EghtesadOnline: OPEC oil supply fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its Persian Gulf Arab allies over-delivered on the group’s supply pact while Venezuelan output registered a further involuntary decline.
EghtesadOnline: The three most closely watched oil market forecasters are all bracing for a significant upsurge in non-OPEC supply growth in 2019 but differ on the extent that global oil supply will outweigh demand.
EghtesadOnline: Experts of the National Iranian Oil Company have restored a dilapidated gas-powered turbine in Ahvaz pumping station, Khuzestan Province, which has boosted the transfer of crude oil to refineries and export terminals, NISOC's deputy for production said on Saturday.
EghtesadOnline: Asia’s petroleum refiners are seeking alternative supplies as they prepare for renewed U.S. sanctions against major oil exporters amid a tight market.
EghtesadOnline: Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States.
EghtesadOnline: Oil investors are already worrying over the potential fallout when OPEC’s deal to cut output expires, marring emerging signs that the accord to shrink a glut is finally succeeding.
EghtesadOnline: The key sign of OPEC’s success may finally be here. Since the Organization of Petroleum Exporting Countries embarked on its strategy to clear a global glut, analysts from Goldman Sachs Group Inc. to Bank of America Corp. have said that one critical indicator would show the plan is working: the discount on immediate crude would turn into a premium. That condition known as backwardation signals demand is outpacing supply.
EghtesadOnline: U.S. stocks sank Friday and the euro climbed to its highest level against the dollar since January 2015 as investors assessed an investigation into U.S. President Donald Trump that may stall his economic agenda. European shares fell as the common currency’s rally weighed on carmakers and other exporters. Oil slumped after reports that OPEC supply increased this month.
EghtesadOnline: Oil prices were stable on Tuesday, supported by strong consumption but weighed by ongoing high supplies from producer club OPEC and also the United States.
EghtesadOnline: Oil rose 1 percent on Friday, boosted as U.S. crude producers added only two rigs in the latest week and on signs of increased Chinese demand, but trading was volatile as global supply remained strong.