Oil & Gas Oil gains 3% after Opec+ delays output hike Oil prices rose about 3% on Monday on a decision by Opec+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the US presidential election. US Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s election day, […] November 4, 2024
Oil & Gas Oil prices gain amid growing Middle East tensions Oil prices extended gains in early Asian trade on Friday, following reports that Iran was preparing a retaliatory strike on Israel from Iraqi territory in the coming days. US West Texas Intermediate crude futures rose $1.24, or 1.8 percent, to $70.50 a barrel by 22:29 GMT after settling up 0.95 percent in the previous session. […] November 1, 2024
Oil & Gas Oil prices stable after boost from US fuel demand Oil prices stabilised on Thursday after rallying the previous day on stronger than expected US fuel demand and reports that producer group Opec+ could delay a planned output increase. Traders are now awaiting the outcome of the US presidential election on November 5 and whether ceasefires can be brokered in the Middle East. The Brent […] October 31, 2024
Analysis Oil & Gas Opec+ overproduction persists as oil price sags Despite a fall in production in September, Opec+ members are not adhering to cuts they have committed to, leading to excess supply and flagging prices, industry experts say. Quota compliance has always been a vexed issue within Opec and Opec+ but oil demand is now so subdued that Saudi Arabia may have to act, the […] October 30, 2024
Finance IMF lowers 2024 Saudi GDP forecast on oil output The International Monetary Fund has lowered its GDP growth prediction for Saudi Arabia this year and next because of oil output cuts continuing to the end of this year. The Saudi economy is expected to expand 1.5 percent this year, down 0.2 percent from the IMF’s last review in July, and 4.6 percent in 2025, […] October 23, 2024
Opinion Banking & Finance IMF proves Saudi banks have reasons for optimism Over the long term the kingdom’s banks will benefit from the scale of spending on Vision 2030 projects October 23, 2024
Energy Oil price slips on higher US crude stockpiles Oil prices fell on Wednesday after industry data showed US crude inventories swelled more than expected, though futures were still up about 2 percent this week as traders factored in continuing conflict in the Middle East. Brent crude futures dropped $1.40, or 1.8 percent, to $74.64 a barrel by 11:07 GMT. US West Texas Intermediate crude […] October 23, 2024
Opinion Trade A Trump win would impact Gulf trade and oil markets A rise in protectionism following the US election could trigger a re-ordering of world trade October 21, 2024
Opinion Oil & Gas Oil’s war risk premium and the GCC capital markets Investors can no longer ignore the imminent IDF-Iran war in the heart of the world's pre-eminent oil province October 17, 2024
Oil & Gas IEA confident global oil supply can absorb disruption Escalating tensions between Israel and Iran are fuelling concerns that an attack on Iranian production facilities could disrupt global oil supply. But forecasts by the International Energy Agency (IEA) suggest there are adequate global supplies to absorb the impact of such an event. Iran, a major oil exporter and Opec member, ships 1.6 million barrels […] October 15, 2024
Analysis Oil & Gas Middle East to dominate oil exports by 2050, says Opec Bloc reveals long-term outlook Demand rising in Asia-Pacific region Imports to hit 34m bpd by 2050 The Middle East is forecast to provide almost 60 percent of the world's oil exports by 2050, according to Opec’s long-term outlook. It... Register now: It’s easy and free This content is available for registered members only. Register for […] October 15, 2024
Opinion Oil & Gas Energy and Opec are at the centre of the US election campaign The Democrats just cannot shake the image of being opposed to oil and gas October 9, 2024
Oil & Gas Oil prices up after strongest weekly rise in over a year Oil prices fell and then rose again on Monday after posting their steepest weekly rise in over a year last week. Brent crude futures fell to $77.74 per barrel before rising again to $79.14 per barrel. US West Texas Intermediate dipped to $74.18 per barrel and then rose to $75.53 per barrel. Brent rose by […] October 7, 2024
Analysis Oil & Gas Iran’s energy installations may be targeted in Israeli strikes Brent neared $79 a barrel on Friday, surging over 10 percent in a week, as markets and the wider world waited for a response to Iran’s attacking Israel with nearly 200 ballistic missiles on Tuesday. Israeli prime minister Benjamin Netanyahu may order an attack on one of Iran’s major oil centres or less significant installations […] October 4, 2024
Oil & Gas Oil rises 1% on prospects of wider Middle East conflict Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the key exporting region overshadowed a stronger global supply outlook. Brent crude futures were up 94 cents, or 1.27 percent, to $74.84 a barrel at 06:15 GMT. US West Texas Intermediate crude futures were […] October 3, 2024
Oil & Gas Opec calls WSJ report on oil price drop to $50 ‘inaccurate’ The Organization of the Petroleum Exporting Countries (Opec), led by Saudi Arabia, has denied a media report, calling it “wholly inaccurate and misleading”. The Wall Street Journal (WSJ) reported on Monday that Saudi oil minister Prince Abdulaziz bin Salman said oil prices could drop to as low as $50 per barrel if Opec+ members do not stick to production limits. […] October 3, 2024
Oil & Gas Oil prices jump 3% as Middle East conflict intensifies Oil prices rose by more than 3 percent on Wednesday as Israel vowed retribution for Iran’s ballistic missile attack on its regional adversary. The conflict has intensified rapidly, with Israel also ordering more soldiers into Lebanon to battle the Iran-backed group Hezbollah. There is little sign of de-escalation despite international pleas. That has sent oil […] October 2, 2024
Oil & Gas Without Opec+ ‘we would be in chaos’, says UAE minister Opec+ is doing a “noble” job of balancing supply and demand in the oil market, the UAE energy minister has said. “Without this group, we would be in chaos,” Suhail Al Mazrouei told a conference on Wednesday. “Opec+ has sacrificed more than others,” the minister said, adding that although the energy group’s members do not […] October 2, 2024
Opinion Oil & Gas A lot can happen in oil markets between now and December 1 Remember the golden rule with Opec+ decisions – always expect surprises September 30, 2024
Oil & Gas Oil price fall pushes Saudi Arabia to look at raising output Saudi Arabia is preparing to raise its oil output from December, in an attempt to reclaim its shrinking global market share. The world’s biggest crude exporter will have to accept lower crude prices for longer but is resigned to giving up its $100 a barrel target price, according to reports. Oil prices dropped sharply on […] September 26, 2024
Analysis Markets ‘Bot traders’ defy Opec and determine the price of oil Oil has been trading at its lowest levels in a year, posing a severe challenge to Opec in its efforts to impose a floor on prices. But analysts say that speculative financial players are also driving price determination, alongside traders who study the fundamentals of supply and demand. Opec has voiced frustration at what it […] September 20, 2024
Opinion Oil & Gas Opec’s no-win situation on oil prices There’s not much that the quota-bound bloc members can do for now September 17, 2024
