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
OPEC’s report points to an oil supply deficit in coming months
Recent data showed that oil production and demand for major products rose to a four-month high in April, supporting prices
The overall GCC budget position is projected to remain somewhat in surplus this year, driven by robust financial standings and favourable credit ratings
Inventories of both gasoline and diesel have been rising relative to the seasonal trend in the US, and consumption growth for oil remains tepid across major markets
OPEC+ members are cutting output by a total of 5.86 million bpd, or about 5.7% of global demand
The oil behemoth’s shares were priced at $7.27 (SAR27.25), near the bottom of a SAR26.7 to SAR29 range used in marketing the sale
OPEC+ is currently cutting production by about 5.7 per cent of global demand to bolster the market
OPEC+ agreed to extend crude oil supply cuts into 2025
OPEC prolongs some cuts by one year
The OPEC+ supply cuts since late 2022 have been against a backdrop of rising output from the US and other non-member producers
The fuel price committee reduced the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 20 fils per litre in June
As a member of OPEC, Kuwait aims to boost its production capacity to 4 million bpd by 2035
Capacity discussions can be complicated by different oil price preferences among OPEC+ members
The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 19 fils per litre in May
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
Crude exports from the world’s largest oil exporter increased 1.5 per cent to 6.413 million barrels per day in March
OPEC sounded an upbeat tone on the economic outlook as well as future oil demand
Goldman still expects Brent crude futures to remain in a range of $75 to $90 a barrel in most scenarios
Iraq has repeatedly said it is committed to voluntary cuts but pumped over its output quota by a cumulative 602,000 bpd
The market share of OPEC crude has fallen to a multi-decade low of 27 per cent after Angola’s exit at the end of last year