Aramco chief executive Amin Nasser said he expected oil demand to increase to 104 million bpd this year and to 105 million bpd in 2025
OPEC said its “committee will continue to monitor” countries’ conformity with output decisions
OPEC oil output in January registered the biggest monthly drop since July, as several members implemented new voluntary production cuts
The UAE has announced revised fuel prices for the coming month
Consumers will have to shell out a few fils more as authorities announced a hike in petrol prices for February
Brent crude oil futures fell 32 cents, or 0.4 per cent, to settle at $79.07 a barrel
The fuel price committee reduced the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 7 fils per litre in December
OPEC+ is due to hold an online ministerial meeting to discuss 2024 production targets
The Gulf’s biggest economy will be among the three top fastest growing countries in the world next year, with only India and Indonesia set to expand faster
The drop in prices comes as concerns around supply disruptions due to the Israel crisis ease along with a reduced demand for China
Brent crude oil futures dropped 98 cents, or 1.1 per cent, to $89.50 a barrel
Japan plans to cut use of LNG in the power sector to 20 per cent by 2030
The combined companies expect to generate about $1bn in cost synergies within a year of its closing
The Crescent Petroleum contracts are expected to begin producing 400 million standard cubic feet per day of natural gas within 18 months
Oil and gas markets have been where the nervousness has been most evident due to fears that Israel could become bigger
The report trimmed its forecasts for total world demand in the current quarter and the first three months of 2024
Saudi Arabia, Russia will continue with their respective production cuts in a bid to “balance the global oil market”
Oil prices rose above $90 a barrel for the first time in 2023 on the back of the announcements made by Saudi Arabia and Russia
The world’s third largest oil importer has increased its purchase of oil from Saudi Arabia
The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 28 fils per litre in September
The current crunch highlights a dilemma that nations have in phasing out oil refineries as they try to transition away from fossil fuels
OPEC+ nations are engaged in production cuts to balance prices in crude markets
Forecasters predict OPEC+ to keep output steady due to demand in China, and the current curbs, should rapidly deplete world inventories
The fuel price committee marginally increased petrol prices by 15 fils for the month of May
West Texas Intermediate traded above $81 a barrel after rallying by 2.2 per cent on Tuesday
Oil prices surged after OPEC+ pledged to make production cuts starting next month that will exceed one million barrels a day
Crude prices are on course for a third consecutive monthly drop in what would be the longest losing run in more than two years
Oil is still up around 20 per cent this year and the surge in energy prices over the first half have underpinned record earnings for producers
OPEC cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million a day
West Texas Intermediate declined toward $91 a barrel in early Asian trading