Wood Mackenzie forecasts total oil demand to rise 5.9 million barrels per day (b/d) year-on-year for 2021
OPEC
Posted inExploration & Production
Oil rises on expectations of a cautious OPEC+ policy
Oil prices are rising today on market expectations that OPEC+ will decide to boost supply from August but in a cautious manner
Posted inExploration & Production
Oil rises as strong demand causes another draw of US crude stocks
Oil prices rose today after the API institute forecasted another strong crude stocks draw in the US for the past week, and all eyes now are set on tomorrow’s OPEC+ meeting
Posted inExploration & Production
Indian oil minister calls on OPEC to phase out production cuts
According to OPEC’s analysis, India will be the fastest-growing emerging market economy in 2021
Posted inExploration & Production
Oil rises on strong demand and inventory draws as traders ignore premature Iran news
Oil prices are ticking up today, enjoying some further gains after the EIA confirmed a massive oil stocks draw in the US, with traders not yet convinced Iran’s claim of an agreement with the US to lift sanctions is a done deal
Posted inExploration & Production
Oil trims early gains as OPEC+ hints production boost
After rising in the beginning of the trading day on strong demand expectations, oil prices eased later in the day after OPEC+ is reportedly discussing to increase production from August
Posted inExploration & Production
Oil keeps momentum on strong demand recovery
Oil prices are starting the week by keeping their high levels, supported by bullish market expectations for a quick oil demand recovery and for higher oil valuation next year
Posted inExploration & Production
‘Cautious’ approach to OPEC oil output ‘paying off’: Prince Abdulaziz
Saudi Arabia’s cautious approach to reviving OPEC+ oil output has proved helpful, said Energy Minister Prince Abdulaziz bin Salman
Posted inExploration & Production
Kuwait appoints new OPEC governor
Kuwait has appointed Mohammad al-Shatti as its new OPEC governor, replacing Haitham al-Ghais, according to OPEC’s website
Posted inExploration & Production
Oil rises again on US crude stocks build projections
Oil prices are continuing their incredible rally as yet another bullish signal, a projection for massive crude stock draws by the US’ API institute, added to the overall buoyant momentum