Oil price ‘supercycle’ is unlikely, says the IEA
3 years, 9 months ago

Oil price ‘supercycle’ is unlikely, says the IEA

CNN  

London CNN Business — Will crude oil prices continue their recent dramatic boom as the pandemic recovery takes hold? The International Energy Agency said Wednesday that it does not expect oil to enter a “supercycle,” or extended period during which prices rise well above their long-run trend. But the IEA, which monitors energy market trends for the world’s richest countries, thinks there is too much oil sloshing around global markets for a supercycle to take hold. “On top of the stock cushion, a hefty amount of spare production capacity has built up as a result of OPEC+ supply curbs,” the IEA said in its assessment on Wednesday. At a press conference earlier this month, Saudi energy minister Abdulaziz Bin Salman said the “jury is still out” on the future of the oil market.

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History of this topic

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
1 month, 1 week ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Crude oil prices plummet 2.5% on strong US dollar; Brent slips below $74
2 months, 1 week ago

Crude oil prices plummet 2.5% on strong US dollar; Brent slips below $74

Live Mint  

Crude oil prices slid 2.5% on Wednesday, November 6, snapping a five-day winning streak, weighed down by a stronger US dollar as early reports suggested that Republican candidate Donald Trump is edging closer to securing a second term in the White House. Crude prices have experienced notable fluctuations in recent sessions, influenced by OPEC+'s decision to delay December production plans …

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again
2 months, 2 weeks ago

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again

Associated Press  

Oil prices are falling as the reality of weak global demand takes center stage again. The price of benchmark U.S. crude tumbled 6% Monday after a weekend retaliatory strike by Israel on Iran targeted military sites rather than the oilfields of the world's seventh largest producer of crude. This puts the price of a barrel of U.S. crude well under …

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East
2 months, 2 weeks ago

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Global oil prices are falling …

Oil ticks higher on optimism ahead of Biden’s Israel trip; Brent at $90/bbl
1 year, 2 months ago

Oil ticks higher on optimism ahead of Biden’s Israel trip; Brent at $90/bbl

Live Mint  

Oil prices edged higher on Tuesday, October 17, ahead of a trip by US President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Back home, on the Multi Commodity Exchange, crude oil futures due for a October 19 expiry, was last …

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns
1 year, 3 months ago

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns

Live Mint  

OPEC stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China. The Organisation of Petroleum Exporting Countries has stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs …

Oil prices jump more than $4 as Middle East violence rattles markets
1 year, 3 months ago

Oil prices jump more than $4 as Middle East violence rattles markets

The Hindu  

Oil prices jumped more than $4 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East. The surge in oil prices reversed last week's downward trend - the largest weekly decline since March - in which Brent fell about 11% and WTI retreated …

Oil sizzles at 10-month high on Saudi, Russia output cuts; Brent over $91/bbl
1 year, 4 months ago

Oil sizzles at 10-month high on Saudi, Russia output cuts; Brent over $91/bbl

Live Mint  

Oil prices rose about 1 per cent on Tuesday, September 12, boosted by a tighter supply outlook, after oil producers Saudi Arabia and Russia extended their voluntary oil supply cuts till the end of the year. Back home, on the Multi Commodity Exchange, crude oil futures due for a September 19 expiry, were last trading higher by 1.73 per cent …

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month
2 years, 1 month ago

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month

CNN  

London CNN Business — US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. Global oil prices have fallen about 35% since June as strict coronavirus restrictions in China have kept demand weak, and as some of the world’s major economies have signaled they are heading …

Oil giant Saudi Aramco has $42.4B profit in third quarter
2 years, 2 months ago

Oil giant Saudi Aramco has $42.4B profit in third quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant Saudi Aramco on …

High crude oil, commodity prices unsustainable, says Finmin
2 years, 10 months ago

High crude oil, commodity prices unsustainable, says Finmin

The Hindu  

Terming the current price levels for as ‘unsustainable’, the Finance Ministry said on Tuesday that these prices are expected to ease soon while asserting that India is well positioned to cope with escalated import costs thanks to its record forex reserves. The impact of the recent developments, including the Ukraine-Russia crisis, on India’s growth, inflation, current account and fiscal deficits …

Oil Prices Stabilise Amid Collapse of OPEC+ Talks; Brent Crude Oil Up by $73.45
3 years, 6 months ago

Oil Prices Stabilise Amid Collapse of OPEC+ Talks; Brent Crude Oil Up by $73.45

News 18  

SINGAPORE: Oil prices steadied after two days of losses amid uncertainty over supply after the collapse this week of talks among major producers which could potentially cause the current output agreement to be abandoned. Brent prices have fallen nearly 5% since Monday’s close after talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as …

