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
West Texas Intermediate held above $90 after edging higher on August 9
Oman has implemented a series of reforms to balance its budget and lower its debt, including the introduction of value-added tax last year
Investors have backed away from commodities in recent months as slowing growth feeds concern that energy usage will drop
State producer Saudi Aramco increased its Arab Light grade for next month’s shipments to Asia to $9.80 a barrel
Ahead of the OPEC+ session, the American Petroleum Institute reported that US crude stockpiles expanded by more than 2 million barrels
West Texas Intermediate dropped toward $98 a barrel after sinking almost 7 per cent in July
West Texas Intermediate futures climbed near $98 a barrel after closing 2.4 per cent higher in the previous session
Shipments for June were the lowest since September
The next meeting will be held on June 30, 2022
Japan’s total oil imports in March amounted to 89.15 million barrels, compared to 78.51 million barrels in February
Oman has implemented a series of reforms to bridge the budget gap and lower its debt, including the introduction of a 5 per cent value-added tax last year
The state-run energy company already uses carbon dioxide to pump more crude out of the ground in a process known as enhanced oil recovery
Aramco sold $8bn in tranches maturing in three, five, 10, 30 and 50 years
The producer group is considering keeping additional supply off the market for three to six months
Natural gas production in the UAE reached 109.8 billion cubic feet in 2019