Tag: oil prices

Oil edges up as geopolitical concerns and weaker dollar support

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Oil falls

LONDON: Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market…

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Oil prices inch up as US bans Chevron

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oil price

BEIJING: Oil prices ticked up in early trading on Wednesday as the US barred Chevron from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply. Brent crude futures rose 47 cents, or 0.73%, to $64.56 a barrel by 0028 GMT, while US West Texas Intermediate crude gained 49 cents, or around 0.8%, to $61.38 a barrel. The Trump administration has issued a new authorization for US major Chevron that would allow it to keep assets in Venezuela but not to export…

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OPEC+ expected to open taps more despite price slump

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opec

LONDON: Despite oil trading low at $60, OPEC+ this week is expected to continue to further open the taps. This follows pressure from US President Donald Trump and group leader Saudi Arabia’s quest to penalise allies that breach the cartel’s quotas. In past months, Saudi Arabia, Russia and six other OPEC+ members have surprised markets by announcing a sharp increase in oil production for May and June despite the low prices. Numbering a total of 22 countries, most of which are highly dependent on oil revenues, the group has long…

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OPEC+ set to agree July oil output hike this week, sources say

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oil price

LONDON/DUBAI: OPEC+ is likely to agree to a further accelerated oil output hike for July this week, three delegates from the group told Reuters, in the latest stage of a plan to meet rising demand and increase market share. When the 22-member group meets on Wednesday to review the market, it is not expected to change policy, the sources said. But they said they expected an output hike to be agreed for July when the eight OPEC+ members meet on Saturday. OPEC+, which includes the Organization of the Petroleum Exporting Countries…

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OPEC+ to consider another accelerated oil output increase for June

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Oil falls

LONDON: Several OPEC+ members will suggest accelerating oil output hikes in June for a second consecutive month, three sources familiar with the matter told Reuters. Oil prices fell to a four-year low in April, weakened by a U.S.-China trade war and the unexpected decision by OPEC+, which brings together OPEC and other major producers such as Russia, to increase output by 411,000 barrels per day of oil in May. The figure was three times more than the group originally planned. Eight OPEC+ countries will meet on May 5 to decide the…

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