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RA2WM4 Oil refinery on river in Shanghai An oil refinery in Shanghai; China holds 1.1 billion barrels of crude oil stocks

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 […]

Opec secretary general Haitham Al Ghais at the Rio Oil & Gas & Energy 2024 meeting in Brazil last month

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 […]

A dip in oil prices followed a week of strong rises as regional concerns persist

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 […]

Iran Kharg Island

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 […]

US crude inventories rose by 3.9m barrels to 417m barrels in the week ended September 27, the Energy Information Administration said

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 […]

Opec said that the WSJ article falsely claimed a conference call took place

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. […]

Israelis take shelter during Iran's missile attack. Oil prices have jumped over fears of a wider war

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 […]

Suhail Al Mazrouei, the UAE's energy minister, says he expects a large part of oil demand growth to come from the Global South

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 […]

Saudi oil output sunset

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 […]

Quantitative speculators can anticipate and 'accelerate price changes initiated by fundamentals'

‘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 […]

IEA executive director Dr Fatih Birol. The agency has cut its 2024 oil demand growth outlook by about 7 percent

IEA cuts oil demand forecast as Chinese economy stalls

Rapidly slowing Chinese economic output is the primary driver of falling global oil demand, the International Energy Agency has said, as it cut the forecast in its monthly oil market report. The Paris-based energy watchdog has trimmed its 2024 oil demand growth outlook by 70,000 barrels per day, or around 7 percent, to an average […]

Opec says worldwide oil demand is going to fall this year and next

Opec trims oil demand outlook again

Opec has reduced its oil demand forecast for 2024 for the second consecutive time, but it remains optimistic despite bearish markets. The oil producers group said on Tuesday that it was revising down world oil demand by 80,000 barrels per day to about 2 million bpd “reflecting data received so far this year”. It also […]

Opec secretary general Haitham Al Ghais. Analysts say the body is running out of options to stabilise oil prices

Opec+ delay to output rise fails to rejuvenate oil price

The decision by Opec+ on Thursday to postpone its oil output hike until December has failed to pump up the markets, where the sentiment remains bearish.  While Opec+ still holds sway over global balances, it is running out of options to stabilise prices, analysts said, as the share price of Aramco, the world’s biggest producer, […]

Opec+ say they will start phasing out the oil production cuts on a monthly basis from December

Opec+ to ‘delay oil output hike for two months’

Opec+ has agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months. A statement on the oil producer group’s website said: “The eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until […]