Oil prices surge after OPEC+ calls off talks
3 years, 6 months ago

Oil prices surge after OPEC+ calls off talks

CNN  

New York / London CNN Business — Oil prices soared on Tuesday after major producers, including Saudi Arabia and the United Arab Emirates, fell out over plans to increase production in the face of rising global demand. The surge comes after the Organization of Petroleum Exporting Countries and its allies, including Russia and Mexico, canceled a Monday meeting to discuss …

Oil hits new high near $75 on demand rise, falling inventories
3 years, 6 months ago

Oil hits new high near $75 on demand rise, falling inventories

Live Mint  

Oil gained for a fifth day on Wednesday, climbing towards $75 a barrel to its highest since April 2019, supported by a recovery in demand from the pandemic and a drop in US crude inventories. The American Petroleum Institute reported US crude inventories fell 8.5 million barrels, two market sources said, more than analysts forecast. "Even non-energy traders are placing …

Oil falls as demand concerns trump Suez Canal disruptions
3 years, 9 months ago

Oil falls as demand concerns trump Suez Canal disruptions

India Today  

Oil prices fell more than 2% as fresh coronavirus lockdowns revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal. Prices, which tumbled earlier in the week on worries about tighter pandemic curbs in Europe and vaccine delays stalling fuel demand growth, sharply reversed …

Start of another oil supercycle? Unlikely, says IEA
3 years, 9 months ago

Start of another oil supercycle? Unlikely, says IEA

Live Mint  

Oil prices are unlikely to mount a dramatic and sustained surge despite vaccines expected to boost demand later this year, the International Energy Agency said on Wednesday, with the world still awash in oil. "For a start, oil inventories still look ample compared with historical levels despite a steady decline. The Organization of the Petroleum Exporting Countries and its allies, …

Oil price rises put Opec under pressure
3 years, 10 months ago

Oil price rises put Opec under pressure

The Telegraph  

"Despite the turbulence, we project Brent to average $50 to $70 out to 2026, and we believe prices could spike to $100 over this period," wrote Bank of America’s Francisco Blanch in a recent note. It's not oil over "It's tempting to join this bandwagon of oil supercycle predictions, but so far our supply data, Covid lockdowns and vaccine assumptions …

Oil prices up on weaker dollar and lower inventories
4 years ago

Oil prices up on weaker dollar and lower inventories

Live Mint  

Oil prices rose on Wednesday on the back of a weaker dollar, a decline in US inventories and Britain's approval of a second coronavirus vaccine, but both benchmark contracts remained on track for a decline of about 20% for the year. Both contracts turned negative briefly in early US trading as a bigger fiscal aid package in the United States …

Oil prices: This week’s rally is built on shaky ground
4 years, 2 months ago

Oil prices: This week’s rally is built on shaky ground

CNN  

London CNN Business — Oil prices have surged this week on hopes that an effective coronavirus vaccine could be approved before the end of the year. The IEA said Thursday that it now expects oil demand to decrease by 8.8 million barrels a day this year, compared to its forecast last month of a reduction of 8.4 million barrels. “In …

Oil Holds Above $41 With Weaker Dollar, Falling U.S. Stockpiles
4 years, 5 months ago

Oil Holds Above $41 With Weaker Dollar, Falling U.S. Stockpiles

Live Mint  

Oil edged higher as U.S. crude stockpiles were set to have fallen last week, while the dollar slid again. U.S. inventories fell by 6.83 million barrels, the American Petroleum Institute reported but said that gasoline supplies rose, according to people familiar with the data. Consultant Rystad Energy AS said it expects a second virus wave and additional barrels from the …

Oil prices edge higher on expected US stimulus, weak dollar
4 years, 5 months ago

Oil prices edge higher on expected US stimulus, weak dollar

Deccan Chronicle  

MELBOURNE: Oil prices rose for a third straight day on Tuesday, buoyed by support for demand coming from efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis and a weakening of the dollar that makes crude cheaper for global buyers. Further aiding the stimulus, the U.S. Federal Reserve’s policy-setting panel meets on Tuesday and Wednesday, where it is …

$190 oil sounds crazy. But JPMorgan thinks it’s possible, even after the pandemic
4 years, 6 months ago

$190 oil sounds crazy. But JPMorgan thinks it’s possible, even after the pandemic

CNN  

New York CNN Business — In a little-noticed report, JPMorgan Chase warned in early March that the oil market could be on the cusp of a “supercycle” that sends Brent crude skyrocketing as high as $190 a barrel in 2025. “The reality is the chances of oil going toward $100 at this point are higher than three months ago,” said …

Oil falls as surprise US stock build douses demand recovery hopes; Saudi Arabia, Russia agree on further output curbs
4 years, 7 months ago

