MELBOURNE/SINGAPORE—Oil prices edged down on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. Brent crude futures slipped 7 cents to $82.18 a barrel at 0726 GMT, after losing 6 cents…
Oil Weakens, Focus on OPEC+ Response to US–Led Crude Release
November 25, 2021
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Barclays Raises 2022 Oil Price View on Faster Inventory Drawdown
November 25, 2021
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Barclays raised its 2022 oil price forecasts on Tuesday as it expects a faster-than-expected inventory drawdown and cautious supply response to offset a modest surplus next year. The bank raised its 2022 average price forecast by $3 to $80 and $77 per barrel for Brent and West Texas Intermediate (WTI) respectively. Oil prices fell on…
Biden Tapping Oil Reserves May Trigger OPEC War, Fail to Help Consumers: Strategists
President Joe Biden announced on Tuesday that he will be releasing 50 million barrels from the nation’s Strategic Petroleum Reserves (SPR) as part of coordination with several other advanced economies, including China, the United Kingdom, and India. The objective is to ease soaring energy prices by injecting more supply into global oil and gas markets….
UK Authorises Release of 1.5 Million Barrels of Oil From Strategic Reserves
November 23, 2021
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The UK government on Tuesday authorised British oil companies to release up to 1.5 million barrels of oil from their strategic reserves to ease pressure on energy prices. The Prime Minister’s official spokesman said that it was part of a coordinated international move led by the United States, which is releasing 50 million barrels. “We…
Biden Asks China to Consider Releasing Reserves of Crude Oil in Effort to Meet Supply Demands: White House
The Biden administration has asked China to consider the possibility of releasing reserves of crude oil in an effort to meet supply demands, the White House said on Thursday. White House press secretary Jen Psaki said in a press conference that members of Biden’s national security team have “discussed with a range of countries, including China,…
Biden Asks China to Consider Releasing Reserves of Crude Oil in Effort to Meet Supply Needs: White House
The Biden administration has asked China to consider the possibility of releasing reserves of crude oil in an effort to meet supply needs, the White House said on Thursday. White House press secretary Jen Psaki said in a press conference that members of Biden’s national security team have “discussed with a range of countries, including China,…
OPEC Is Not the Only Solution to High Oil Prices
Commentary High oil prices are a symptom of economic and monetary imbalances, not a consequence of Organization of the Petroleum Exporting Countries (OPEC) decisions. Throughout history, we have seen how OPEC cuts have done little to elevate prices when diversification and technology added to rising efficiency. Likewise, OPEC output increases don’t necessarily mean lower prices,…
OPEC Says Inflation Is Weakening Demand for Oil
OPEC has cut its world oil demand forecast through the end of 2021, with the cartel blaming inflation for dampening the global economic recovery and sapping demand for crude. “A slowdown in the pace of recovery in the fourth quarter of 2021 is now assumed due to elevated energy prices,” OPEC wrote in its closely-watched…
Oil Rises After OPEC+ Rebuffs US Call to Boost Output
November 5, 2021
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LONDON—Oil prices rose above $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis. Brent crude rose 52 cents, or 0.65 percent, to $81.06 a barrel by…
OPEC Leaves Output Plan Intact, Defies Biden Pressure
The Organization of the Petroleum Exporting Countries (OPEC) and its crude-producing allies, OPEC+, agreed to maintain their production plan, despite calls from other countries to increase output to cool global energy markets. At the ministerial meeting Thursday, via videoconference, officials reaffirmed their commitment to continuing their program to gradually raise crude production by 400,000 barrels…
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