The crude market remained unimpressed even after the OPEC+ announced production cuts for 2024
Global oil supply
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Atlantic Council Global Energy Forum
Why greater investments in oil and gas are needed to protect the economy from the impact of energy disruption
‘Annual investment in oil and gas is $200bn below where it needs to be, and that is just to keep up with demand through 2030,’ said UAE Minister of Industry and Tech
Boris Johnson
UK’s Boris Johnson to meet UAE, Saudi Crown Princes as oil market pressure maintains despite price drop
The leaders will meet while global markets continue a tumultuous 2022 amid Russia’s ongoing war in Ukraine
commodity
Russia sanctions have already reduced oil supply, increasing price volatility, says IEF
Sanctions cause commodity prices to surge and equities to sink as economic fears increase
BP
BP, Exxon, Shell exit from Russia likely to push oil price higher: Experts
International oil majors have been exiting investments in Russia following the country’s invasion of Ukraine
Brent Crude
Oil climbs to highest peak since 2008, as Russia-Ukraine war enters Week 2
Brent crude continued its rally, jumping 5.3% to $118.86 a barrel, as trade disruption, supply chain issues, and sanctions on Russia over its war in Ukraine kept energy markets on edge
crude oil output
Asian refiners won’t seek extra Saudi oil on weakening market
At least three Asian refiners will take normal volumes from the Saudis for January-loading cargoes, according to company officials
crude oil output
Oil steadies as Biden faces mounting pressure to rein in prices
As much as 60 million barrels may be released from the Strategic Petroleum Reserve, in part by bringing forward mandated sales from 2022, according to Citigroup Inc.
crude oil output
Oil could be triple today’s prices without OPEC+, says the UAE
OPEC+ should remain cautious because the oil market will switch to a surplus in the first quarter of next year, according to UAE Energy Minister Suhail Al-Mazrouei
crude oil output
Oil tumbles as US piles pressure onto OPEC+ for more barrels
Secretary of State Antony Blinken has pressed the United Arab Emirates for increased supply
Covid-19 impact
Several Asia buyers take less Saudi oil as Delta hits demand
At least four customers – three in Northeast Asia and one in Southeast Asia – requested smaller volumes than their contracted supplies for September, according to officials at the refineries
Arab Light Crude
Saudis raise oil prices after OPEC+ fails to add supply
In its main market of Asia, Saudi Aramco increased the official selling price for Arab Light crude by 80 cents a barrel to $2.70 above the regional benchmark
crude oil output
Oil surges to six-year high as OPEC+ in crisis mode
From international oil majors to Middle Eastern petrostates, the market will be watching keenly in the coming days as Riyadh and Abu Dhabi publish prices and negotiate volumes for their August crude supplies
crude oil output
Brent oil steady with tension building before OPEC+ talks resume
Talks are set to resume later Monday after ending Friday without an agreement due to demands from the United Arab Emirates for better terms for itself
crude oil output
UAE rejects extension of OPEC+ oil production deal to end-2022
After two days of talks, and with the UAE the only holdout, ministers halted negotiations until Monday, leaving markets in limbo as oil continued its surge above $75 a barrel
crude oil output
OPEC+ fails to reach output deal with talks kicked to Monday
Talks ended without a deal to increase output after the United Arab Emirates stuck to demands for better terms
Brent Crude
Saudi Arabia says OPEC+ has a role in containing inflation
Comments come as OPEC+ countries weigh whether to increase production further in the coming months