#OPEC
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
From February 1, 2025, Super 98 petrol will cost Dhs2.74 a litre, up from Dhs2.61 a litre in January, while Special 95 will cost Dhs2.63 a litre
Aramco’s chief executive Amin Nasser said that oil demand in 2025 will approach 106 million barrels per day (bpd) after averaging about 104.6 million bpd last year
The group agreed to allow the UAE to raise output by 300,000 bpd gradually from April until the end of September 2026
Depending on the type of vehicle, filling up a full tank in December will cost between Dh6.12 and Dh9.62 less compared to November
OPEC has said that technologies like carbon capture can tackle the climate impact of burning fossil fuels
Spot premiums for Middle East crude fell last month as the Asia market was well supplied
The fuel price committee increased retail prices for Super 98, Special 95, and E-Plus 91 by as much as 9 fils per litre in November
The weaker outlook highlights the dilemma faced by OPEC+, which is planning to start raising output in December
The group OPEC+ is cutting output by a total of 5.86 million bpd, or about 5.7 per cent of global demand, in a series of steps agreed since late 2022
UAE energy minister said OPEC+ has sacrificed more than others but the critical element is that it is staying together
Brent futures and US West Texas Intermediate (WTI) crude spiked more than 1 per cent amid Iran’s attack on Israel
Oil prices are down nearly 5 per cent so far this year, amid increasing supply from other producers, especially the US
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
Lavrov arrived in Saudi Arabia on an official visit on Sunday
Oil benchmarks fell nearly $3 on Tuesday, with Brent hitting its lowest since December 2021 and WTI falling to a May 2023 trough
The remaining OPEC+ cuts of 3.66 million bpd, agreed in earlier steps, are staying in place until the end of 2025
The fuel price committee reduced retail prices for Super 98, Special 95, and E-Plus 91 by as much as 0.15 fils per litre in September
Despite Friday gains, oil was down for the week
Total OPEC+ oil production is scheduled to increase by roughly 180,000 b/d each month in the fourth quarter of 2024
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
OPEC highlighted the steady expansion of the UAE’s economy, supported by strong domestic and international economic activities
The organisation said oil demand will rise by 2.11 million barrels per day (bpd) in 2024, down from growth of 2.25 million
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
Oil has fallen from a 2024 high, above $92 a barrel in April to trade around $81, on July 30
OPEC+ is currently cutting output by about 5.7 per cent of global demand, in a series of steps agreed since late 2022