SINGAPORE – Oil prices climbed in early Asian trade on Monday after OPEC+ decided to delay production hikes in the first quarter of next year, easing growing fears of a global supply glut. According to market data, Brent crude futures rose by 47 cents, or 0.73%, to $65.24 a barrel, while U.S. West Texas Intermediate […]
OPEC
Oil prices dip for third month
SINGAPORE – Oil prices edged lower on Friday, marking a third consecutive monthly decline, as a stronger U.S. dollar curbed investor appetite for commodities and growing global supply offset the impact of Western sanctions on Russian exports. Brent crude futures slipped 33 cents, or 0.51%, to $64.67 a barrel by 0027 GMT, while U.S. West […]
Oil prices dip after surge but remain set for strong weekly gain
NEW DELHI – Oil prices edged lower in early Friday trade, giving up some of the sharp gains from the previous session but staying on track for a weekly increase, as new U.S. sanctions on Russia’s top oil producers stoked global supply concerns. Brent crude futures slipped 36 cents, or 0.55%, to $65.63 a barrel, […]
Oil Prices Dip as Gaza Ceasefire Lowers Market Risk Premium
SINGAPORE – Oil prices slipped slightly on Friday as traders reacted to easing geopolitical risks following a landmark ceasefire agreement between Israel and Hamas, marking the first phase of US President Donald Trump’s plan to end the Gaza war. Brent crude futures were down 7 cents at $65.15 per barrel by 03:38 GMT, while US […]
OPEC+ speeds up oil production: 548,000 barrels per day added for august
OPEC+ has decided to increase oil production by 548,000 barrels per day (bpd) in August. The move comes after recent market disruptions caused by U.S. and Israeli attacks on Iran. This is OPEC+’s first meeting since those events and reflects a major shift in their strategy. The group, which includes Saudi Arabia, Russia, and six […]
OPEC+ members line up to endorse output cut after US coercion claim
CAIRO: OPEC+ member states lined up on Sunday to endorse the steep production cut agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move. The United States noted on Thursday that the cut would boost Russia’s foreign earnings […]
Saudi Arabia says OPEC+ oil cut ‘purely economic’
CAIRO: Saudi Arabia rejected as “not based on facts” criticism of an OPEC+ decision last week to cut its oil production target despite U.S. objections, and said Washington’s request to delay the cut by a month would have had negative economic consequences. Saudi Arabia says OPEC+ oil cut ‘purely economic’. The OPEC+ decision was adopted […]
UAE president to visit Putin in Moscow
UAE president to visit Putin in Moscow. The United Arab Emirates’ president on Tuesday will visit his Russian counterpart Vladimir Putin, state media reported, one of the few leaders to make the trip to Moscow since the Ukraine war started. Sheikh Mohamed bin Zayed Al-Nahyan “will discuss with President Putin the friendly relations between the […]
OPEC+ expected to slash oil output
OPEC+ expected to slash oil output Major oil producers led by Saudi Arabia and Russia were set to meet Wednesday as reports said they were mulling an output cut of up to two million barrels per day in a bid to prop up slumping prices. If implemented, it would be the first such major cut […]
EU’s Russian oil ban unlikely to affect OPEC+ decision
London: Saudia Arabia, Russia, and their allies are likely to stick to their policy of modest oil output increases when they meet Thursday after the EU banned most imports from Moscow. European Union leaders agreed on Monday to ban more than two-thirds of Russian oil imports, tightening economic screws on the country over its invasion […]