OPEC+ agreed to extend crude oil supply cuts into 2025
OPEC prolongs some cuts by one year
While oil prices rose over 1 per cent on Monday in muted trade, gold hit a record high of $2,449.89 last week, but has shed more than $100 since then
Shell announced a plan to divest its majority shareholding from a local South African downstream unit after a comprehensive review of its businesses
Crude exports from the world’s largest oil exporter increased 1.5 per cent to 6.413 million barrels per day in March
Despite the volatility in the region, oil prices moved only slightly
Goldman still expects Brent crude futures to remain in a range of $75 to $90 a barrel in most scenarios
The volume of Saudi crude to be loaded for China is estimated to fall by 5.8 million barrels in June from 45 million barrels in May
Saudi Arabia raised the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe and the Mediterranean in June
The FAO’s cereal index inched up to end a three-month decline, supported by stronger export prices for maize
Oil inventories and prices close to the long-term average imply ministers are likely to decide to keep output unchanged, based on their behaviour in the past
The statistics authority estimated that oil activities plunged by 10.6 per cent in the first quarter compared to the same period a year ago
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