Oil falls as surprise US stock build douses demand recovery hopes; Saudi Arabia, Russia agree on further output curbs

Firstpost  

The decline in oil benchmarks extended losses on Wednesday over uncertainty about Russia’s commitment to deep output cuts ahead of a 9 June meeting of OPEC and its allies. London: Oil prices fell on Thursday after US industry data showed a surprise steep build in crude oil inventories, dampening hopes of a smooth recovery in demand as some countries ease …

The American oil boom is over (opinion)
4 years, 8 months ago

The American oil boom is over (opinion)

CNN  

Editor’s Note: Nawaf Obaid, a former Saudi Arabian government advisor from 2002 to 2015, is the author of “The Failure of the Muslim Brotherhood in the Arab World” and was a Harvard fellow from 2012 to 2018. The industry has been hit by a perfect storm of historically depressed energy demand due to coronavirus containment efforts, the unwillingness of main …

Global oil prices bounce back after hitting 21-year low
4 years, 8 months ago

Global oil prices bounce back after hitting 21-year low

CNN  

New York/Hong Kong/London CNN Business — Oil prices swung wildly on Wednesday as traders tried to make sense of the historic implosion earlier in the week. The gyrationsfollowed a historic rout on Monday, when US oil for May delivery traded at negative prices as the combination of evaporating demand due to the pandemic, oversupply and a critical lack of storage …

Crude wars
4 years, 9 months ago

Crude wars

The Hindu  

GLOBAL oil prices have plunged after the bitter parting of ways between Saudi Arabia and Russia. The Saudi demand for a cut in oil production by 1.5 million barrels a day, amounting to 1.5 per cent of world supply, was rejected by Russia. According to experts, Saudi Arabia has started “a price war” against Russia, promising to sell its oil …

Oil prices: Saudi doubles down on threat to flood market
4 years, 10 months ago

Oil prices: Saudi doubles down on threat to flood market

CNN  

London CNN Business — Oil prices are falling again Wednesday after Saudi Arabia doubled-down on its threat to flood the world with millions more barrels of crude despite the coronavirus shock to global energy demand. Just a day after confirming that it would jack up production by about 2.5 million barrels per day starting April 1 in a battle for …

Oil plunges as producers begin price war
4 years, 10 months ago

Oil plunges as producers begin price war

The Hindu  

Oil prices crashed on Monday, suffering their biggest daily rout since the 1991 Gulf War, after the collapse of an OPEC+ supply agreement that now threatens to overwhelm the world with oil, inciting panic throughout the energy sector. A three-year supply pact between members of the Organization of the Petroleum Exporting Countries, which includes the group’s top producer Saudi Arabia, …

Petrol, diesel price see steepest hike since Budget, govt says concerned after Saudi attack
5 years, 3 months ago

Petrol, diesel price see steepest hike since Budget, govt says concerned after Saudi attack

Firstpost  

New Delhi: Petrol and diesel prices on Tuesday saw the biggest hike since July 5 Budget as India voiced concern over spike in global oil prices following attacks on Saudi Arabian crude oil facilities. The increase in retail prices on Tuesday followed nearly 20 percent surge in international oil prices in intraday trading – the biggest jump in almost 30 …

Oil prices jump to their highest in a month as US crude stocks fall, Middle East worries add support
5 years, 6 months ago

Oil prices jump to their highest in a month as US crude stocks fall, Middle East worries add support

Firstpost  

Conflict between Washington and Tehran has stoked fears that shipments passing through the Strait of Hormuz—the world’s busiest oil supply route—could be disrupted. Sydney: Oil prices rose more than 1 percent on Wednesday to their highest in nearly a month as industry data showed US crude stockpiles fell more than expected, underpinning a market already buoyed by worries over a …

How the US-Iran oil standoff could hurt the economy
5 years, 7 months ago

How the US-Iran oil standoff could hurt the economy

CNN  

New York CNN Business — The American economy is already absorbing a body blow from the deepening US-China trade war. The risks of a Middle East military confrontation are rising sharply.” RBC Capital's Helima Croft Besides long lines at gas stations, the Saudi oil embargo of 1973-1974 helped set off a jump in oil prices that crippled the economy. “Historically, …

Oil prices rise on OPEC-led supply cuts, report of falling US crude inventories despite pressure from Donald Trump
5 years, 10 months ago

Oil prices rise on OPEC-led supply cuts, report of falling US crude inventories despite pressure from Donald Trump

Firstpost  

Crude oil has been rising lately, not due to strong growth and rising demand but primarily due to a politically orchestrated cut in production from OPEC and friends, said an analyst Singapore: Oil prices rose on Wednesday after a report of declining crude inventories in the country and as producer club OPEC seemed to stick to its supply cuts despite …

