NUR-SULTAN/LONDON—OPEC+ is set to raise its oil output goal by 100,000 barrels per day, an amount analysts said was an insult to U.S. President Joe Biden after his trip to Saudi Arabia to ask the producer group’s leader to pump more to help the United States and the global economy. The increase, equivalent to 86…
Oil Prices Dip Ahead of OPEC+ Meeting
LONDON—Oil prices dipped on Wednesday ahead of a meeting of OPEC+ producers at which producers are expected to keep output steady with spare capacity limited and against the backdrop of fears that a slowdown in global growth will hit fuel demand. Brent crude futures were down $1.34, or 1.3 percent, at $99.20 a barrel at…
Oil Slips as Global Demand Concerns Weigh, OPEC+ Meeting Eyed
LONDON—Oil slipped on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as OPEC+ producers meet this week to decide whether to increase supply. Surveys showed on Monday that factories across the United States, Europe, and Asia struggled for momentum in July as flagging global…
OPEC Secretary General Says Russia’s Membership in OPEC+ Is Vital for Success of Agreement
August 1, 2022
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Business & Marketseconomic policieseconomyenergyEuropeGold and CommoditiesHaitham al-GhaisinflationMarketsOilOPECrecessionRussiaRussia-Ukraine WarWorld
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OPEC’s new secretary general said that Russia’s membership in OPEC+ is vital for the success of the agreement, Kuwait’s Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham al-Ghais. He said OPEC is not in competition with Russia, calling it “a big, main and highly influential player in the world energy map,” Alrai…
Oil Drops as Weak Chinese Factory Data Heightens Demand Concerns
LONDON—Oil prices dropped on Monday as weak manufacturing data from China and Japan weighed on the demand outlook while investors braced for this week’s meeting of officials from OPEC and other top crude producers on supply adjustments. Brent crude futures were down $1.42, or 1.4 percent, at $102.55 a barrel by 1017 GMT. U.S. West…
Oil Prices Pushed Up as Market Weighs Tight Supply Against Recession Fears
July 29, 2022
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LONDON—Oil prices rose in European trading on Friday, lifted by supply concerns as attention turned to next week’s OPEC+ meeting. Brent crude futures for September settlement, due to expire on Friday, gained $2.34 to $109.48 a barrel by 0933 GMT for its highest since July 5. The more active October contract was up $2.30 at…
Oil Extends Gains as Risk Appetite Improves, US Inventories Fall
July 28, 2022
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LONDON—Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices. Brent crude futures for September rose $1.65, or 1.55 percent, to $108.27 a barrel by 1034 GMT,…
Oil Rises on US Inventory Drop, Russian Gas Cuts
LONDON—Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming U.S. interest rate hike. Industry group the American Petroleum Institute said on Tuesday crude stocks fell by 4 million barrels, four…
Biden Administration to Sell 20 Million More Barrels of Oil From Strategic Petroleum Reserve
President Joe Biden’s administration plans to sell an additional 20 million barrels of oil, according to a notice of the sale filed on July 26. Interested parties were told to submit offers to the U.S. Department of Energy by Aug. 2 to purchase the oil, with delivery slated to take place between Sept. 16 and…
EXCLUSIVE: US Oil Sales to China Could Be ‘Unlawful Activity,’ GOP Lawmakers Tell Biden
July 26, 2022
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Asia & PacificbidenBusiness & MarketsChinacongresseconomic policieseconomyenergyFinance & Business TiesOiloil reservePolicies & ImpactsPoliticsRepublicansSpecial TopicsStrategic Petroleum ReserveunipecUSUS NewsUS-China relationsWorld
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Republican lawmakers are pressing President Joe Biden to make clear whether he had a role in auctioning off oil from U.S. emergency reserves to a Chinese entity that has been previously linked to his younger son. Rep. Ralph Norman (R-S.C.) on July 26 led a letter flagging the sale of U.S. strategic oil reserves worth…
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