OPEC Predicts 2m Barrels Per Day Shortfall By Year End

OPEC Predicts 2m Barrels Per Day Shortfall By Year End

The oil market is heading for a significant shortfall of around two million barrels per day at the end of the year as a result of a production cut by major producers. The Organisation of the Petroleum Exporting Countries (OPEC)...
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Oil Edges Up On Historic Swiss Banks Deal

Oil Edges Up On Historic Swiss Banks Deal

Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilise global financial markets. Brent crude...
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Oil Falls On Demand Concerns 

Oil Falls On Demand Concerns 

Oil prices eased on Monday morning after rising 2% in the previous session as investors shrugged off the impact of Russian output cuts, instead focusing on short-term demand concerns stemming from refinery maintenance in Asia and the United States.  ...
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Oil Dips On Weak Demand Fear, Strong Dollar

Oil Dips On Weak Demand Fear, Strong Dollar

Oil prices drifted lower on Thursday as weak demand concerns over a large build in the crude inventory in the United States plus a strong dollar overtook potential supply disruption as the centre of focus, Reuters reported.  The main Brent...
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Japan Presses UAE To Pump More Oil 

Japan Presses UAE To Pump More Oil 

Japan on Sunday urged the United Arab Emirates to pump more oil to calm markets rocked by Russia’s invasion of Ukraine, the latest major consumer to lobby Gulf producers.The plea by Japan’s Foreign Minister Yoshimasa Hayashi came during m...
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Shell Defends Decision To Buy Russian Crude Oil

Shell Defends Decision To Buy Russian Crude Oil

Shell has defended its decision to purchase Russian crude oil despite the invasion and bombardment of Ukraine.  The oil giant said in a statement that the decision to purchase the fuel at a discounted price was “difficult”.  It confirmed ...
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Oil Falls On Profit-Taking

Oil Falls On Profit-Taking

Oil prices fell on Thursday as investors cashed in profits from the 2per cent gains in the previous session after the U.S. Federal Reserve indicated an interest rate hike in March, leading to a technical correction in surging energy markets....
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Oil Prices Hit Seven-Year High

Oil Prices Hit Seven-Year High

The price of oil hit its highest level in more than seven years on Tuesday as traders worried that an attack on a fuel storage facility in the Middle East could affect supply.  A suspected drone attack by Yemeni Houthi...
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OPEC To Sustain Supply Adjustments For Oil Market

OPEC To Sustain Supply Adjustments For Oil Market

The Organization of the Petroleum Exporting Countries (OPEC) will continue with its supply adjustments for the oil market, Secretary-General, Mohammad Barkindo, declared at the weekend.“We will continue to do what we know best to ensure we attain stab...
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Oil Dips, Awaits OPEC+ Response To U.S.-Led Oil Release

Oil Dips, Awaits OPEC+ Response To U.S.-Led Oil Release

Oil prices ticked lower on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. U.S. West Texas...
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OPEC To Sustain Cautious Oil Production

OPEC To Sustain Cautious Oil Production

The Organization of the Petroleum Exporting Countries (OPEC) and allied oil-producing countries rebuffed pressure from U.S. President Joe Biden to pump significantly more oil and lower gasoline prices for American drivers, deciding to stick with...
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Oil Falls As China Rolls Out Reserves

Oil Falls As China Rolls Out Reserves

Oil prices dropped on Monday as China’s release of gasoline and diesel reserves eased concerns over tight global supply, while investors cashed in ahead of a November 4, 2021 meeting of major crude producers that could increase future production targets....
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Brent Oil Hits $85

Brent Oil Hits $85

For the first time since 2018, Brent crude on Friday topped $85 a barrel in London, the latest milestone in a global energy crisis that has seen prices soar.    Bloomberg reports that the global benchmark rose above the key level...
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Oil At 7-Year High As OPEC Decides On Increase

Oil At 7-Year High As OPEC Decides On Increase

Oil prices jumped Monday after OPEC and allied oil-producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November.   The decision Monday by the Vienna-based oi...
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