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Oil Up on US Vaccination Optimism
Monday, November 23, 2020Oil pushed higher after closing at the strongest level since early September as signs that Covid-19 vaccinations in the U.S. could be underway within three weeks improved the demand outlook.
Abu Dhabi Okays $122B Oil and Gas Spending Plan
Monday, November 23, 2020The UAE is boosting investment to make good on pledges to increase output capacity, even as it struggles against OPEC+ restrictions on supply.
Oil Set for Weekly Gain on Vaccine Optimism
Friday, November 20, 2020Oil is poised for a third weekly gain in New York as positive Covid-19 vaccine developments outweighed concerns about more restrictions stemming from a global surge in infections.
Oil Steady Amid Virus Measures and OPEC+ Dispute
Thursday, November 19, 2020Oil was steady near a two-month high as investors weighed tighter U.S. restrictions to curb the virus spread and emerging cracks in the united front put up by OPEC+ as it struggles to manage the market.
UAE Escalates OPEC Dispute
Thursday, November 19, 2020The United Arab Emirates ratcheted up tension with oil allies in OPEC+, with officials privately questioning the benefits of being in the producers' alliance.
Oil Up as Stockpile Gain Offset by Stronger Asia Demand
Wednesday, November 18, 2020Oil rose toward $42 a barrel in New York as signs of a robust demand recovery in Asia offset a jump in U.S. crude stockpiles.
OPEC Revises 2020 Oil Demand Forecast
Wednesday, November 18, 2020OPEC has lowered its 2020 oil demand forecast to -9.8 million barrels per day.
Oil Steady After Rising on Vaccine Progress
Tuesday, November 17, 2020Oil was steady near $41 a barrel with investors weighing news of another Covid-19 vaccine breakthrough as OPEC+ moved closer to delaying a planned easing of output cuts.
Oil Up On China Recovery and US Lockdown News
Monday, November 16, 2020Oil rose on optimism over China's recovery from a virus-led demand crash and as advisers to President-elect Joe Biden ruled out a national lockdown to curb the spread of Covid-19.
OPEC+ Gets Scant Relief from Vaccine
Monday, November 16, 2020Oil markets may be cheering the prospects of a coronavirus vaccine, but OPEC+ can't celebrate.
OPEC+ Panel Suggests Time Frame to Delay Output Hike
Monday, November 16, 2020The coalition -- led by Saudi Arabia and Russia -- is scheduled to increase crude production by almost 2 million barrels a day in January.
Oil Steady Amid Signs OPEC+ Will Keep Cuts
Thursday, November 12, 2020Oil was steady as OPEC+ appeared to be closing in on an agreement to delay a planned easing of production cuts from the start of next year.
Bullish Bonanza for Oil Traders
Thursday, November 12, 2020This week is a 'bullish news bonanza' for oil traders.
Oil Up After Report Points to Easing US Stockpiles
Wednesday, November 11, 2020Oil extended gains in New York after an industry report pointed to a bigger-than-expected decline in U.S. crude stockpiles.
Lockdowns Prompt OPEC Oil Demand Update
Wednesday, November 11, 2020OPEC once again cut estimates for the amount of crude it will need to provide in the coming year.
Libya Oil Output Hits 1 Million Barrels
Monday, November 09, 2020Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country after civil war all but shut its energy industry.
Novak to Become Deputy Premier
Monday, November 09, 2020Russian Energy Minister Alexander Novak is set to be promoted to deputy prime minister amid a government reshuffle.
OPEC+ May Not Hike Oil Production As Planned
Monday, November 09, 2020It's the latest signal that the group is reconsidering plans to hike production in January.
Oman Uses Oil Block As Collateral for New Debt
Monday, November 09, 2020The cash-strapped sultanate reportedly is seeking to raise debt without putting it on the government's books.
Abu Dhabi to Open Futures Exchange for Murban Crude
Monday, November 09, 2020By selling its crude through futures, Abu Dhabi will let the market determine the price.
Oil Drops on Surging Virus and Fraught Election
Friday, November 06, 2020Oil fell amid a surging coronavirus and a lack of clarity from the U.S. election, but was still headed for a weekly gain.
Saudi Aramco Cuts Arab Light Pricing
Thursday, November 05, 2020Saudi Arabia cut most oil pricing for its customers in Asia and the US.
US Election Outcome Not Yet Priced into Oil
Wednesday, November 04, 2020Without an already clear winner, the U.S. election's outcome is not yet really priced into the oil market.
Oil Up on Weaker Dollar and OPEC+ Taper Delay Noise
Tuesday, November 03, 2020Oil gained following a broader risk-on sentiment in markets and as OPEC+ inches closer to delaying a planned easing of output cuts.
Support Grows for Delaying OPEC+ Output Increase
Tuesday, November 03, 2020OPEC+ talks on delaying a January oil-output increase gathered momentum on Tuesday.
