Tag Archives: Opec

Oil prices extended gains on Tuesday, with Brent crude trading near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that U.S. inventories fell last week. Brent crude rose by 60 cents, or 0.8%, to $79.20 a barrel by 12 p.m. …

Oil prices rose around 3% on Monday due to hopes that the Omicron COVID-19 variant will have a limited impact on global demand in 2022, even as surging cases caused flight cancellations. Global benchmark Brent crude rose $2.53, or 3.3%, to $78.67 a barrel by 11:01 a.m. EST (1601 GMT). …

Oil prices rose on Wednesday on fears of tight supply and a drawdown in U.S. inventories, despite worries about the likely hit to economic activity from the spread of the Omicron coronavirus variant. U.S. inventories fell more than expected, with crude stocks down by 4.7 million barrels, though that is …

Oil rose on Monday, supported by concerns over shut output in the United States because of damage from Hurricane Ida, with analysts expecting prices to remain rangebound in a stable market over the coming months. Brent crude was up 62 cents, or 0.9%, to $73.54 a barrel at 1332 GMT …

Oil prices edged higher on Thursday, supported by a sharp decline in U.S. crude stocks and a weaker dollar, though gains were capped by an OPEC+ decision to stick to its policy of gradually increasing output. Brent crude was up 45 cents, or 0.6%, at $72.04 a barrel by 1101 …

Oil prices skidded on Thursday for a sixth session, hitting lows not seen since May, pressured by a stronger U.S. dollar and concerns about weaker demand as COVID-19 cases rise. The oil market rallied throughout the first half of 2021, but the newest wave of coronavirus infections throughout the world …

Oil prices declined on Thursday after the International Energy Agency (IEA) said the spread of the Delta variant of the coronavirus would slow the recovery of global oil demand. Brent crude futures were down 26 cents, or 0.36%, at $71.18 a barrel by 11212 GMT, after earlier rising to a …

U.S. President Joe Biden’s administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery. The request reflects the White House’s willingness to engage major world oil producers for more supply to help …

Oil prices rose on Thursday, supported by tensions in the Middle East, but failed to recoup most of the previous day’s losses after a surprise build in crude stockpiles in the United States, the world’s top oil consumer. Brent crude oil futures rose by 29 cents, or 0.41%, to $70.66 …

Ebrahim Raeisi is now officially the 8th president of the Islamic Republic of Iran after his mandate was endorsed by Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei at a ceremony in Tehran, weeks after the ex-Judiciary chief won the country’s 13th presidential election by a landslide. Ayatollah Khamenei’s …

Oil prices fell on Monday on worries over China’s economy after a survey showed growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers. Brent crude oil futures slid by 76 cents, or 1%, to $74.65 …

The Ministry of Oil confirmed the agreement of the OPEC + group to gradually increase by adding 400,000 barrels per day. The ministry said in a statement received by Alghadeertv: “Minister Ihsan Abdul-Jabbar attended the meeting, which emphasized the strengthening of collective cooperation, praising the countries’ compliance with the agreement, …

OPEC+ ministers are meeting on Sunday in another attempt to agree a quick oil supply boost to address soaring prices as the global economy recovers from the coronavirus pandemic. An attempt earlier this month by the group, which includes OPEC countries and allies like Russia, to agree on a new …

Oil prices sink by more than $1 a barrel on expectations of more crude hitting the market after a compromise deal between leading OPEC producers and a surprisingly poor weekly reading on U.S. fuel demand, Reuters reported. Brent crude settled at $73.47 a barrel, dropping $1.29, or 1.7%. U.S. West …

Talks between OPEC and its allies to boost oil production and cool prices were abandoned earlier this month over a dispute that pivoted over how much crude the UAE would be able to pump under a new deal. Saudi Arabia and the United Arab Emirates have reached a compromise deal …

Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled. Brent crude for September fell 15 cents, or 0.2%, to $75.40 a barrel by 0411 GMT while U.S. West Texas Intermediate …

Oil prices were heading towards three-year highs on Tuesday, towing petrol currencies and bond yields with them, after the world’s main oil producers failed to agree on production plans. Europe’s stocks spluttered at the prospect of faster inflation. China had spooked its tech sector too with another high-profile clampdown, but …

OPEC+ ministers will look to salvage their oil output talks on Monday after clashing last week when the United Arab Emirates balked at a proposed eight-month extension to output curbs. Saudi energy minister Prince Abdulaziz bin Salman on Sunday called for “compromise and rationality” to secure a deal after two …

Oil prices dropped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 variant Delta sparked new mobility restrictions around the world. Brent crude futures fell 35 cents, or 0.5%, to $74.33 a barrel by 0706 GMT, after slumping 2% …

Oil prices rose on Wednesday, with Brent climbing above $76 a barrel to its highest since late 2018, after data showed US crude inventories declined as travel picks up.