Brent crude futures dropped 38 cents, or 0.5%, at $80.30 per barrel.
oil price
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Oil prices “flirting with $100” could be dangerous for world economies, IEA chief says
Analysts say oil prices could return to above $100 per barrel again, sooner than expected
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Is an oil war on the horizon?
While US has accused Saudi Arabia of siding with Russia after OPEC+ cuts, Saudi Arabia has firmly denied the accusations, noting that the oil cut is ‘purely economic’
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Oil price could reach $240 this year if sanctions on Russia supply continue: Rystad
This is the largest energy crisis in decades and the impact on the world’s most important commodity is going to be unprecedented, says Rystad Energy’s head of oil Bjørnar Tonhaugen
On Tuesday, the United States imposed a ban on Russian oil exports in its latest effort to intensify sanctions on Russia. In a bid to counter Russia’s invasion of Ukraine, Western nations have pursued a strategy of sanctions to isolate Moscow. Rystad Energy’s Head of Oil Markets Bjørnar Tonhaugen said that prices will skyrocket if […]
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Oil prices tumble amid Iran nuclear deal prospects
Oil prices rollercoaster as JCPOA deal days away, Russia-Ukraine situation in standstill
Oil prices slipped by more than 2% early Thursday (17 February) morning due to comments regarding the JCPOA deal. West Texas Intermediate (WTI) fell more than 2% after closing above $93 a barrel on Wednesday, while Brent crude was trading down 2.6%. Iran’s top negotiator Ali Bagheri Kani tweeted that efforts to restore the […]
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ExxonMobil reports biggest net profit in seven years as oil price surges
The oil giant generated $48 billion of cash flow from operating activities, the highest level since 2012
American oil company ExxonMobil reported Tuesday a profit of $23 billion in 2021 and Q4 earning of $8.9 billion owing to the recovery of oil prices throughout last year. In addition, the company stated that it generated $48 billion in cash flow from operating activities – the highest in 10 years – and reduced its […]
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Goldman Sachs predicts OPEC oil output to rise faster than expected
Analysts say the pressure from importing nations and the pace of crude's price rally indicate a potential for OPEC+ to increase output
Investment banking firm Goldman Sachs said on Tuesday that OPEC+ may announce a bigger-than-expected rise in output due to Brent oil prices’ increase to around $90 per barrel, as cited by Bloomberg. The outcome of either an expected hike of 400,000 barrels a day for March versus a bigger increase following Wednesday’s OPEC meet remains […]
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Oil price on course for best January in 30 years as Ukrainian tension mounts
The price for Brent crude futures rose over $90 last week for the first time in years
Oil prices have continued to soar as signs of extended global demand growth have continued while tensions in Ukraine sprout fears of an energy flow upset. The price for Brent crude futures rose over $90 last week for the first time in years. The price has risen as fears increased over a Russian invasion of […]
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Oil prices climb to near seven year high as supply worries trump Omicron fears
Oil demand for 2022 is expected to average around 100 million barrels per day, and in some months even surpass 2019 levels
Brent crude oil traded up to $87.83 on Monday, the highest price for the commodity since October 2014, as supply outages push the price for black gold higher. “Current oil prices reflect a tightening market, as supply outages are not being offset by any negative effect of the Omicron variant in oil demand,” Rystad Energy’s […]
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Global oil demand exceeds IEA expectations despite Omicron surge
The IEA forecast that global fuel consumption will decline considerably during this quarter because of pandemic-related restrictions, but it seems that the actual restrictions are not having such a grave effect on it
Global oil demand has proven to be more resilient to the effects of the Omicron variant’s spread than the International Energy Agency expected, according to its chief, Fatih Birol, who spoke to media at a virtual meeting this week. “Demand dynamics are stronger than many of the market observers had thought, mainly due to the […]
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