Daily rates for smaller oil tankers have started to recover after OPEC+ and Saudi Arabia announced they would gradually add around 2 million barrels per day (bpd) of crude production Continue Reading
OPEC and partners are betting on a significant boost in oil demand over the coming months as member states get ready to ramp up oil production. OPEC, Russia, and their Continue Reading
A stronger global economy this year is set to accelerate oil demand growth to 5.5 million barrels per day (bpd), the U.S. Energy Information Administration (EIA) said in its Short-Term Continue Reading
Occidental Petroleum Corp. praised OPEC and its allies for managing crude markets out of last year’s historic crash and said the U.S. shale industry is thankful for its efforts. “They’ve Continue Reading
Last week’s surprise decision from OPEC+ to ease the production cuts by a cumulative 2 million barrels per day (bpd) by July relies on expectations of robust oil demand recovery Continue Reading
Oil prices climbed on Thursday despite the surprise decision by OPEC+ to increase production, a decision that has been seen as promising for demand. Oil prices rose despite OPEC+’s decision Continue Reading
The OPEC meeting came and went without much of a hitch. But while market analysts and the media had assumed that a rollover of the current level of production cuts Continue Reading
After months of preaching caution and saying the time was not right to raise oil production, OPEC and its partners abruptly agreed April 1 to loosen their quotas and add Continue Reading
The OPEC+ ministerial meeting is discussing gradual production increases over the next three months, sources say, while the group was still debating as of 11:10 a.m. EDT on Thursday how Continue Reading
Oil prices gave up earlier gains and turned lower as of 11:39 a.m. EDT on Thursday, after reports emerged that Saudi Arabia was offering to gradually ease its additional unilateral Continue Reading
