OPEC+ have decided to increase their production target by 400,000 barrels per day starting next month. Given the pressure from the United States to increase supply and the absence of new major COVID-19 restrictions, economists were expecting this move. Led by the major OPEC+ country Saudi Arabia and non-OPEC+ leader Russia, the Energy Union is lifting a …
OPEC+ Will Raise Its Output Target from February Read More »
As Libya tightened supplies before the OPEC+ meeting, Monday, oil prices rose in early Asian trading. Meanwhile, COVID-19 continues to spread, and concerns about declining fuel demand have also limited the growth of black liquid. As of 8:59 pm Eastern Time, Brent crude oil futures rose 0.40% to US$78.17, and WTI futures rose 0.55% to US$75.62. Less …
Libya Tightens Oil Supplies, Causing Oil Prices to Go Up Read More »
According to the new government’s forecast, gas station prices have finally started to fall. This trend should accelerate greatly in the upcoming months. The U.S. Energy Information Administration said on Tuesday that the average price of regular gasoline across the country in January might drop to $3.01 per gallon. Natural gas prices are much likely …
The natural gas prices will soon fall below $3 per gallon Read More »
Oil prices rose slightly on Tuesday after rebounding by nearly 5% the day before. The news came after as the concerns about the Omicron variant’s influence on fuel demand eased. Also, Iran’s nuclear negotiations encountered obstacles that delayed the restoration of Iran’s crude oil supply. Brent crude oil futures increased by 60 cents, or 0.8%, …
Oil prices increase slightly as Omicron worries ease Read More »
Oil prices rose by more than US$1 per barrel on Monday to more than US$71. The hope that the Omicron coronavirus variant may cause the mildest symptoms has boosted higher-risk assets. The prospect of an imminent increase in Iranian oil exports looks unlikely. To alleviate Omicron’s concerns, South Africa reported that the cases there had …
Oil price exceeds $71 as Omicron panic slightly eases Read More »
Oil prices rose on Thursday, with investors adjusting ahead of an OPEC+ decision on supply policy. Still, gains were capped by fears that the Omicron coronavirus variant could hit fuel demand. Brent crude futures added $1.56 or 2.3% to $70.43 a barrel 10:40 GMT. One day earlier, Brent crude futures dropped 0.5%. U.S. West Texas …
While the investors were waiting on the emergency release of reversed oil on Thursday, the oil prices were little changed. The release of emergency crude was intended to temper the market, despite data showing strong gasoline demand in the United States. At 0315 GMT, Brent oil futures were down 3 cents to $82.22 a barrel …
Oil prices still awaiting on OPEC+ crude release Read More »
Four government sources with knowledge of the plans announced that Japanese authorities are working on methods to get past limits on releasing national stocks of crude oil in coordination with other big nations to reduce prices. While Prime Minister Fumio Kishida indicated his preparedness over the weekend in response to a request from Washington, the world’s …
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