Oil prices rise, but set for first annual decline since 2015
6 years ago

Oil prices rise, but set for first annual decline since 2015

Live Mint  

Singapore: Oil prices edged higher on the last trading day of the year on Monday, taking a cue from firmer stock markets, but remain on track for the first yearly decline in three years amid concerns of a supply glut. Meanwhile, imports of Iranian crude oil by major buyers in Asia hit their lowest in more than five years in …

Outlook for oil prices blurred amid growing uncertainties
6 years ago

Outlook for oil prices blurred amid growing uncertainties

Live Mint  

Despite Wednesday’s huge relief rally, crude oil prices remain as much as 38% lower compared to their peak in early October. Kotak Institutional Equities expects incremental global oil demand of 1.4 million barrels a day to be offset by non-Opec supply of 1.5 mn b/d. “However, a reduction in Iran’s oil production/exports from May 2019 in the event of US …

Oil: A weak global economy could keep prices low in 2019
6 years ago

Oil: A weak global economy could keep prices low in 2019

CNN  

Dubai CNN Business — The forces that pushed oil sharply lower at the end of 2018 aren’t going away. “It will receive some support from lower oil prices but overall the global economy appears likely to slow.” OPEC and Russia OPEC and its allies agreed earlier in December to remove 1.2 million barrels a day from world markets. “If it …

No change in petrol, diesel prices as concerns of oversupply, global economic slump keep markets under pressure
6 years ago

No change in petrol, diesel prices as concerns of oversupply, global economic slump keep markets under pressure

Firstpost  

Global benchmark Brent was up 0.85 percent, or 49 cents, at $56.75 per barrel Petrol and diesel prices remain unchanged on Wednesday following hikes for two consecutive days as US crude prices rose amid worries about oversupply and a slowing global economy that is keeping markets under pressure. Meanwhile, US crude oil had climbed 37 cents, or 0.8 percent, to …

Oil prices poised for worst month in 10 years on spectre of supply glut
6 years, 1 month ago

Oil prices poised for worst month in 10 years on spectre of supply glut

Live Mint  

London: Oil’s was on track for its worst month in a decade on growing fears over a global supply glut that’s been exacerbated by American waivers to Iranian crude buyers. “While oil retreated on oversupply concerns and it’s still possible that it could teeter in the short term, prices will go higher in the mid- to long-term,” Lim Jaekyun, a …

Oil prices hit 2018 low as global supplies rise
6 years, 1 month ago

Oil prices hit 2018 low as global supplies rise

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil prices have dropped to …

The great oil crash of 2018: What’s really going on
6 years, 1 month ago

The great oil crash of 2018: What’s really going on

CNN  

New York CNN Business — The meltdown in the oil market has caught almost everyone off guard. “The sheer scale of the move is triggering unpleasant memories of 2014 and 2015,” said Michael Tran, director of global energy strategy at RBC Capital Markets, alluding to the last oil downturn. “Thank you to Saudi Arabia, but let’s go lower!” But the …

Oil prices drop as broad market sell-off outweighs supply concerns
6 years, 1 month ago

Oil prices drop as broad market sell-off outweighs supply concerns

Live Mint  

Singapore: Oil markets lost steam on Tuesday as a deteriorating economic outlook and a surge in U.S. production outweighed expected supply cuts by the Organization of the Petroleum Exporting Countries. Brent crude oil futures, the international benchmark for oil prices, were at $66.43 a barrel at 0608 GMT, down 36 cents, or 0.5 percent, from their last close. U.S. crude …

Oil plummets to 13-month low as crude crash deepens
6 years, 1 month ago

Oil plummets to 13-month low as crude crash deepens

CNN  

New York CNN Business — The crude oil crash just got worse. “The broad selloff in equities has traders concerned about the possibility of an economic slowdown, which could reduce demand for oil products.” One new development may have also helped weigh on oil prices. President Donald Trump signaled on Tuesday he won’t punish Saudi Crown Prince Mohammed bin Salman …

Oil prices fall as Saudi Arabia pledges to play 'responsible role' in energy markets; sentiment nervous in run-up to US sanctions
6 years, 2 months ago

Oil prices fall as Saudi Arabia pledges to play 'responsible role' in energy markets; sentiment nervous in run-up to US sanctions

Firstpost  

Top crude oil exporter Saudi Arabia has pledged to keep markets supplied despite its increasing isolation over the killing of Saudi journalist Jamal Khashoggi. Singapore: Oil prices fell on Tuesday after Saudi Arabia pledged to play a ‘responsible role’ in energy markets, although sentiment remained nervous in the run-up to US sanctions against Iran’s crude exports that start next month. …

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