New OPEC Secretary-General Haitham Al Ghais said on Wednesday that the highly influential oil cartel was not to blame for soaring inflation, blaming chronic underinvestment in the oil and gas industry. “OPEC is not behind this price increase,” stressed Al Gais, speaking to the US network CNBC. “There are other factors beyond OPEC that are […]
Tag: OPEC
OPEC lowers global oil demand growth forecast for full year 2022 to 3.1 million bpd
In its monthly report published on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said it lowered its full-year 2022 demand growth forecast to 3.1 million barrels per day (bpd) from 3.36 million bpd, as reported by Reuters. Other data of interest “Global oil demand for 2023 will increase by 2.7 million bpd, unchanged […]
Reuters: Saudi Arabia, Emirates to ‘hold back’ oil production in case of winter supply crisis
OPEC leaders Saudi Arabia and the United Arab Emirates are ready to provide a “significant increase” in oil production should the world face a severe supply crunch this winter, sources familiar with the thinking of its top exporters said. Gulf, according to Reuters. When the Organization of the Petroleum Exporting Countries and its allies (OPEC+) […]
Oil: Unexpected increase in US inventories ‘crashes’ prices despite OPEC
U.S. oil and gasoline inventories showed an unexpected rise last week, which appeared to directly offset pressures on crude prices after OPEC+ decided to subtly increase output. In particular, as the US Energy Information Administration (EIA) informed, the country’s crude oil inventories increased by 4.5 million barrels in the week to July 29, when analysts […]
USD/CAD continues to decline, trades below 1.2850
USD/CAD sees an intraday reversal from the one-week highs reached this Wednesday. The rebound in crude oil prices underpins the loonie and puts pressure amid modest dollar weakness. Rising US bond yields could give the dollar some support and limit further losses for the pair. The pair USD/CAD attracts some selling around 1.2900 on Wednesday […]
Crude edged higher in anticipation of OPEC+ decisions
Oil ended Tuesday’s trading with small gains as investors braced for the upcoming OPEC+ meeting which is not expected to result in any major production increase. Specifically, the September crude contract gained 53 cents, or 0.6%, to settle at $94.42 a barrel on the New York Mercantile Exchange. The contract plunged nearly 5% on Monday. […]
OPEC+ sees slightly smaller oil surplus in 2022
OPEC+ sees the oil market this year slightly less supplied than expected, a day before a meeting to decide next month’s crude production levels. In particular, the Joint Technical Committee (JTC) of OPEC+ which met yesterday, Tuesday, reduced its forecast for a surplus in the oil market this year by 200,000 barrels per day to […]
Oil is moving higher as hopes that OPEC+ will increase production fade
Oil prices rose in European trade on Friday as attention turned to next week’s OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost. Brent futures for September, which expire on Friday, gained $2.30 to trade at $109.44 a barrel, after touching their highest level since July 5, according to Reuters. […]
Crude closed above $100 again
Oil prices rallied strongly, closing back above €100 in a week as heightened concerns over gas flows in Europe following Gazprom’s “force majeure” plea and a weaker dollar offset fears about crude demand due to an impending recession and lockdowns in China. Specifically, the September Brent contract jumped 5.11% and is trading at $106 a […]
OPEC maintains its growth forecast for world oil demand for 2022 at 3.36 million barrels
In its monthly report published on Tuesday, the Organization of Petroleum Exporting Countries (OPEC) kept its global oil demand growth forecast for 2022 unchanged at 3.36 million barrels per day (bpd), Reuters reported. The organization forecasts that world oil demand will grow by 2.7 million bpd in 2023. Regarding world economic growth in 2023, they […]