The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday credited the US and European Union (EU) for better-than-expected economic growth in 2022 while cautioning that such progress may slow this year. The growth dynamic in both the US and the eurozone played a key role in lifting last year’s global economic growth estimate to … Read more
After a decade of exponential growth, the US shale patch is no longer the swing producer on the global markets. That role is now back in the hands of OPEC and its largest and most influential members in the Middle East, analysts and industry executives say. From growth of over 1 million barrels per day … Read more
CAIRO, Jan 14 (Reuters) – OPEC+ is facing “volatile prospects” in oil markets both in supply and demand, UAE energy minister Suhail al-Mazrouei told Asharq TV on Saturday. He said this was due to European sanctions on Russian crude going into effect in addition to China’s lifting its “zero-COVID” policy. OPEC+ production capacity was down … Read more
Oil companies drilling in Texas’ Permian Basin are having to adapt to falling output as acreage with … [+] the “top rock” runs out. (Photo by Spencer Platt/Getty Images) Getty Images American shale has been critical to keeping up with growth in global oil demand for the last decade, but that may not be the … Read more
Italy’s former PM Mario Draghi suggested it first, then US Treasury Secretary Janet Yellen took up the idea and built on it. What if, the idea was, large oil importers united against oil producers? Many from the analytical field were skeptical. With oil demand where it is, the global oil market was effectively a sellers’ … Read more
At the beginning of 2023, several factors are at play in determining the short and medium-term trend in oil prices this year. Supply and demand concerns, tightening monetary policy globally, expectations of a material slowdown in economic growth and possible recessions, and China’s reopening with a Covid exit wave are all impacting crude oil prices. … Read more
Oil prices experienced the worst start to the year in over three decades this week, falling by more than 9% over the first two days of trading. They have since recovered some of that loss, but are still seen to be down significantly week-over-week. Oilprice Alert: This month’s Intelligent Investor looks for unrealized value in … Read more
WASHINGTON (AP) — The Biden administration said Friday it is buying 3 million barrels of oil to begin to replenish US strategic reserves that officials drained earlier this year in a bid to stop gasoline prices from rising amid production cuts by OPEC and a ban on Russian oil imports. President Joe Biden withdrew 180 … Read more
CAIRO, Dec 10 (Reuters) – The OPEC+ alliance plays an instrumental role in supporting market stability, OPEC Secretary General Haitham Al Ghais said on the sixth anniversary of the group’s formation. “Six years later, the framework continues to play an instrumental role in supporting market stability, which is essential for growth and development, as well … Read more
RIYADH, Dec 9 (Reuters) – China and Saudi Arabia reaffirmed the significance of global oil market stability and Riyadh’s role in maintaining it, a joint statement said on Friday during Chinese President Xi Jinping’s visit to the kingdom, the world’s biggest oil exporter. OPEC+ heavyweight Saudi Arabia is the top supplier for China, the world’s … Read more