Oil Prices ///
Saudi Arabia is now comfortable with Brent oil prices rising above $80/bbl, at least in the short term, as the global market adjusts to the loss of Iranian supply from U.S. sanctions, according to people familiar with the kingdom’s view.
Oil capped recent gains as international supply concerns were overshadowed by a looming demand drop.
OPEC needs to keep working with other oil producers to manage global supplies as demand for crude faces “headwinds,” the head of the organization said.
Crude is poised for a third weekly advance out of four as Iranian sanctions take center stage, with investors eyeing the impact on supply.
In the September 2018 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) increased the forecast price for the Brent spot price to $73/bbl in 2018 and $74/bbl in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/bbl lower than Brent prices in 2018 and in 2019.
Crude dropped the most in almost a month as global supply concerns receded and a demand-killing trade war intensified.
The International Energy Agency warned that oil prices could break out above $80/bbl unless other producers act to offset deepening supply losses in Iran and Venezuela.
OPEC highlighted a range of risks brewing in the global economy that could hurt oil demand as ministers prepared for a meeting on production policy, marking a shift from last month’s outlook.
Don’t be surprised to see bumper U.S. oil shipments heading overseas in the coming weeks.
Brent traded at more than a $10/bbl premium to U.S. futures as fears of lost Iranian output buoyed one grade and a supply glut undermined the other.
Canadian crude prices are plunging once again as repairs were completed on Alberta’s second-biggest oil sands upgrader and production surged from a new mine.
Saudi Arabia has increased oil exports to America, a sign OPEC’s leading producer is responding to pressure from President Trump to cool down the energy market.
The vibrations of the shale boom are now shaking the futures market.
Oil fell the most in two weeks as crises of confidence in economies across the globe imperiled energy demand.
Oil traded near $71/bbl in New York as Tropical Storm Gordon forces evacuations at fields along the U.S. Gulf Coast and threatens supply.
PetroChina is rewarding shareholders with a higher payout after its best half-year profit in more than three years.
Russia’s oil companies are on a tear. The nation’s top crude producers more than doubled their combined profit in the first half.
Crude broke through $70/bbl for the first time in a month as shrinking stockpile levels in the U.S. combined with expectations of lower Iran exports point to tighter markets.
New regulations to curb pollution from the world’s shipping fleet could lift crude prices by $4/bbl when the measures come into effect in 2020, according to a Bloomberg survey of 13 oil industry analysts.
Oil held above $68/bbl on slowing American drilling and investor optimism after a breakthrough in a trade standoff between the U.S. and Mexico.