Oil prices edged higher in the last session and posted a weekly gain, as higher demand from top oil importer, China and the supply cuts announced by Organization of the Petroleum Exporting Countries and its allies (OPEC+) lifted prices, despite weakness in the global economy and the prospect for furtherRead More →
Oil prices edged higher on June 7 as Saudi Arabia’s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising US fuel stocks. Saudi Arabia, the world’s top oil exporter, will make deep production cuts of 1 million barrels per day (bpd) starting from July, asRead More →
Russia will extend its voluntary oil production cut of 500,000 barrels per day until the end of December 2024, Russian Deputy Prime Minister Alexander Novak said on Sunday after a meeting of OPEC group of leading oil producers. The cuts will be as a precautionary measure, in coordination with theRead More →
The focus has now shifted to the policy outcome of Organization of the Petroleum Exporting Countries and its allies, or OPEC+ on June 4, which will impact oil prices and set the course for price fluctuations in the near-term. OPEC+ is considering the deepening of oil production cuts, possibly byRead More →
The Organization of the Petroleum Exporting Countries and its allies or OPEC+ are discussing deepening oil production cuts, possibly by as much as 1 million barrels per day (bpd) on June 4, according to a report by news agency Reuters. Oil prices declined towards $70 per barrel and market analystsRead More →
The market will take further cues from the upcoming meeting of the oil producing cartel even as conflicting messages from Russia and Saudi Arabia’s energy minister have kept oil prices on edge. Also, price volatility is expected to remain high till the outcome of the US debt ceiling discussions, accordingRead More →
Mumbai: The bears will scurry for cover if the Reserve Bank of India’s Monetary Policy Committee (MPC) spells out clearly that it would pause key rate hikes after one more round on 6 April, but will stay put if the rate setting committee’s language on its future actions is tentative,Read More →
OPEC+ announced a surprise oil production cut on Sunday, ignoring previous assurances that it would hold supply steady to maintain a stable market. The reduction is slated to exceed 1 million barrels a day, and according to analysts, may mean a rise in global oil prices by $10 per barrel.Read More →
Iraqi Prime Minister Mohammed Shia al-Sudani shakes hands with Chinese President Xi Jinping in Riyadh, Saudi Arabia on December 9, 2022 | Photo Credit: via Reuters Chinese President Xi Jinping met Gulf Arab leaders in Riyadh on Friday in the first of two “milestone” Arab summits showcasing Saudi Arabia’s CrownRead More →
A flare to burn methane from oil production is seen on a well pad near Watford City, North Dakota, Aug. 26, 2021. | Photo Credit: AP Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19Read More →
