#oil
After a meeting of the eight countries held online on Thursday, the group announced it would boost output by 411,000 bpd in May
Fitch said the country’s Vision 2030 project provides some flexibility in managing capital expenditure and debt issuance
Aramco lowered the April official selling price (OSP) for flagship Arab Light crude by 40 cents to $3.50 a barrel
US West Texas Intermediate crude futures rose 8 cents, or 0.08 per cent, to $66.44 a barrel
Brent futures fell 24 cents, or 0.3 per cent, to $70.80 a barrel at 0500 GMT
The fund said it expected energy commodity prices to decline by 2.6 per cent in 2025, more than assumed in October
Brent crude futures rose 22 cents, or 0.3 per cent, to $76.15 a barrel, after settling at its highest since October 25
The group agreed to allow the UAE to raise output by 300,000 bpd gradually from April until the end of September 2026
The kingdom’s total spending came to SAR339bn in the quarter as it continued to spend heavily on its Vision 2030 transformation programme
Spot premiums for Middle East crude fell last month as the Asia market was well supplied
Oil prices rose on Monday following last week’s decline amid worries about weak demand in China
Rising geopolitical tensions in the region are having a dampener on the Gulf markets
Brent futures and US West Texas Intermediate (WTI) crude spiked more than 1 per cent amid Iran’s attack on Israel
Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, cites a report
OPEC expects world oil demand to reach 118.9 million bpd by 2045, which is around 2.9 million bpd higher than earlier projections
Despite Friday gains, oil was down for the week
That has stoked worries among traders about a slump in demand from China, where refineries sharply cut crude processing rates last month on tepid fuel demand
Oil majors have complained that the terms of Iraq’s traditional oil service contracts meant they could not benefit from rising oil prices and lost out when production costs rose
A broader conflict in the Middle East could threaten oil moving through key choke points in the region
Dr David Wartenweiler, CFA, the bank’s chief investment officer, gives insights into the market outlook for the remainder of 2024
Amin Nasser said he expects global oil demand of 104.7 million bpd in 2024
The combination of bearish and bullish factors for gold may end up having the effect of keeping the price in a relatively narrow range for the rest of the year
Brent crude oil futures inched down 4 cents, or 0.1 per cent, to $76.77 a barrel
The energy firm said negotiations over the preliminary agreement are expected to be complete early in 2025
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said OPEC+ could pause or reverse the production hikes if it decided the market is not strong enough
In H1 2024, the company achieved a 6 per cent YoY growth in revenues to SAR5.03bn
For the week, Brent was trading down more than 1 per cent while WTI fell beyond 3 per cent
The Oman News Agency stated that the tanker capsized 25 nautical miles southeast of Ras Madrakah, near Duqm
The initial estimated area of the newly discovered oil well is around 96 square kilometres
OPEC’s report points to an oil supply deficit in coming months