Geopolitical Tensions Put A Floor Under Oil Prices
Geopolitical tensions and OPEC+ cuts appear to have put a floor under oil prices, countering fears of a global economic recession Chart of the Week U.S. oil production continues to Continue Reading
Oil Prices Rise After API Reports Very Large Crude Draw
The American Petroleum Institute (API) reported a huge crude oil inventory draw of 8.129 million barrels for the week ending July 4, compared to analyst expectations of a smaller 3.081-million Continue Reading
Increasingly Weak Demand Outlook Caps Oil Prices
Oil demand continues to soften, which could result in a supply surplus in the second half of this year. In its latest Short-Term Energy Outlook , the EIA downgraded its Continue Reading
U.S. crude oil output seen rising to record high in 2019: EIA
U.S. crude oil production will rise to an all-time high of 12.36 million barrels per day in 2019 from a record high of 10.96 million bpd last year, the Energy Continue Reading
US EIA sees flat June OPEC output as Saudi rise offsets Iranian decline
Venezuela’s output falls to 690,000 b/d as sanctions deadline looms Iraq, UAE to be main sources of OPEC growth in 2019 EIA sees ‘generally balanced’ market in 2020 Washington — Continue Reading
STEO Highlights: EIA sees oil demand growing slower than previously expected
The US Energy Information Administration said Tuesday that it expects global oil consumption to average 101 million b/d in 2019, up 1.1 million b/d from 2018, an indicator that demand Continue Reading
OPEC+ oil deal will lower inventories and stabilize prices: Iraqi oil minister
FILE PHOTO: Iraqi Oil Minister Thamer Ghadhban speaks to the media at the ministry’s headquarters in Baghdad, Iraq October 31, 2018. REUTERS/Khalid Al-Mousily/File Photo BAGHDAD (Reuters) – The OPEC+ group’s Continue Reading
Short-Term Energy Outlook
Brent crude oil spot prices averaged $64 per barrel (b) in June, $7/b lower than in May 2019 and $10/b lower than the price in June of last year. The Continue Reading
Iran Threatens Retaliation Over British Seizure of Its Tanker
Iran’s military warned it would retaliate in response to the seizure of one of its tankers by British forces in Gibraltar last week, while several European foreign ministers urged Tehran Continue Reading
Report: Egypt Detains Tanker Carrying Iranian Oil
Egypt seized a Ukrainian oil tanker carrying Iranian crude while it was crossing the Suez Canal ten days ago, according to a report from Arab news outlet Al-Araby Al-Jadeed carried Continue Reading