Browsing: Oil market

NEW YORK: Oil prices rebounded slightly on Wednesday after extended declines as signs of supply tightness amid output cuts by major producers overrode demand growth concerns in China and the US, the world’s two biggest crude consumers, according to Reuters.

TEHRAN (Tasnim) – Iran’s Oil Minister Javad Owji held talks with Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al Ghais on the sidelines of the 7th meeting of heads of the Gas Exporting Countries Forum (GECF) in Algeria.

New producers are aggressively entering the markets, surpassing the production levels of countries like Kuwait, Iran, and Iraq, examples being Brazil and Canada

SINGAPORE: Oil prices fell on Friday after a US Federal Reserve official said interest rate cuts should be delayed at least two more months, but indications of healthy demand and concerns over supplies could boost prices in the coming days, according to Reuters.

On November 30, 2023, several OPEC+ countries made a decision to voluntarily cut oil production by an additional 2.2 mln barrels daily in the first quarter of 2024

The global oil market will face a supply shortage by the end of 2025 as crude reserves are not being replaced fast enough, Vicki Hollub, the CEO of US energy firm Occidental, warned in an interview with CNBC published this week. 

LONDON – Global shares stood their ground on Friday after Wall Street scaled new heights, with looming U.S. inflation data set to help investors update their bets on interest rate cuts and steer the dollar’s direction.

Maritime exports or Russian crude oil saw a strong recovery in the week to February 4 after two weeks of disruptions, Bloomberg reported on Tuesday, adding that the flows from the country’s major ports were record-equaling.

SINGAPORE: Oil prices gained on Tuesday following a more than 1 percent drop the previous session as escalating geopolitical tensions in major producing region the Middle East fueled supply concerns, according to Reuters.

Reshetnikov added that Moscow started to buy more textiles, rice, fruit and rum from Myanmar