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oil markets

Iran again boosts OPEC oil output in April
Markets

Iran again boosts OPEC oil output in April

  • OPEC April output rises 100,000 bpd from March.
  • Compliance with OPEC+ cut pledges slips to 123%.
  • Iran posts OPEC's biggest output gain despite sanctions.
  • Biggest declines seen in Venezuela and Libya.
Published 30 Apr, 2021 06:38pm
Imperial Oil swings to quarterly profit helped by oil price recovery
Business & Finance

Imperial Oil swings to quarterly profit helped by oil price recovery

  • Calgary-based Imperial, which is majority-owned by Exxon Mobil Corp, is benefitting from higher global oil prices as fuel usage picks up from last year, when coronavirus pandemic-related lockdowns decimated demand.
  • The recovery, however, remains spotty with second and third waves of COVID-19 surging in various parts of the world, including Canada, and an uneven rollout of vaccines.
Published 30 Apr, 2021 06:35pm
Oil prices rise as demand outlook offsets COVID worries
Markets

Oil prices rise as demand outlook offsets COVID worries

  • OPEC+ sticks to plan to ease oil output cuts from May 1.
  • Goldman sees surge in oil demand over next six months.
  • India's COVID-19 death toll surges past 200,000.
  • Rystad sees 1 mln b/d demand hit in May from India COVID wave.
  • API shows increase in US crude inventories.
Published 28 Apr, 2021 08:12pm
Mexican oil output slightly below target agreed with OPEC+
Markets

Mexican oil output slightly below target agreed with OPEC+

  • "We are fine, we are fulfilling our target and the commitment Mexico made before OPEC+, which is 1.753 million bpd," Nahle said at a virtual convention organized by Mexico's Association of Hydrocarbon Companies. "We are slightly below that, which gives us flexibility to continue working."
Published 27 Apr, 2021 08:18pm
OPEC+ keeps oil demand forecast, but worried by COVID surge
Business & Finance

OPEC+ keeps oil demand forecast, but worried by COVID surge

  • In its most recent monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth by 70,000 barrels per day (bpd) to 5.95 million bpd.
  • The JTC meeting also expressed concern about rising COVID-19 cases in India, Japan and Brazil, the sources added.
Published 26 Apr, 2021 08:38pm
Oil prices climb
Markets

Oil prices climb

NEW YORK: Oil prices edged higher on Monday, supported by a weaker US dollar but gains were capped by concerns about...
Published 20 Apr, 2021 03:59am
Oil prices dip on mixed supply and demand outlook
Markets

Oil prices dip on mixed supply and demand outlook

  • Brent crude futures for June fell 32 cents, or 0.32%, to $62.88 a barrel.
  • Both contracts are on track for a 2%-3% drop this week but still far from a low of $60.47 hit two weeks ago. Exerting downward pressure is the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase supplies by 2 million barrels per day between May and July.
Published 09 Apr, 2021 07:35pm
Oil prices rise on fears Suez blockage may last weeks
Markets

Oil prices rise on fears Suez blockage may last weeks

  • Brent, WTI rise about 2% but set for 3rd weekly loss.
  • Ship blocking Suez may take weeks to free-salvage firm.
  • Shipping rates rise, oil and gas tankers diverted.
    • UAE's ADNOC deepens supply cuts to Asia in June –sources.
Published 26 Mar, 2021 05:16pm
OPEC+ compliance with oil cuts rises to 113pc in February
Markets

OPEC+ compliance with oil cuts rises to 113pc in February

  • Compliance from members of the Organization of the Petroleum Exporting Countries reached 124%, a figure which includes the additional voluntary cut from Saudi Arabia, said one of the sources.
  • Compliance from non-OPEC members in the alliance reached 94%, the source added.
Published 22 Mar, 2021 10:07pm
Oil falls as inventories rise and vaccine rollout stalls
Markets

Oil falls as inventories rise and vaccine rollout stalls

  • Brent crude fell 50 cents, or 0.74%, to $67.50 a barrel by 1150 GMT after dropping 0.82% on Wednesday.
  • Short-term developments - stuttering vaccine rollouts and the build in US oil inventories - are driving sentiment, but the longer-term oil outlook is still encouraging.
Published 18 Mar, 2021 05:22pm