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THE possibility of a Russia-Ukraine ceasefire, the move by OPEC+ to boost output, and the threat of tariffs on key economies are a confluence of bearish factors for oil markets.
What's more important for crude oil markets? Forecasts of Chinese oil demand growth by leading agencies or the reality of ongoing weakness in imports?
OIL prices rose on Friday, and were set for second consecutive weekly gains, as fresh U.S. sanctions on Iran and a new plan from the Organization of Petroleum Exporting Countries and its allies (OPEC+) to cut output raised bets on tighter supply.
Is the Organisation of the Petroleum Exporting Countries' (Opec) iron grip on the oil markets a thing of the past?
Oil settled largely unchanged in choppy trade on Thursday, with global benchmark Brent closing below US$70 a barrel under pressure from tariffs between the US, Canada, and China, and plans by Opec+ to raise output.
The Organisation of the Petroleum Exporting Countries and its allies' (Opec+) group of crude oil exporters justified their decision to increase production by pointing to "the healthy market fundamentals and the positive market outlook".
Oil prices fell to multi-month lows on Tuesday after reports of Opec+ plans to proceed with output increases in April while further price pressure was applied by US tariffs on Canada, Mexico and China as well as Beijing's retaliatory tariffs.
BEIJING/SINGAPORE: Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April while markets braced for U.S. tariffs on Canada, Mexico and China to take effect.
SINGAPORE: Oil prices steadied on Wednesday after hitting multi-month lows in the previous session, but remained under pressure as the market eyed plans by major producers to raise output in April as well as U.S. tariffs on Canada, Mexico and China.
VIENNA, March 3 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced on Monday that they will move forward with their previously planned oil output increase starting April 1.
Oil prices settled down for the fourth consecutive session on Wednesday after US crude oil stockpiles posted a larger-than-expected build, adding a further headwind as investors worried about Opec+ plans to increase output in April and US tariffs on Canada, China and Mexico.
OIL prices settled higher on Monday as fresh U.S. sanctions on Iran and a commitment to compensate for overproduction by Iraq added to concerns of near-term supply tightness, helping the market recover some of Friday's steep losses.
VIENNA, Feb. 12 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that it is maintaining its previous forecasts for global oil demand growth in 2025 and 2026.
HOUSTON, Feb. 11 (Xinhua) -- The U.S. Energy Information Administration (EIA) on Tuesday projected that OPEC+ production cuts will keep global oil prices stable through early 2025, with a decline anticipated later in the year as supply rises.
Oil fell 1% on Thursday after US President Donald Trump urged Saudi Arabia and Opec to bring down its cost during his address at the World Economic Forum.
OPEC and its allies have postponed the easing of output cuts for another quarter, but that may do little to offset the impact of rising production outside the bloc and subdued demand at key consuming centers—factors that could prompt the oil market to start 2025 on a subdued note.
TEHRAN, Dec. 10 (Xinhua) -- Iranian Oil Minister Mohsen Paknejad was elected on Tuesday as the rotating president of the Organization of the Petroleum Exporting Countries (OPEC) for 2025, Iran's official news agency IRNA reported.
SINGAPORE: Oil prices were mostly stable on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring geopolitical tension in the Middle East.
VIENNA, Dec. 5 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed Thursday to keep oil production at the current levels for the first quarter of 2025.
LUANDA, Dec. 31 (Xinhua) -- Angola's average daily oil production reached 1.134 million barrels in the first three quarters of 2024, increasing by 4 percent compared to the same period last year, according to data from Angola's National Petroleum, Gas and Biofuels Agency (ANPG).
