Oil

IEA sees slower 2024 oil demand growth, tightening market this year

The International Energy Agency (IEA) on Friday said demand growth for oil next year will be slower than previously forecast, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of…

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Obscure traders ship half Russia’s oil exports to India, China after sanctions

A Liberian-flagged oil tanker set sail in May from Russia's Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had even…

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Oil prices steady near 3-month high

Oil prices were steady on Tuesday, hovering near three-month highs as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment, while…

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OPEC upbeat over 2024 oil demand outlook despite slowdown

OPEC will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but…

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Oil prices ease as worries over global economic slowdown weigh

TOKYO, July 5 (Reuters) - Oil prices eased on Wednesday, paring the previous day's gain as fears over a global economic slowdown denting fuel demand outweighed expectations of tighter supply due to…

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OPEC holds 2023 oil demand view steady, warns on economic outlook

OPEC left its 2023 global oil demand growth forecast steady for a fourth month on Tuesday, although the producer group warned that the world economy faced rising uncertainty and slower…

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Oil holds steady as forecasts of declining stockpiles raise concern

Oil prices held steady on Tuesday amid mixed data from China, and as the market weighed forecasts of declining crude stockpiles with expectations of a U.S. interest rate hike. Brent…

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G7 coalition to keep Russian oil price cap at $60 per barrel

The Group of Seven (G7) coalition will keep a $60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by…

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Oil rises over $3 on Kurdistan export halt, banking optimism

Oil prices rose more than $3 on Monday as a halt to some exports from Iraq's Kurdistan region added to worries about oil supplies while a U.S. banking acquisition eased worries that financial…

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Oil prices decrease as banking turmoil holds down sentiment

Oil prices drifted lower on Tuesday as more than a week of banking turmoil kept weighing on market confidence. Brent crude futures for May settlement dropped 71 cents, or 1%,…

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Oil edges up on supply concerns, China demand hopes

Oil prices edged up after industry executives flagged concerns about limited spare capacity in the market and uncertainty over Russian supplies while demand from top crude importer China is recovering.…

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Oil price drops on concerns of global economic slowdown

Brent oil fell on Tuesday, reversing the previous day's gain, as fears that a global economic slowdown, and drop in fuel demand, amid aggressive interest rate hikes by the U.S.…

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Oil rises on supply worries after Turkey earthquake

Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China, and concerns over supply shortages following the shutdown of a major export…

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Oil price falls as rate hikes loom, Russian flows stay strong

Oil fell on Monday, giving up earlier gains, as looming interest rate hikes by major central banks and signs of strong Russian exports offset rising Middle East tension over a drone…

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Oil recovers from early decline, outlook clouded by China and global economy

Oil prices held in a narrow range on Tuesday, though the outlook for demand was clouded by a weak manufacturing activity survey from China, and a warning from the head of…

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Oil prices fall on economic fears, dollar strength

Oil prices fell in a volatile market on Tuesday as the U.S. dollar stayed strong and economic uncertainty offset the bullish impact of a price cap placed on Russian oil…

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22

Nov

Shell to ‘evaluate’ 25 bln pound British investments after windfall tax

Shell announced it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government's decision to increase a windfall tax on oil and…

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Oil prices decrease on China COVID worries, cut in OPEC demand outlook

Oil prices slid on Tuesday as rising COVID-19 cases in China sparked fears of lower fuel consumption from the world's top crude oil importer and after OPEC cut its 2022…

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COP27: Big Oil must pay for climate change, poor nations tell rich

Leaders from poor countries criticized wealthy governments and oil companies for driving global warming, using their speeches on Tuesday at the COP27 climate summit in Egypt to demand that they pay up…

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Oil prices rise as weaker dollar offsets China COVID-19 concerns

Oil prices rose on Tuesday, paring losses from the previous session, as a weaker U.S. dollar offset widening COVID-19 curbs in China that have stoked fears of slowing fuel demand…

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Oil price eases on worries of slowing global fuel demand growth

Oil prices rose on Tuesday as the U.S. dollar eased against major peers but gains were limited by worries of slowing global fuel demand growth amid bearish economic data from…

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Oil prices inch lower as dollar firms, China COVID worries dent demand

Oil prices slid on Tuesday, extending losses of nearly 2% in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China raised concerns of…

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Oil jumps $4 as OPEC+ weighs biggest output cut since 2020

Oil prices jumped by about $4 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its…

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Oil price stable as fears of global economic weakening increase

Oil prices steadied on Tuesday after rising in the previous sessionon concerns that further U.S. interest rate hikes this week to tame inflation will curb economic growth and fuel demand…

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Oil edges down as inflation expected to impact fuel demand

Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic…

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Oil settles lower on weak economic Chinese economic data

Oil prices settled lower after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand. Brent crude futures settled down $3.05, or 3.1%,…

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Oil prices drop as data points towards global manufacturing downturn

Oil prices edged lower on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week…

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Oil slides as renewed China COVID curbs temper fuel demand outlook

Oil prices fell on Tuesday as fresh COVID-19 curbs in China, the world's biggest crude importer, and fears of a global economic slowdown weighed on the fuel demand outlook. Brent crude…

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Oil prices edge higher ahead of G7 talks on new Russian sanctions

LONDON, June 27 (Reuters) - Oil prices edged higher on Monday in a volatile session as investors waited for any moves against Russian oil and gas exports that might come out of…

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Gazprom’s gas exports to Europe via Ukraine stable but Nordic countries wary

Russian gas producer Gazprom said its supply of gas to Europe through Ukraine via the Sudzha entry point was seen at 41.2 million cubic metres (mcm) on Tuesday, slightly down from…

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Oil prices inch lower as China COVID, recession worries outweigh tight supply

