EghtesadOnline: The OPEC+ decision Dec. 3 to ease its output cut by an initial 500,000 bpd in January is unlikely to unbalance oil markets amid hopes for oil demand recovery from the early introduction of coronavirus vaccines, Petroleum Association of Japan President Tsutomu Sugimori said.
EghtesadOnline: The International Energy Agency is "significantly" concerned about geopolitical tensions, including in the Strait of Hormuz, but oil markets are currently well supplied and unlikely to see "huge price increases for now," the head of the agency said Friday.
EghtesadOnline: Iraq and Iran are exploring ways to develop two shared oilfields despite US efforts to isolate Tehran from global oil markets.
EghtesadOnline: Iran’s oil exports could fall by as much as two-thirds by the end of the year because of new US sanctions, putting oil markets under huge strain amid supply outages across the world.
EghtesadOnline: The enthusiasm in the oil markets is breaking records. Hedge funds reported record wagers on continued price increases for both U.S. and global oil benchmarks, along with gasoline and diesel. Meanwhile, producers are hedging production at record rates as oil experiences its best January since 2006.
EghtesadOnline: Oil markets were roiled on Monday after Hurricane Harvey wreaked havoc along the U.S. Gulf coast over the weekend, knocking out numerous refineries and some crude production.
EghtesadOnline: OPEC may need to consider extending its oil-cuts agreement when the group meets in November, as crude markets are taking too long to recover, United Arab Emirates Energy Minister Suhail Al Mazrouei said.
EghtesadOnline: OPEC’s first assessment of world markets in 2018 showed that, despite cutting output, the group is still pumping too much crude.
EghtesadOnline: The exact dollar value of Saudi Aramco may be up for debate, but the listing of the world’s biggest company will be priceless for the kingdom’s markets.
EghtesadOnline: Crude futures rose for a second day on Tuesday, with data showing hedge funds are betting big across oil markets following OPEC production cuts agreed last year.