Brent crude futures dropped 3.61 per cent, to $59.08 a barrel, while US West Texas Intermediate crude was at $56.00 a barrel, down by 3.93 per cent
opec oil price
Latest in opec oil price
crude oil price
Oil price up 1% as US vows to continue attacking Houthis
Oil prices rose slightly last week, snapping a three-week losing streak fed by concern over a global economic slowdown driven by escalating trade tension between the US and other nations
kuwait oil production
OPEC+ countries including Saudi, UAE, Kuwait and Oman extend voluntary oil production cuts
Saudi Arabia, UAE, Kuwait and Oman join OPEC+ members in extending voluntary oil production cuts
Oil production
Saudi Arabia to maintain 1 million barrel per day oil production cut
Saudi Arabia’s Ministry of Energy extends voluntary oil production cuts to end of year
Abu Dhabi
UAE announces extension of oil output cut of 144,000 bpd by 2024
This decision by UAE comes in line with the agreement reached at the 35th ministerial meeting of OPEC+
Brent
Russian oil supply to India may be hit by OPEC+ drive for higher prices
Two of India’s leading public sector banks – State Bank of India and Bank of Baroda – reportedly informed Indian refiners they will not handle payments for oil bought above the limit
dollar indian rupees
OPEC+ decision could cause Indian rupee to plummet to ₹85 and impact expat remittances
A plunge in rupee value will, however, will be good news for NRIs, especially from the Gulf region, as they can get more bucks for each dollar remitted
$100 oil price
Goldman Sachs no longer anticipates that oil will hit $100 in 2023
The bank’s latest analysis comes amid apprehensions of a wider banking crisis impacting growth potentials
asset class
Gold, silver: Best investments of 2023, says expert
Global crude oil market is projected to remain tight but balanced in 2023, with Brent price averaging $90 per barrel for the year
Global oil demand
OPEC+ agrees on hold output targets unchanged amidst softening of oil prices
The decision comes as oil markets wait to see how a slowing Chinese economy and a G7 price cap on Russian oil would affect demand and supply fundamentals
crude oil output
Crude prices rise in Asian markets after Saudi denial on reports on OPEC+ plan on output increase
Brent crude futures rose 17 cents – or 0.2 percent – to $87.62, while US West Texas Intermediate (WTI) crude futures for January rising 7 cents – or 0.1 percent to $80.11 a barrel in early trading hours on Tuesday
OPEC
Oil falls to $83 per barrel, lowest since January
Oil price at lowest since January amid changing market sentiment
crude oil output
Saudi Arabia rejects criticism that OPEC+ decision to cut crude production was politically motivated
A Saudi foreign ministry statement said the OPEC+’s meeting outcomes were based purely on economic considerations, taking into account maintaining balance of supply and demand in the oil markets, as well as o limit volatility that does not serve the interests of consumers and producers
Brent Crude
Opec+ agrees to slash output by 2 million barrels per day
US President Biden ‘disappointed by short-sighted decision’ by Opec+ that will limit supply and could see increased price at the pump in the US
crude oil output
UAE close to maximum oil production based on OPEC+ baseline
The country is near to its maximum production capacity according to the Minister of Energy and Infrastructure
crude oil future price
OPEC+ mulls future moves to cool oil prices ahead of US President Joe Biden’s visit to Saudi Arabia
After achieving the targets specified for August, Saudi Arabia and the UAE will have roughly another 2.2 million daily barrels of unused output to deploy, which is about 2 percent of the global supply
Gasoline price
The price of US petrol reaches $5 a gallon in historic first
Data from the American Automobile Association (AAA) shows a surge in fuel costs across the country despite measures to lower prices