Near-term growth in global oil and liquids production will be driven primarily by the US, Guyana, Canada and Brazil, offsetting voluntary production cuts by OPEC+
OPEC and the IEA, the world’s most closely watched forecasters of oil demand growth, are further apart than they have been for at least 16 years in their views on fuel use
Aramco’s shares were up about 1.7 per cent to SAR32.3 a share, slightly above their 2019 IPO price of SAR32
Non-OPEC output from Norway and Guyana is increasing while Russia is exporting more crude in February than it planned
Recently, four tankers carrying Russian Urals crude passed through the Bab-el-Mandab strait with another three heading south through the Red Sea
Gulf state Qatar is set to supply Shell in Singapore with up to 18 million barrels of oil a year for five years
Further attacks on ships in the Red Sea prompted fears of shipping disruptions and on hopes of interest rate cuts that could boost economic growth and fuel demand
Brent crude oil futures fell 32 cents, or 0.4 per cent, to settle at $79.07 a barrel
Members of OPEC+ agreed to make additional voluntary outputs in reduction, but the announced cuts were not as deep as expected.
From the upcoming climate conference in UAE, to inflation numbers in the US, and China’s GDP targets, a look at what the markets are tracking
Oil production tends to vary month by month, making it difficult to fix on a permanent production target
Brent crude oil futures dropped 98 cents, or 1.1 per cent, to $89.50 a barrel
West Texas Intermediate was little changed below $82 a barrel after surging 16 per cent in July
West Texas Intermediate held above $80 a barrel after a run of five weekly gains that lifted prices to the highest since April
West Texas Intermediate edged below $80 a barrel on Friday
West Texas Intermediate traded near $79 a barrel, after slipping 1.1 per cent on Wednesday
The economy will fall by 0.1 per cent this year if the government raises production in September and by 1 per cent if it holds the course for the rest of 2023
West Texas Intermediate traded just below $72 a barrel
Countries that import the most oil will have to make the biggest contribution to the fund
West Texas Intermediate edged higher to trade above $67 a barrel, after losing around 8 per cent over the previous three sessions
West Texas Intermediate futures slipped 0.7 per cent, after rallying 2.7 per cent on Friday
West Texas Intermediate steadied near $75 a barrel after closing 0.6 per cent higher on Thursday
West Texas Intermediate traded below $79 a barrel after rallying around 2 per cent over the previous two sessions
West Texas Intermediate fell toward $77 a barrel after dropping the most since the banking crisis in March last week
West Texas Intermediate futures dipped toward $77 a barrel and are more than 6 per cent lower this week
West Texas Intermediate remainder above $82 a barrel, taking its weekly advance to about 2 per cent and the longest winning run since June
West Texas Intermediate traded above $83 a barrel after advancing by 4.4 per cent over the prior two days
West Texas Intermediate traded above $81 a barrel after rallying by 2.2 per cent on Tuesday
West Texas Intermediate traded below $80 a barrel after closing 1.2 per cent lower on Monday
West Texas Intermediate traded near $73 a barrel after closing 0.3 per cent lower on Wednesday