LONDON: Oil prices slid on Friday, heading for a slight decline over the week, on concern curbs to slow the spread of the Omicron variant could hit demand, Arab News reported. Brent crude futures declined 1.5 per cent to $73.88 a barrel at 1.10 p.m. Riyadh time, while US West Texas Intermediate (WTI) crude fell 1.4 per … Read more
PARIS: The Omicron coronavirus variant will slow the recovery in the global demand for oil but the market will be “more comfortable” in 2022, the International Energy Agency (IEA) said on Tuesday. The oil market “appears to stand on a better footing than it has for some time,” the IEA wrote in its latest monthly … Read more
LONDON: Oil prices rose on Friday and headed for their biggest weekly advance since late August, as the investors became less concerned over the potential effect of the Omicron Covid-19 variant on economic growth and demand for fuel. Brent crude rose one per cent to $75.16 a barrel at about 3:15pm Riyadh time, while WTI, … Read more
LONDON: Oil rose for the second day on Friday after Opec+ said it would meet again to review output if the Omicron Covid-19 variant impacts demand, Arab News reported. Prices were still headed for the sixth week of declines on concern a steady increase in supply from the Organization for Petroleum Exporting Countries and its allies including … Read more
RIYADH: Saudi Arabia is set to experience strong economic growth in the fourth quarter of 2021, thanks to oil production hitting its highest level since April 2020, Arab News quoted a report from Capital Economics. Some 9.76 million barrels per day were produced in October, broadly in line with pre-virus levels of output, analysts at the London-based … Read more
RIYADH: Gulf Cooperation Council (GCC) economies are likely to achieve an aggregate growth rate of 2.6 per cent in 2021, Arab News quoted the World Bank Gulf Economic Update, as showing on Thursday. The report, titled “Seizing the Opportunity for a Sustainable Recovery”, attributed the rebound to stronger oil prices and the growth of non-oil … Read more
US and Brent Crude oil dropped $2/barrel after sources claimed Opec+ has decided to stick to its planned January output rise of 400,000/day, Reuters reported. At a meeting held via videoconference on Thursday, the Organization of the Petroleum Exporting Countries and its allies, known as Opec+, resisted US requests for speedier increases in oil output to support … Read more
VIENNA — The world’s major oil producers have pledged to stick to the plan to increase oil production by 400,000 barrels per day next month. The 23rd OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC Ministerial Meeting (ONOMM), held via videoconference on Thursday. OPEC and its allies are also known as OPEC+. The ONOMM … Read more
Opec and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply, amid big gyrations in crude prices and uncertainty about the impact of the Omicron coronavirus variant on energy demand, Reuters reported. The oil prices fell to near $70 a barrel on Tuesday, after … Read more
LONDON: Opec+ sees the oil surplus worsening to 2 million barrels/day in January, 3.4 million bpd in February and 3.8 million bpd in March next year, an internal report seen by Reuters showed. “Generally, the impact of Omicron seems to be jet-fuel related for now, particularly in Africa and Europe,” the report said. [embedpost slug=”/opec-meets-under-pressure-from-biden-and-omicron/”]
LONDON: Opec+ oil producers meet on Thursday under pressure from US President Joe Biden, who has opened up his country’s taps hoping to bring down crude prices, and a new Covid-19 variant that has complicated the equation. The meeting “is shaping up to be one of the most significant since the pandemic demand recovery began, … Read more
RIYADH: The Opec+ group is likely to take a cautious stance when deciding next week whether to go ahead with the planned production increases; following the discovery of a new Covid-19 variant, Arab News quoted Geneva-based oil trader Vitol Group, as saying. The new variant, named Omicron, has rattled the oil market globally, pushing prices down to … Read more
RIYADH: The Organization of the Petroleum Exporting Countries and its allies, a grouping known as Opec+, is moving two technical meetings to later this week after oil’s rout last Friday, Bloomberg reported. The move seeks to allow its committees more time to evaluate the impact of a new strain of the coronavirus. A joint technical committee meeting … Read more
Oil prices dropped more than 5 per cent on Friday, falling to the lowest level in two months, as traders, already concerned about potential oversupply in the first quarter of 2022, added the emergence of a new Covid-19 variant to their list of worries, Reuters reported. Brent crude, the international benchmark, slid 5.8 per cent to $77.44 … Read more
