The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by 11 fils per litre in April
The project will establish a vital connection between Iraq’s Grand Faw Port in the south, renowned for its oil resources, and Turkey in the north
The weakening signs in physical markets have been driven by peak refinery maintenance, extra supply from the US, and a recovery from outages at some producers
The geopolitical risk premium in oil prices had been unwinding this week on the perception that the US could ensure tensions were managed
Analysts said prolonged tensions through the second quarter this year have largely priced oil at $85-$90 per barrel
Meanwhile, OPEC also sees global economic growth of 2.8 per cent in 2024
Investors will look to economic data and monetary policy for potential clues on the outlook for oil demand
While Asia’s crude demand is robust, the same can’t be said for its refinery margins, which have been squeezed by higher oil prices
OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day to support the market
Europe’s firm demand, softness in US supply growth coupled with a possible extension of OPEC+ cuts through 2024 outweigh downside risk from persistent softness in China’s demand
Speaking at one of the biggest energy conferences in the world, Aramco has backed forecasts of continued demand for traditional fossil fuels
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