LONDON—Oil slipped on Tuesday, staying close to a seven-year high, weighed by speculation OPEC+ could go further than expected to add supply at a meeting this week and expectations of a rise in U.S. inventories. While the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, has been expected to maintain its policy…
Oil Slips Below $80 After OPEC+ Output Hike Decision
LONDON—Oil prices slipped below $80 a barrel on Wednesday after OPEC+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in COVID-19 cases caused by the Omicron variant. Brent crude futures were down 18 cents, or 0.23 percent, to $79.82 a barrel by 0945 GMT, while…
OPEC+ Agrees to Increase Production to 400,000 BPD Despite Omicron
The International organization of petroleum-exporting countries (OPEC) and its oil producing allies announced on Jan. 4, that they would increase oil production by a total of 400,000 barrels a day in February, as it appeared that the Omicron variant of the CCP (Chinese Communist Party) virus would have only a mild effect on demand and the global economic…
Oil Prices Steady Ahead of OPEC+ Meeting
LONDON—Oil prices were largely steady on Tuesday as investors expected major producers to agree to stick to their planned output increase at their meeting later in the day amid diminishing concerns over the spread of the Omicron variant of COVID-19. Brent crude was up 22 cents, or 0.3 percent, at $79.20 a barrel at 0939…
Oil Prices Ease, Focus Shifts to Next OPEC+ Move
LONDON—Brent crude futures snapped a three-day rally on Friday in light trading before the Christmas holidays but the benchmark was still headed for a weekly gain, with the market focusing on next steps by OPEC+ and the impact of the Omicron variant. Brent crude futures fell 75 cents, or 1 percent, to $76.10 a barrel…
OPEC Remains Steady on Demand for Oil in 2022
December 13, 2021
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OPEC said it believes that the Omicron variant will not have as much of an impact as widely feared on Dec. 13, leaving its forecast for global oil demand unchanged for the first quarter of 2022. “The impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better…
NTD Business Full Broadcast (Dec. 2)
Omicron is causing uncertainty for the global supply chain. Some experts warn that China may tighten lockdown polices and worsen the whole situation. OPEC plus sticking to its own plan to increase oil production, despite the white house calling for it to pump up more oil. we have analysis on the markets reaction. A big…
OPEC+ Oil Output Decision in the Balance as Omicron Hammers Prices
December 2, 2021
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LONDON—OPEC and its allies will decide on Thursday whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a U.S. release from oil reserves, and fears over the new Omicron coronavirus variant. Brent has tumbled to about $70 a barrel, down from October’s three-year highs above $86. Prices…
OPEC+ Begins Two Days of Talks Amid Oil Rout
December 1, 2021
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LONDON—OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid an oil price rout and fears the Omicron coronavirus variant could weaken global energy demand. Oil prices fell to near $70 a barrel on Tuesday from as high as $86…
OPEC Oil Output Boost in November Again Falls Short of Target
November 30, 2021
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LONDON—The increase in OPEC’s oil output in November has again undershot the rise planned under a deal with allies, a Reuters survey found on Tuesday, bringing a lack of capacity in some producers into focus ahead of a policy meeting this week. The Organization of the Petroleum Exporting Countries (OPEC) pumped 27.74 million barrels per…
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