#OPEC

UAE to announce petrol prices for October soon

UAE to announce petrol, diesel prices for October; will rates decrease?

The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 28 fils per litre in September

oil price

Saudi Arabia, Russia extend oil cuts until December, crude jumps to highest level in 2023

Oil prices rose above $90 a barrel for the first time in 2023 on the back of the announcements made by Saudi Arabia and Russia

Red Sea shipping

Saudi crude oil exports plummet as OPEC giant slashes production

Since July, the kingdom has pledged to implement a unilateral production cut of one million barrels a day on top of existing curbs

UAE announces petrol, diesel prices for September 2023

UAE announces petrol, diesel prices for September 2023

The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 28 fils per litre in September

Oil prices near four-month high

Oil holds near four-month high as report sees US stockpile gain

Oil has rallied since late June following pledges by OPEC+ countries Saudi Arabia and Russia to cut supply

oil

Saudi Arabia extends voluntary oil production cuts into September

It’s the second time the kingdom has extended the oil production cut, which was first announced in June after a meeting of the OPEC+ countries

Oil

Oil steadies after biggest monthly advance since early 2022

West Texas Intermediate was little changed below $82 a barrel after surging 16 per cent in July

OPEC projection for 2024 energy demand - oil

Oil set for best month since early 2022 as market tightens

West Texas Intermediate held above $80 a barrel after a run of five weekly gains that lifted prices to the highest since April

commodity

Five key charts to watch in global commodity markets this week

The global oil market, climate change, Ukraine’s grains exports and the aluminium sector are among the top commodity markets to keep an eye on this week

OPEC

OPEC oil export revenue was highest in almost a decade last year

OPEC+ nations are engaged in production cuts to balance prices in crude markets

Oil production to be hit after Saudi Arabia announces cuts. Image: Getty Images

Hot summer in the crude oil market as Saudi Arabia’s production cuts kick in

Across the world, where varieties of crude more closely resemble those from Saudi Arabia, prices are shooting up as refineries clamour for alternatives

Crude oil market on tenterhooks over OPEC meet. Image credit: Getty Images

Voluntary oil supply cuts enough to balance the market: UAE

The UAE will not be undertaking oil supply production cuts even as Saudi Arabia looks to balance the markets

IMF trims Saudi Arabia growth forecast

IMF trims Saudi Arabia growth forecast to 2.1% in 2023

The fund projected that Saudi Arabia would swing to a deficit in 2023 on lower oil revenue

Crude oil market on tenterhooks over OPEC meet. Image credit: Getty Images

Oil watchers predict OPEC+ to maintain steady supply

Forecasters predict OPEC+ to keep output steady due to demand in China, and the current curbs, should rapidly deplete world inventories

Oil industry

Global oil industry requires $12.1tn in investments up to 2045: OPEC secretary-general

Recent annual levels have been significantly below this amount, due to industry downturns, the pandemic and the increasing focus on environmental, social and governance issues

Oil extends second weekly drop on new China recovery concerns

West Texas Intermediate futures slipped 0.7 per cent, after rallying 2.7 per cent on Friday

Oil

Oil set for sixth monthly loss on deteriorating demand outlook

West Texas Intermediate steadied near $75 a barrel after closing 0.6 per cent higher on Thursday

Oil

Oil steady after two-day gain as supply issues blunt demand woes

West Texas Intermediate traded below $79 a barrel after rallying around 2 per cent over the previous two sessions

Oil

Oil extends steep weekly drop with demand outlook in question

West Texas Intermediate fell toward $77 a barrel after dropping the most since the banking crisis in March last week

Oil

Oil set for first weekly loss since banking turmoil last month

West Texas Intermediate futures dipped toward $77 a barrel and are more than 6 per cent lower this week

Oil

Oil powers to fourth weekly advance as global market tightens up

West Texas Intermediate remainder above $82 a barrel, taking its weekly advance to about 2 per cent and the longest winning run since June

Oil

Oil trades near highest close in five months as market tightens

West Texas Intermediate traded above $83 a barrel after advancing by 4.4 per cent over the prior two days

oil

Oil holds loss as stronger US dollar, slowdown concerns weigh

West Texas Intermediate traded below $80 a barrel after closing 1.2 per cent lower on Monday

Oil prices surges after OPEC+ cuts

Oil surges after OPEC+ makes unexpected crude production cut

Oil prices surged after OPEC+ pledged to make production cuts starting next month that will exceed one million barrels a day

Opec+ oil output policy

OPEC+ shows no sign of changing oil output at meeting next week

Saudi Arabia has said publicly that the 23-nation alliance should keep supplies steady for the whole of 2023

Kuwait Oil Company oil spill

Kuwait Oil Company declares ‘state of emergency’ after oil spill

The company said a state of emergency has been declared but no leakage of poisonous gas was detected at the site of the oil spill

OPEC

Saudi Arabia says OPEC flexible and can adjust policy if needed

The kingdom’s energy minister reiterated that the group’s policies are determined by technical studies of market balances

Oman

Oman oil-drilling IPO draws Saudi wealth fund as anchor investor

Anchor investors will subscribe for 40 per cent of the shares at the maximum price

COP28

COP28 chief’s Sultan Al Jaber begins global tour

Nations should aim to raise spending on technologies including carbon capture, nuclear power and hydrogen, according to Al Jaber

OPEC+ keeps output steady amid uncertainty

OPEC+ keeps output steady amid uncertainty

Oil prices have had a rocky start to 2023, with a rally in mid-January fading away by the end of the month