Tag: OPEC

Oil falls more than 1% as OPEC+ to consider another output hike

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LONDON: Oil prices fell 1.5% on Thursday, adding to their more than 2% decline the previous session, as investors awaited a weekend meeting of OPEC+ at which producers are expected to consider another increase in output targets. Brent crude fell 89 cents, or 1.3%, to $66.71 a barrel by 1301 GMT, while U.S. West Texas Intermediate crude shed 85 cents, or 1.3%, to $63.12 a barrel. Eight members of the Organization of the Petroleum Exporting Countries and allies – known together as OPEC+ – will consider further increases to production…

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OPEC+ set to make another accelerated oil output hike on Saturday, sources say

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Oil prices

LONDON: Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday, sources from the producer group told Reuters, as they seek to regain market share. The group, which includes Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria, is expected to agree to an increase of 411,000 barrels per day for August, several sources told Reuters, speaking on condition of anonymity. If agreed, OPEC+ would have increased supply targets by about 1.78 million bpd, or 1.5% of global oil…

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Discount on Russian Urals oil shipped to India is smallest since 2022, traders say

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Oil falls

MOSCOW/NEW DELHI: Discounts for Russia’s flagship Urals crude oil for delivery to Indian ports in August shrank to their narrowest levels since 2022 amid high demand and shrinking spot supply, three traders in the grade’s market said on Friday. Narrowing discounts and lower supply of spot Russian barrels will push Indian refiners to look for alternative oil like United Arab Emirates’ Murban or U.S. West Texas Intermediate (WTI) grades, traders said. The narrowing discount shows how Moscow is managing to keep its oil sales up despite Western sanctions, while its…

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Oil rises on signs of strong demand, investors await OPEC+ output decision

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oil

NEW YORK: Oil prices edged higher on Tuesday as investors took stock of positive demand indicators, while also treading cautiously ahead of an OPEC+ meeting to decide the group’s August output policy. Brent crude was up 18 cents, or 0.3%, to $66.92 a barrel at 11:36 a.m. ET (1536 GMT), while U.S. West Texas Intermediate crude was up 27 cents, or around 0.4%, to $65.38 a barrel. The gains were likely due to supportive data from a private-sector survey in China, which showed factory activity returned to expansion in June,…

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Oil falls 6pc

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opec

HOUSTON: Oil prices tumbled $5 a barrel, or over 6%, on Monday after Iran attacked a US military base in Qatar in retaliation for US attacks on its nuclear facilities at the weekend, and took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz. Brent crude futures were down $4.90, or 6.3%, at $72.19 a barrel by 2:13 p.m. ET (1813 GMT). US West Texas Intermediate crude (WTI) eased $4.60, or 6.2%, to $69.23. Global benchmark Brent had kicked off the week with nearly 6%…

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