Tag Archives: OPEC

Oil prices fell on Wednesday, amid fears that rising COVID-19 cases in the US and across Europe would deteriorate global fuel demand. In its monthly report Tuesday, the OPEC mentioned that oil demand in 2021 will rise by 6.54 million barrels per day (bpd) to 96.84 million bpd, 80,000 bpd …

Organization of the Petroleum Exporting Countries (OPEC) has forcasted that the downstream operations of crude oil production has come under enormous pressure due to declining demand, saying this will likely force a wave of refinery closures, especially as new capacity comes online in the Asia-Pacific and Middle East and Africa …

The 2020 OPEC World Oil Outlook (WOO) which was launched on Monday in Vienna, Austria, has foretasted that the global oil sector will need cumulative investment of $12.6 trillion in the upstream, midstream and downstream through to 2045. The highlights from this year’s WOO noted that the outbreak of the …

Oil prices fell more than 1% on Monday, touching their lowest since July, as optimism about demand recovery weakened after Saudi Arabia cut the October official selling price for Arab light crude it sells to Asia by the biggest margin since May. Meantime, the US government report last week showed …

Brent crude futures traded around $44.8 per barrel on Friday, heading for a gain of about 1% this week, as oversupply concerns eased on the back of US data showing crude oil, gasoline and distillate inventories all fell last week amid higher production and fuel demand. Meanwhile, the gains were …

Oil prices were little changed at 5-month highs on Thursday, as investors weighed a resurgence in COVID-19 infections in some places around the globe that could slow a recovery in fuel demand against a fall in the US dollar and the prospect of a fresh stimulus in the US. WTI …

Oil prices were flat on Monday, as investors continued to watch the latest development regarding the COVID-19 pandemic. Globally, there were over 16 million people being infected by the virus, with the US accounting for roughly 20% of that figure. Market participants were also looking for any impact from storm …

Oil prices dropped on Monday, amid concerns that a fresh wave in COVID-19 cases in several US states and some places across the globe could slow recovery in fuel demand. More than 14 million people have been infected by the virus globally and nearly 602,000 have died, according to a …

WTI crude futures fell nearly 1% to trade around $40.4 per barrel on Friday, as investors fear that fuel demand could take more time to recover amid a surge in coronavirus cases, while oversupply concerns also persisted. On Thursday, the US reported at least 75,000 new COVID-19 cases, a new …

Oil prices rose on Wednesday, extending the prior session’s gains, after industry data showed the biggest draw in inventories since August 2019. Stocks of crude oil in the US tumbled by 8.3 million barrels in the week ended July 10th. Meanwhile, market participants look forward to the OPEC meeting later …