Oil at 5-Month Low on Lockdowns and Libya
Monday, November 02, 2020Oil kicked off what promises to be a turbulent week of trading by plunging to a five-month low.
China Hikes Oil Import Quota
Monday, November 02, 2020A sharp drop in oil prices may be about to get some relief from China.
OPEC Poses Threat to Itself
Monday, November 02, 2020A fresh challenge is emerging from within the organization's own ranks.
Oil Set for Worst Month Since March
Friday, October 30, 2020Oil is poised for the biggest monthly slide since March on concern a resurgent pandemic in the U.S. and Europe will keep people hunkered down, crimping demand for auto and aviation fuel.
Oil Holds Near 4-Week Low After Virus Plunge
Thursday, October 29, 2020Oil held near a four-week low after a surge in European virus cases and a bigger-than-expected jump in American crude stockpiles pushed prices down by the most in almost two months in the previous session.
Biden Win Could Create Iran Headache for OPEC
Thursday, October 29, 2020For fragile oil markets, the outcome of next week's US election poses yet another risk: the prospect that major producer Iran may regain its role in international trade.
Oil Down After Report Points to Rising Stockpiles
Wednesday, October 28, 2020Oil retreated back below $39 a barrel after an industry report pointed to a bigger-than-expected increase in U.S. crude stockpiles.
Oil Edges Higher on Weak Dollar
Tuesday, October 27, 2020Oil clawed back some losses in New York as the dollar weakened, although rising Libyan production and fading hopes for fresh U.S. stimulus pointed to a bearish outlook for the market.
Oil Set for Weekly Drop as Demand Outlook Clouded
Friday, October 23, 2020Oil headed for a modest weekly decline.
Oil Holds After Falling on Surprise Stockpile Gain
Thursday, October 22, 2020Oil held near $40 a barrel in New York after slumping on a surprise jump in U.S. gasoline stockpiles and slowing demand.
OPEC+ Taper Delay Now the Base Case
Thursday, October 22, 2020Analysts at Standard Chartered have revealed that a delay in the tapering of OPEC+ cuts is now their base case.
Putin Signals Openness to Delaying OPEC+ Output Hike
Thursday, October 22, 2020It's the latest sign the alliance could restrain crude output for longer.
Can Libya Sustain Its Oil Comeback?
Wednesday, October 21, 2020After years of setbacks and false starts, Libya is back in the oil game.
Oil Steady with OPEC+ Warning of Precarious Outlook
Tuesday, October 20, 2020Oil steadied near $41 a barrel in New York with OPEC+ warning of a precarious outlook for the market as a resurgent virus hits consumption.
Official Says Russia to Wait on OPEC+ Decision
Tuesday, October 20, 2020Russia won't be making any decisions about the future of OPEC+'s production cuts before next month's meeting.
Oil Steady Before OPEC+ Meeting
Monday, October 19, 2020Oil was steady before an OPEC+ meeting to assess the state of the market as demand comes under pressure once again from a resurgent coronavirus.
OPEC+ Kingpins Try to Sell Obedience
Monday, October 19, 2020Rigzone panelists offer their views on what to watch in the oil and gas markets this week.
Oil Falls as Demand Woes Counter Stockpile Drop
Friday, October 16, 2020Oil fell toward $40 a barrel as the prospect of a resurgent virus forcing more stay-at-home measures in Europe and the U.S. outweighed a bigger-than-expected drop in American stockpiles.
Oil Holds Gains After API Report
Thursday, October 15, 2020Oil held gains near $41 a barrel after an industry report pointed to a sharper-than-expected drop in American crude stockpiles.
Oil Drilling in Russia Could Fall 20% Next Year
Thursday, October 15, 2020Russia's producers, which have reduced oil drilling by as much as one-third so far this year, may cut it by a further 20% in 2021, says an oilfield services exec.
OPEC Member Claims More Than $24B Stolen from Country
Thursday, October 15, 2020The president of Africa's second-biggest oil producer has vowed to crack down on corruption.
Oil Dips as Stimulus Gloom Outweighs China Imports
Wednesday, October 14, 2020Oil fell below $40 a barrel as fading hopes for more fiscal stimulus before the U.S. election outweighed optimism driven by an increase in Chinese crude imports last month.
Russia Expects OPEC+ to Keep Current Output Deal
Wednesday, October 14, 2020Some in the oil industry have questioned whether OPEC+ should modify the production deal they reached this past April.
OPEC Downgrades Supply Forecasts
Tuesday, October 13, 2020OPEC trimmed estimates for the amount of crude it will need to pump in the coming year.
Oil Falls as Supply Constraints Begin to Ease
Monday, October 12, 2020Oil dropped for a second day as operations in the U.S. Gulf of Mexico started to resume following Hurricane Delta and Libya took a major step toward reopening its biggest field.