Oil slips as US-led crude oil release waits for OPEC+ response

MELBOURNE: Prices rose on Thursday with investors waiting to see how major producers respond to emergency crude releases by major consuming countries designed to cool the market, even as data pointed to healthy US fuel demand. US West Texas Intermediate (WTI) crude futures were down 11 cents on Wednesday, down 9 cents, or 0.1%, to … Read more

IEA urges OPEC to take ‘necessary steps’ to reduce oil prices

The head of the International Energy Agency on Wednesday called on OPEC and its allies to take measures to help bring oil prices to “reasonable levels”. “I very much look forward to seeing in the next meeting or meetings that they will take the necessary steps to relax the global oil markets and help bring … Read more

Will petrol prices come down in 2022? It Depends on OPEC and US Shell

NEW YORK: Whether fuel pump prices fall in 2022 depends on two groups of producers struggling to increase oil output in the wake of the pandemic: OPEC and its allies and US shale firms. The global oil industry’s slow response to rising demand in 2021 has contributed to rising energy costs and inflationary pressures around … Read more

Oil falls as US gasoline stock draw raises chances of SPR release

MELBOURNE: US gasoline stocks tumbled on Wednesday after more than expected losses last week, which could add to pressure on the Biden administration to hike gasoline prices to release oil from emergency reserves. US West Texas Intermediate (WTI) crude futures fell 76 cents, or 0.9%, to $80.00 a barrel as of 0211 GMT, down 12 … Read more

Saudi Arabia’s race to attract investment is shrouded in doubt

By David Barbusia, Saeed Azhar and Yousef Saba Financial sources and analysts said Saudi Arabia could have a credibility problem if it keeps shifting target positions for foreign investment volumes as it seeks to turn its future outlook into reality. Five years after Crown Prince Mohammed bin Salman launched Vision 2030 to end the kingdom’s … Read more

OPEC+ keeps oil production cautious despite Biden pressure

OPEC and allied oil-producing nations came under pressure from US President Joe Biden to pump in significantly higher and lower gasoline prices for American drivers, sticking with their plan for a cautious monthly increase despite price increases on Thursday. and the global economy is fuel thirsty. The OPEC+ coalition, made up of OPEC members led … Read more

Saudi minister says climate fight should not spare any particular energy source

Saudi Arabia’s top energy official said on Wednesday that efforts to tackle climate change should not undermine global energy security or turn away from any particular energy source, and denied that the kingdom would seek international talks on the issue. Seeking to interrupt. The comments from the top producing nation in the Organization of the … Read more

OPEC+ agrees to increase crude oil production: What analysts have to say about it

OPEC+ stuck to its guns and maintained its modest output for December as the coalition rejected calls from major consumers to pump more. President Joe Biden has been a vocal supporter of a major supply increase and the group’s decision prompted the US to say it would consider a wider range of tools to deal … Read more