Page 2 - Opec Oil

OPEC raises oil demand view in long term, says $14 trn of investment needed

Another decade or more of rising consumption would be a boost for OPEC, whose 13 members depend on oil income

As Israel-Hamas war escalates, crude oil traders are focused on Iran

The energy minister of the United Arab Emirates, a key OPEC member, was clear on Sunday that the conflict wouldn't affect the group's decision-making

Oil industry elite hits Singapore to debate over crude's next twist

Producers, hedge funds, analysts and traders will all converge on the Southeast Asian city-state for this year's Asia Pacific Petroleum Conference, organized by S&P Global Commodity Insights

With oil prices slumping, OPEC+ producers weigh more production cuts

The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to US drivers and helped ease inflation worldwide. The 23-member group is meeting on Sunday at OPEC headquarters in Vienna after sending mixed signals about possible moves. Saudi Arabia, dominant among the oil cartel's members, has warned speculators that they might get burned by betting on lower prices. Russia, the leader of the non-OPEC allies, has indicated no change to output is expected. The decision comes amid uncertainty about when the slow-growing global economy will regain its thirst for fuel for travel and industry, and with producers counting on oil profits to bolster their coffers. Oil prices have fallen even after OPEC+ slashed 2 million barrels per day in October, angering US President Joe Biden by threatening higher gasoline prices a month bef

Energy industry needs investment to meet global demand: OPEC Chief

He said the oil and gas industry, which will retain its share as a critical component of the energy mix, must transform and decarbonize operations

Oil prices set for second week of gains on brighter China outlook

Brent futures for March delivery gained 26 cents, or 0.3%, to $86.42 a barrel by 0655 GMT, while U.S. crude advanced 43 cents to $80.76 per barrel, a 0.5% gain

Oil prices head for solid weekly gain of 6% on China demand hopes

Brent crude futures fell 17 cents, or 0.2%, to $83.86 a barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 12 cents, or 0.2%, to $78.27

Oil up as US crude stocks seen falling, OPEC+ concerns limit gains

Brent crude futures firmed 95 cents or 1.14% to $83.98 per barrel by 0411 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 80 cents or 1.02% to $79.00 per barrel

As Russia becomes India's premier oil supplier, Saudi is not losing sleep

Despite losing its place to Russia in India, the world's third biggest oil importer, the kingdom is confident it holds the cards for crude supplies in the long term

Saudi Arabia says US sought a month delay of OPEC+ oil cut decision

Saudi Arabia said on Thursday that the US had urged the kingdom to postpone a decision by OPEC and its allies including Russia to cut oil production by a month which would have been just before the upcoming American midterm elections. A statement issued by the Saudi Foreign Ministry didn't specifically mention the elections, crucial to US President Joe Biden maintaining his Democratic Party's narrow majorities in Congress. However, it stated that the US suggested the cuts be delayed by a month as opposed to being implemented at OPEC's October 5 meeting in Vienna. A month delay would have put them just before the November 8 elections where they likely couldn't have drastically influenced prices at the pump. Rising oil prices and by extension higher gasoline prices have been a key driver of inflation in the US and around the world, worsening global economic woes as Russia's monthslong war on Ukraine also has disrupted global food supplies. For Biden, gasoline prices creeping up

How will OPEC production cuts affect India?

The decision by OPEC+ to impose larger-than-expected output cuts in a bid to spur a recovery in crude prices could become a cause for concern for India. Let's delve into its possible impact on India

Analysts expect fuel prices to go up if global prices rise further

Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday

US looking to ease sanctions on Venezuela to boost oil supply: Report

The deal may be announced by the end of October and will allow US oil companies to drill oil in Venezuela, Nicolas Maduro will hold a free, fair presidential elections in 2024 in return

OPEC+ heads for clash with US, deep supply cuts to boost sagging prices

The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago due to fears of a global economic recession, rising US rates and a stronger USD

Oil prices surge to more than $1/barrel ahead of OPEC+ supply cut prospect

Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day

Crude oil prices edge higher on prospect of supply cut by OPEC-plus

Oil edged higher on Monday to extend last week's gains as potential OPEC+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth

In a first, India buys discounted Venezuelan petcoke to replace coal

Indian companies are importing significant volumes of petroleum coke from Venezuela for the first time, trade sources and shipping data show, as the OPEC nation boosts exports

IEA says oil market walking tightrope due to economic, supply risks

The estimate fell far short of producer group OPEC's estimate for the year of 3.4 million bpd growth on Tuesday

Oil prices climb more than 1% to 7-year highs on supply disruption fears

Brent crude futures was at $95.65 a barrel by 0742 GMT, up $1.21, or 1.3%, after earlier hitting a peak of $96.16, the highest since October 2014

Opec weighs policy shift after US-led crude release pledge

Saudi Arabia, Russia consider pausing planned output hikes