Oil Market

OPEC+ pump more oil-sources

OPEC+ Will Raise Its Output Target from February

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 …

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Oil prices remain steady

Libya Tightens Oil Supplies, Causing Oil Prices to Go Up

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 …

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Low Demand Triggers Gas Prices To Decline To Lowest Level

The natural gas prices will soon fall below $3 per gallon

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 …

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Oil Price increase

Oil prices increase slightly as Omicron worries ease

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%, …

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Oil pipeline against the sunset

Oil price exceeds $71 as Omicron panic slightly eases

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 …

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Saudi Arabia Oil

Japan releases oil reserves upon U.S. request

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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