Russia's production dropped by 9% in April, and the country, part of the OPEC+ group, produced far below levels required under a deal to gradually ease record output cuts made during the worst of the pandemic in 2020.
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Oil Extends Gains As Major Producers Flag Capacity Limits
Saudi Arabia and the UAE have been seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to make up for lost Russian supply and weak output from other member nations.
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Macron Tells Biden That UAE, Saudi Can Barely Raise Oil Output
Saudi Arabia and the UAE have been perceived as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to boost global deliveries that could reduce prices.
-
Oil Falls 2% On Powell Comments, Hopes For Venezuela Supply
Russia's production dropped by 9% in April, and the country, part of the OPEC+ group, produced far below levels required under a deal to gradually ease record output cuts made during the worst of the pandemic in 2020.
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US or Russia? Ukraine Crisis Poses Dilemma For Wealthy Gulf
As the world rushed to condemn the Russian invasion of Ukraine, the wealthy Gulf Cooperation Council (GCC) countries, including Saudi Arabia and the UAE, have largely kept quiet.
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Oil Ends Higher After A Day Of Wild Swings On OPEC, Omicron
The market sold off dramatically after the Organization of the Petroleum Exporting Countries and its allies known as OPEC+ issued a bit of a surprise by sticking to plans to boost output monthly by 400,000 barrels per day.
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Spread Of COVID-19 Delta Variant Knocks Oil Demand Outlook: Report
"Growth for the second half of 2021 has been downgraded more sharply, as new COVID-19 restrictions imposed in several major oil consuming countries, particularly in Asia, look set to reduce mobility and oil use," the Paris-based IEA said.
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India Seeks Lower Oil Prices As High Pump Prices Bite
Oil prices in the global market this month hit their highest level in more than two years as the global economy recovers from the COVID-19 pandemic. However, prices fell on Monday after OPEC and other key producing countries agreed on Sunday to increase oil supply from August to cool prices.
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Oil Prices Slip As U.S. Inventory Build Stokes Fears Of Supply Glut
Crude inventories rose by 584,000 barrels in the week to Oct. 16 to about 490.6 million barrels, data from industry group the American Petroleum Institute showed.
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Top Oil Producers Agree On "Historic" Output Cuts Amid Coronavirus Crisis
Top oil-producing countries agreed on "historic" output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday.
-
Brent Crude Oil Price Falls Below $80 For First Time Since February
Brent crude oil prices fell to below $80 a barrel on Monday for the first time since February, after an OPEC+ meeting in which members agreed that countries could starting phasing out voluntary output cuts starting in October.
-
Resistance To COP28 Plegde To Phase Out Fossil Fuels After OPEC Pushback
Some countries are resisting a pledge to phase-out fossil fuels in a COP28 climate deal, jeopardising attempts for UN climate talks to deliver a hard commitment for the first time in 30 years on ending the use of oil and gas.
-
Explained: Why Is OPEC Cutting Crude Oil Output
The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40% of the world's crude, agreed on a new oil output deal on Sunday.
-
Saudi Arabia Announces Fresh Output Cut To Boost Oil Price
Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession.
-
OPEC Head Mohammad Barkindo Dies At 63 In 'Shock' To Oil Cartel
OPEC Secretary General, Nigeria's Mohammad Barkindo, has died unexpectedly at the age of 63, it was announced on Wednesday, leaving the oil cartel without a head at a tumultuous time for the markets.
-
Oil Falls 2% On Powell Comments, Hopes For Venezuela Supply
Russia's production dropped by 9% in April, and the country, part of the OPEC+ group, produced far below levels required under a deal to gradually ease record output cuts made during the worst of the pandemic in 2020.
-
Oil Extends Gains As Major Producers Flag Capacity Limits
Saudi Arabia and the UAE have been seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to make up for lost Russian supply and weak output from other member nations.
-
Macron Tells Biden That UAE, Saudi Can Barely Raise Oil Output
Saudi Arabia and the UAE have been perceived as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to boost global deliveries that could reduce prices.
-
Oil Falls 2% On Powell Comments, Hopes For Venezuela Supply
Russia's production dropped by 9% in April, and the country, part of the OPEC+ group, produced far below levels required under a deal to gradually ease record output cuts made during the worst of the pandemic in 2020.
-
US or Russia? Ukraine Crisis Poses Dilemma For Wealthy Gulf
As the world rushed to condemn the Russian invasion of Ukraine, the wealthy Gulf Cooperation Council (GCC) countries, including Saudi Arabia and the UAE, have largely kept quiet.
-
Oil Ends Higher After A Day Of Wild Swings On OPEC, Omicron
The market sold off dramatically after the Organization of the Petroleum Exporting Countries and its allies known as OPEC+ issued a bit of a surprise by sticking to plans to boost output monthly by 400,000 barrels per day.
-
Spread Of COVID-19 Delta Variant Knocks Oil Demand Outlook: Report
"Growth for the second half of 2021 has been downgraded more sharply, as new COVID-19 restrictions imposed in several major oil consuming countries, particularly in Asia, look set to reduce mobility and oil use," the Paris-based IEA said.
-
India Seeks Lower Oil Prices As High Pump Prices Bite
Oil prices in the global market this month hit their highest level in more than two years as the global economy recovers from the COVID-19 pandemic. However, prices fell on Monday after OPEC and other key producing countries agreed on Sunday to increase oil supply from August to cool prices.
-
Oil Prices Slip As U.S. Inventory Build Stokes Fears Of Supply Glut
Crude inventories rose by 584,000 barrels in the week to Oct. 16 to about 490.6 million barrels, data from industry group the American Petroleum Institute showed.
-
Top Oil Producers Agree On "Historic" Output Cuts Amid Coronavirus Crisis
Top oil-producing countries agreed on "historic" output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday.
