Page 73 - Pec News Today

Only Saudi Arabia and the UAE, and maybe Kuwait would be able to increase production in the short-term period

OPEC+ revised down its forecast for the 2022 oil market surplus by about 200,000 barrels per day (bpd) to 1.1 million bpd, according to a base scenario in a technical committee report seen by Reuters on Sunday. The data - part of a report the Joint Technical Committee (JTC) prepares for OPEC+ ministers - also shows stocks in the developed world standing at 62 million barrels

The attack on Ukraine caused prices to surge to more than $100 a barrel for the first time since 2014 on Thursday, with Brent touching $105, before paring gains by the close of trade.

Washington wants to put pressure on Russian President Vladimir Putin by denying him oil and natural gas revenues.

A deal among OPEC+ oil producers including Russia is showing no cracks so far after Russia's invasion of Ukraine, OPEC+ sources said, and the group is likely to stick to a planned output rise at a meeting next week despite crude topping $ 100 a barrel.

In July 2020, just a few months after the Covid-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak - all but condemning his company's core business to eventual obscurity. "Demand will take a long time to recover if it recovers at all," he told reporters after the Anglo-Dutch energy company reported a sharp

Oil prices took a breather on Wednesday after surging to seven-year highs in the previous session as it became clear the first wave of US and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt the oil supply. At the same time, the potential return of more Iranian crude to the market, with Tehran and world powers close to reviving a nuclear

DOHA, Feb 22 — There is no need for Opec+ to expand its oil production increases, Nigeria’s petroleum minister said today, as the group sees a potential deal between Iran and world powers unlocking more supplies. “We don’t have do anything extraordinary this time because we are expecting a...

The threat of war between Russia and the Ukraine is driving prices sharply higher, but there's more at play than just geopolitical tensions.

Saudi Arabia’s energy minister is calling on OPEC+ to hold firm in production policies to ensure long-term market stability