Oil Prices ///

Oil gains as OPEC+ talks wobble over February disagreement

Futures in New York gained toward $48 a barrel after dropping the most in 2 weeks on Monday. Discussions will restart on Tuesday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for another supply hike.

Oil prices drop on emerging OPEC+ divide over production cuts

Talks between OPEC and its allies will continue for a second day after most members, including Saudi Arabia, opposed Russia’s proposal for another output increase in February, following the 500,000 barrels a day being added this month.

Saudis lead OPEC+ majority opinion against February supply increase

The difference of opinion between Saudi Arabia and Russia, the two de-facto leaders of OPEC+, could make for another tricky meeting. While Russia appeared to be outnumbered, the group typically requires a consensus among all members before concluding talks.

Saudis urge restraint as OPEC+ meets on oil production hikes

“At the risk of being seen as a killjoy in the proceedings, I want to urge caution,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the start of the group’s video conference on Monday. “The new variant of the virus is a worrying and unpredictable development.”

WTI crude nears $50 as oil becomes an inflation hedge

A decline in the dollar is boosting the appeal of commodities that are priced in the currency, while as investors return to their desks at the start of the year, crude has emerged as a favored trade to hedge against a rise in inflation.

OPEC+ 2021: How to increase oil output without undoing 2020’s gains

The alliance of producers led by Saudi Arabia and Russia must decide whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve.

LNG traders look forward to a swift 2021 rebound

Demand for the fuel used in heating and power generation is growing faster than for any other fossil fuel as nations look for a cheap, reliable and cleaner alternative to coal. The pandemic derailed that growth for 2020, but China and India are emerging as major sources of demand.

U.S. drilling rig count ends a whipsaw year at pre-shale-era levels

The number of rigs drilling for oil in the U.S. closed out 2020 at 267, according to Baker Hughes Co. data released December 30th. It’s the lowest end-of-year figure since 2005, when drilling and fracking breakthroughs perfected in natural gas regions like North Texas’s Barnett shale were just beginning to be deployed.

How one bad Covid bet will forever change how the world trades oil

A coronavirus-fueled trading scandal is driving stricter borrowing rules and accountability standards, dramatically changing key players in the world's oil supply trade.

Weakening dollar restores oil price’s climb

A dip in the dollar boosted the appeal of commodities such as oil that are priced in the currency. Crude was also aided by broader market strength, with equities nearing record levels following U.S. President Donald Trump’s signing of a $900 billion virus-relief package.

Oil price rally fades as OPEC’s plans overshadow U.S. stimulus

Crude’s shaky start to the week reflects the concern over more travel restrictions as the new mutation in the coronavirus spreads globally. However, the UK is poised to approve the Covid-19 vaccine produced by AstraZeneca Plc and the University of Oxford.

Russia plans to back another OPEC+ production hike in February

“To restore our output, that we’ve reduced a lot, the price range of $45 to $55 a barrel is the most optimal,” Russia's Deputy Prime Minister Alexander Novak told reporters in Moscow. “Otherwise we’ll never restore production, others will restore it.”

UAE projects a gradual oil demand recovery in 2021

Rollout of coronavirus vaccines and improvement in ties between the United States and China are likely to improve demand for oil, Energy Minister Suhail Al-Mazrouei told Sky News Arabia. “Recovery will be gradual, and won’t happen in a quarter or two,” he said.

Oil prices set for weekly loss on virus news, OPEC+ output hike

A new virus strain and the realization that vaccines will take some time to be rolled out have worsened the short-term oil outlook, while the OPEC+ alliance is poised to add 500,000 barrels a day of production in January.

Weak oil prices pushed Saudi export revenue down 25% in October

Saudi Arabia’s export revenue fell by nearly a quarter in October from a year earlier, driven largely by a slump in global oil prices.

Oil prices stabilize as mutant virus appears to spread

The new Covid-19 strain -- which is possibly already in the U.S., Germany, France and Switzerland -- is raising the risk of more stay-at-home measures that would sap energy demand. The UK is considering putting more people under a severe lockdown to halt its spread.

Russia said to support OPEC+ output increase in February

The Organization of Petroleum Exporting Countries and its allies have shifted to a monthly schedule of meetings, so they can react more rapidly to changes in the market, and make more gradual production adjustments that are better suited to a volatile situation.

Shell’s multibillion-dollar impairment signals more tough times ahead

The Anglo-Dutch energy giant gave a first taste of what could prove to be another bleak quarter for the industry. It warned of another multibillion-dollar impairment charge, significantly weaker oil trading, a loss in its upstream division and fuel sales that remain sluggish.

Oil prices dive as mutating virus chokes international travel

More than 16 million Britons are now required to stay at home after a full lockdown came into force in London and the southeast of England. Some European countries are limiting travel with the UK and France halted freight movements to England for 48 hours.

Bankruptcies leave a smaller, financially-healthier energy industry

About $144 billion of energy bonds were trading at distressed levels in the middle of March, when the pandemic sent oil demand plunging, but that number receded to $37 billion by the end of November.