While short-term volatility is likely, the long-term outlook for oil prices remains subject to a wide range of influences beyond the current Middle East crisis, experts say
Oil
Latest in Oil
Oil
Oil prices decline in Asian trading on Tuesday
Both Brent crude and US West Texas gained around 2 percent on Monday, closing at their highest since April
Non-oil economy
Saudi Arabia’s non-oil revenues up by 9% in Q1 2024
Its total revenues increased 4 percent as compared to last year’s Q1
Oil
Oil price moves up after Saudi Arabia hikes prices
rent crude futures climbed 28 cents to $83.24 a barrel, while US West Texas Intermediate crude futures were at $78.40 a barrel, up 29 cents
Japan
UAE secured 44.1% of Japan’s crude oil needs in February
The total amount of crude that Japan imported during February this year amounted to around 71 million barrels
Oil
Saudi Arabia, UAE extend voluntary oil cut until mid-2024
The voluntary cut in production by OPEC Plus countries began to be implemented in July 2023
Diesel
Russia may soon lift ban on pipeline diesel exports: Report
The ban on gasoline exports, however, will remain in force for now
Kuwait
Kuwait oil sector reports ‘exceptional’ $8.4bn profits
Kuwait saw “exceptional profits” despite global political and economic headwinds
NEOM
Understanding the Middle East’s energy strategy
Saudi-led global oil production cuts come as the region continues massive investment plans
clean energy
Clean energy spending to top $1.7tn this year
Spending on solar energy will eclipse oil production for first time in 2023
China
Global oil demand rises to the highest level ever, three million barrels per day in March
The demand surge is driven by growth in China and the US
Oil
Oil price dips on demand worries after unexpected US crude build
Oil prices fell even as the International Energy Agency raised its forecast for global oil demand this year by 200,000 barrels per day (bpd) to a record 102 million bpd
Energy
Oil heads for third straight weekly loss as economic worries persist
For the week, Brent was set to close down 8.7 percent, while WTI was set to close 10.5 percent lower
China
Oil prices edge higher on falling US inventories, China data
Brent crude futures gained 7 cents to $84.84 a barrel, while West Texas Intermediate US crude was up 3 cents to $80.89 a barrel
IEA
Oil prices fall as US rate hike worries overshadow demand outlook
Talks of Fed continuing with its rate cut stance gathered momentum in the wake of the latest US economic data, showing a spike in inflation rate
Energy
Modern drilling is at the heart of a responsible future energy mix
In a world of highly volatile energy markets, climate change and energy insecurity, modern drilling technologies have a vital role to play in building a responsible global energy mix
