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2 mins read

OPEC+ extends major oil production cuts until 2025 to stabilise market

Faced with slow demand growth, high interest rates, and the rise in U.S. oil production, the group …

ANI   


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1 min read

Putin backs OPEC production cuts but warns of losing oil-market share to the US

Putin backed the production cuts, but said the output is dropping "while it grows in other countrie…

Yuheng Zhan   


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1 min read

The world is 'far off' from peak oil amid strong demand, OPEC chief says

Robust demand from countries like India, which is showing "phenomenal economic growth," mean peak o…

Aruni Soni   


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1 min read

The oil market is at risk of a supply shortage as peak demand is still 10 years away, Goldman Sachs says

Demand for crude is set to climb through 2034, as major oil producers pull back on spending, Goldm…

Jennifer Sor   


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2 mins read

OPEC slashed oil production last month as the group kicks off plan to boost sagging prices

OPEC+ scaled back oil output by 490,000 barrels a day last month, Bloomberg reported, with half of …

Yuheng Zhan   


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1 min read

Russia undermines its pledge to OPEC+ as crude oil and fuel exports jump

Despite Moscow's pledges to curb exports, Russia's energy outflows have boomed in recent weeks.

Filip De Mott   


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2 mins read

Peak oil demand before 2030 will usher in a major supply glut, the International Energy Agency says

As global demand for oil plateaus this decade, heavy production will create a massive supply glut t…

Filip De Mott   


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2 mins read

US crude exports set a record high amid market share war with OPEC

US exported nearly 4 million barrels a day of oil in the first half of 2023, up 19% from a year ago.

Aruni Soni   


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2 mins read

Here's why OPEC's production cuts haven't boosted the price of oil

Oil demand is uncertain at a time when supply is rising both from countries within OPEC+ and from p…

Phil Rosen   


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1 min read

No matter how much OPEC cuts oil production, other countries will 'fill the hole,' trader says

"We're looking at 2024 and we're concerned that the market is actually going to end up being oversu…

Aruni Soni   


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1 min read

Oil prices briefly spike as Russia suggests more OPEC+ cuts will hit markets in 2024

But oil prices later gave up gains and turned lower, with Brent crude and West Texas Intermediate b…

Jennifer Sor   


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2 mins read

OPEC and Saudi Arabia are losing their grip on the oil market as prices see the longest fall in 5 years

Saudi Arabia could be pushed to flood the oil market with supply in a bid to regain control of pric…

Jennifer Sor   


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1 min read

Russia's weekly oil flows spike to the highest in 5 months as OPEC and allies grapple over cuts to output

Russian oil exports jumped over the last week. OPEC and its allies have been trying to curb output …

Jennifer Sor   


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1 min read

OPEC says 'exaggerated concerns' about demand are hitting oil prices but still sees a slowdown in 2024

"The market dynamic was fuelled by exaggerated concerns about oil demand growth, which negatively i…

Filip De Mott   


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1 min read

Oil prices tumble as OPEC+ pushes back key meeting and Saudi Arabia grows frustrated

Saudi Arabia has expressed frustration with other oil cartel members' production levels, sources to…

Phil Rosen   


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1 min read

The US isn't the only one eating into OPEC's market share — Brazil and Guyana are hitting record oil production volumes

Brazil and Guyana have emerged as crude-producing giants in 2023, and they are commanding an increa…

Phil Rosen   


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2 mins read

Record-breaking oil production from the US has left OPEC with its lowest crude market share in nearly a decade

The IEA said global oil demand has slowed sharply amid economic turmoil, while the US, Brazil, and …

Phil Rosen   


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2 mins read

OPEC will gain more control of the oil market in 2024, and can raise production again in the 2nd half of the year, energy firm says

The oil cartel has cut the right amount of production to keep markets balanced to start next year, …

Phil Rosen   


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2 mins read

Oil prices could crash 50% if OPEC+ lets output rise and doesn't extend cuts through 2024, Citi commodities research chief says

Eliminating oil production cuts would be "so painful" for OPEC that the organization is likely to s…

Filip De Mott   


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1 min read

More oil supertankers than ever are headed for the US to load up on crude for export as OPEC+ curbs supply

A record-high 48 oil supertankers are making their way to the US, according to data compiled by Blo…

Aruni Soni