SINGAPORE: A coordinated release from government oil reserves led by the US may add about 70 million to 80 million barrels of crude supply, smaller than the more-than-100 million barrels the market has been pricing in, Reuters quoted analysts at Goldman Sach, as saying. “On our pricing model, such a release would be worth less than $2/bbl, … Read more
PARIS: The head of the International Energy Agency on Wednesday called on Opec and its allies to take measures to help bring oil prices down to “reasonable levels”. “I very much hope to see in the next meeting or meetings they… make the necessary steps in order to comfort the global oil markets and help … Read more
LONDON: Despite warning from analysts, US President Joe Biden finally announced the release of crude oil from the country’s strategic stockpile, a unilateral move first mooted by his Energy Secretary Jennifer Granholm in October, as he seeks to curb inflationary pressure in the US economy, Arab News reported. Gasoline prices nationwide are averaging about $3.40 a gallon, … Read more
OPEC on Thursday cut its world oil demand forecast for the last quarter of 2021 due to high energy prices, although the group stuck to its prediction of robust growth to above pre-pandemic rates in 2022. The Organization of the Petroleum Exporting Countries (Opec) said in a monthly report it expects oil demand to average … Read more
Opec+ will not change its strategy and isn’t obliged to resolve a problem it did not create, Arab News reported, citing the Saudi energy minister. Prince Abdulaziz bin Salman stressed that there must be a regulator for the market, in an interview with Asharq. The intergovernmental organisation is raising daily oil production by 400,000 barrels/month … Read more
RIYADH: The Organization of the Petroleum Exporting Countries trimmed its world oil demand growth forecast for 2021, while maintaining its 2022 view. Its monthly report; however, said surging natural gas prices could boost demand for oil products as end users switch. Oil prices were flat on Wednesday after erasing earlier losses as surging fuel costs … Read more
WASHINGTON: The White House stands by its calls for oil-producing countries to “do more” to support the global economic recovery, Arab News quoted an official, as saying, as the crude prices hit multi-year peaks. The administration official said they are closely monitoring the cost of oil and gasoline and are “using every tool at our … Read more
RIYADH: With an improvement in the global oil demand, the World Bank has predicted Saudi Arabia’s average gross domestic product to reach 2.4 per cent in 2021 and 3.3 per cent the next year, Arab Newsreported. Issam Abousleiman, the World Bank’s director for GCC countries, told Arab News that rapid vaccine rollout around the world … Read more
RIYADH/CAIRO: The Opec member countries saw their income from crude exports last year, falling down by over $240 billion as their shipments fell by 12.4 per cent, Arab News reported. The Opec members’ petroleum exports, which include crude oil and oil products, have dropped significantly, decreasing by 42.9 per cent in 2020. The 2020 figure stood at … Read more
LONDON: The Organization of the Petroleum-Exporting Countries (Opec) has warned a lack of investment in the new oil and gas supplies could lead to tighter supplies and price rises, which could derail the fledgling post-pandemic global recovery, Arab News reported. The warning, published in the World Oil Outlook 2021 report released this afternoon, comes amid a sharp … Read more
FRANKFURT: As the world’s nations prepare to gather for another climate summit next month in Glasgow, the Opec oil cartel is reminding that, in their view, crude will continue to be the leading source of energy for decades, especially as the world’s less-wealthy countries seek higher growth and standards of living, Khaleej Times reported. Opec says that more … Read more
RIYADH: Opec will likely revise down its 2022 oil demand growth forecast on Monday when it publishes its monthly report, two Opec+ sources told Reuters, as the spread of the delta coronavirus variant puts the speed of a fuel use recovery in doubt. Opec did not change its forecast in July and August reports. About … Read more
The world’s leading oil producers are expected to uphold a July deal to slowly boost output at a meeting on Wednesday, despite US pressure to go further. OPEC (Organisation of the Petroleum Exporting Countries) members led by Saudi Arabia along with allies including Russia, known collectively as OPEC+, decided in July to raise output by … Read more
The Asian Stock Market on Tuesday witnessed a higher trend after an overnight rally in the European market, however, investors remained cautious before the first direct debate between US President Donald Trump and presidential candidate Joe Biden set to take place today. According to the details, the benchmark S&P/ASX 200 Index added 36.20 points or … Read more