Oil prices inched lower after seesawing through early trading on Tuesday, as worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China outweighed tight…

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Oil prices edge higher on relaxed China COVID curbs, tight supplies

Oil prices inched higher on Tuesday on expected demand recovery in China as it relaxed tough COVID curbs and doubts a higher output target by OPEC+ producers would ease tight supply.…

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Oil climbs above $121 a barrel as China eases restrictions

Oil prices climbed above $121 a barrel on Monday, hitting a two-month high as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement…

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Oil prices fall on concerns over recession, China COVID curbs

Oil prices fell by more than $1 on Tuesday as concerns over a possible recession and China's COVID-19 curbs outweighed an expectation of tight global supply and a pick-up in fuel…

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Oil rises on EU’s Russian oil ban effort, demand hopes

Oil hit its highest in seven weeks on Tuesday, supported by the European Union'songoing push for a ban on Russian oil imports that would tighten supplyand as investors focused on higher demand from an easing of China's…

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Oil price up as EU gets set to ban Russian crude

Oil prices rose on Tuesday, extending gains from the previous session, as the European Union firmed up plans to tighten sanctions on Russia this week, with Germany saying it was…

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Oil slips on China growth worries, EU weighs Russian crude ban

Oil prices fell on Monday as concerns about weak economic growth in China, the world's top oil importer, outweighed fears of potential supply stress from a potential European Union ban on Russian crude.…

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Oil slides as Shanghai lockdowns stoke demand fears

Oil slumped to about two-week lows on Monday, extending last week's decline, as concern grew that prolonged COVID-19 lockdowns in Shanghai and potential increases to U.S. interest rates would hurt…

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Abu Dhabi crude to head to Europe, replace Russian oil – sources

SINGAPORE, April 25 (Reuters) - A shipping unit of France's TotalEnergies TTEF.PA has provisionally chartered a tanker to load Abu Dhabi crude in early May for Europe, the first such shipment in two years,…

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Oil rises as Libya outage adds to supply woes, Shanghai prepares to reopen

Oil prices rose on Tuesday as investors fretted over tight global supply after Libya was forced to halt some exports and as factories in Shanghai prepared to reopen post a…

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Oil rises as Libya outages add to Russia supply fears

Oil prices rose on Monday in choppy trade, with Brent crude topping $112 a barrel, as outages in Libya deepened concern over tight global supply and the Ukraine crisis dragged…

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OPEC cuts 2022 world oil demand forecast due to Ukraine conflict

OPEC on Tuesday cut its forecast for growth in world oil demand in 2022 citing the impact of Russia's invasion of Ukraine, rising inflation as crude prices soar and the…

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Oil rises on OPEC warning and easing of Shanghai COVID curbs

Oil prices climbed on Tuesday as Shanghai's relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses…

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OPEC tells EU it’s not possible to replace potential Russian oil supply loss

OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes,…

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Oil gains $1 as emergency oil release seen as band-aid

MELBOURNE, April 7 (Reuters) - Oil prices clawed back some losses on Thursday after tumbling more than 5% to a three-week low in the previous session after consuming nations announced a huge…

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Oil extends rally on prospect of fresh Russia sanctions

Oil prices rose on Tuesday as the United States and Europe planned new sanctions to punish Russia over alleged war crimes in Ukraine, raising concerns of tighter global supply, while Iran's…

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Analysis: Why the cost of living will continue to increase

via The Conversation by Veronika Dolar, Assistant Professor of Economics, SUNY Old Westbury The price of oil has been spiking in recent weeks in response to concerns that the war…

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China’s COVID lockdowns dent oil demand, independent refiners resell crude

Anti-COVID lockdowns have dampened consumption of transportation fuels in China to a point where some independent refiners have resorted to trying to resell crude purchased for delivery over the next…

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58% of energy consumed in EU is imported, agency finds

In 2020, the EU imported 58% of the energy it consumed, as its own production satisfied only 42% of its needs. The EU’s energy mix in 2020 consisted of 35%…

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Oil prices surge again as EU considers embargo on Russia

Oil prices extended gains on Tuesday as some European Union members discussed a potential oil embargo on Russia and attacks by Yemen's Iran-aligned Houthi group on Saudi energy and water desalination facilities sent…

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Factbox: Who is still buying Russian crude oil

Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases, and the European Union plans to discuss such a ban this week, sending global oil…

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Oil price drops to two-week low as ceasefire talks continue

Oil prices extended losses on Tuesday, sliding to a two-week low as ceasefire talks between Russia and Ukraine eased fears of further supply disruptions and surging COVID-19 cases in China fuelled…

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Oil surges as U.S. and Britain cut off Russian crude

BENGALURU, March 8 (Reuters) - Oil prices surged on Tuesday as the United States and Britain moved to ban Russian oil imports, a decision that is expected to worsen disruptions in the…

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U.S., European allies discuss banning imports of Russian oil

WASHINGTON, March 7 (Reuters) - The United States and European allies are exploring banning imports of Russian oil, U.S. Secretary of State Antony Blinken said on Sunday, and the White House coordinated…

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Oil prices rise as Ukraine conflict stokes supply concerns

Oil prices climbed on Tuesday as concerns over potential supply disruption amid Russia's invasion of Ukraine outweighed talk of a coordinated global release of crude stocks to calm markets. May…

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Azerbaijan set to boost gas supply to Europe this year, double capacity in future

BAKU, Feb 23 (Reuters) - Azerbaijan plans to boost natural gas supplies this year and pump 16.2 billion cubic metres (bcm) via the Trans-Anatolian Natural Gas Pipeline (TANAP), mainly to Europe, and…

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Oil hits highest since 2014 on Russia-Ukraine escalation

Oil rose to its highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices towards $100…

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