Tag: OIL PRICES

Traders see prices at $60-70/bbl on oversupply, China demand risks

Global commodity traders Gunvor and Trafigura anticipate oil prices may range between $60 and $70 per barrel due to sluggish demand from China and persistent global oversupply, executives told a conference

Oil drops amid imminent reactivation of Libyan supply

Oil prices plummeted, erasing their gains for the year, after a deal to restore Libyan supplies shifted market focus back to concerns about weak global crude demand

Repsol’s profit grows 14% despite drop in gas prices

The Spanish energy company Repsol announced a new share buyback program after reporting a 14% year-on-year increase in profit in the first half of the year

OPEC+ might not change its production policy before June

OPEC+ will hold an online meeting of the Joint Ministerial Monitoring Committee (JMMC) on April 3 to review the market and the implementation of production cuts by members

Putin: OPEC+ is managing to keep prices stable

The OPEC+ alliance aims for price stability in the oil market, not endless increases, and so far, it is achieving this, said Russian President Vladimir Putin

OPEC maintains demand outlook and foresees economic growth

OPEC maintained its forecast of relatively strong growth in global oil demand in 2024 and 2025, while raising its economic expansion projections for both years, stating that there is greater upside potential

Market to be short oil from 2025 onwards, Occidental CEO at Davos

The oil market could be heading for a supply crunch from 2025 onwards as oil exploration fails to keep pace with demand, Occidental Petroleum, opens new tab Chief Executive Vicki Hollub said

Kremlin: no plans to raise crude oil supply to offset fuel export ban

Russia has not discussed with the OPEC+ group of leading oil producers a possible crude oil supply increase to compensate for Russia’s fuel exports ban, the Kremlin said

Russia dodges G7 price cap sanctions on most of its oil exports

Sept 24 (Reuters) – Russian crude oil supplies increased 50% this spring despite the G7 countries imposing sanctions due to war in Ukraine, the Financial Times reported citing data from analytics company Kpler

Barclays hikes 2024 Brent crude price forecast on tighter balance view

Barclays raised its Brent price forecast for 2024 by $8 per barrel to $97 a barrel as it expects market balances to tighten further next year