Oil prices fall as Libya resumes output, global demand outlook darkens
Oil prices fell on Friday on a weakening global demand outlook and the resumption of some Libyan crude oil output.
Exclusive: OPEC sees global oil demand growth slowing in 2023, sources say
World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy.
OPEC tells EU it’s not possible to replace potential Russian oil supply loss
OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more.
Oil rises on OPEC warning and easing of Shanghai COVID curbs
Oil prices climbed on Tuesday as Shanghai’s relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia.
Oil rises above $105 after Russia attacks Ukraine
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply.
Analysis: Physical crude oil market steams ahead after Omicron blip
Frantic oil buying driven by supply outages and signs the Omicron variant won’t be as disruptive as feared has pushed some crude grades to multi-year highs, suggesting the rally in Brent futures could be sustained a while longer, traders said.
OPEC oil output boost in December again undershoots target
The increase in OPEC’s oil output in December has again undershot the rise planned under a deal with allies, a Reuters survey found on Thursday, highlighting capacity constraints that are limiting supply as global demand recovers from the pandemic.
Oil rebounds above $71 on Omicron hopes, Iran talks
Oil rose by more than $1 a barrel to above $71 on Monday as hopes that the Omicron coronavirus variant may cause mostly mild symptoms boosted riskier assets and as the prospect of an imminent rise in Iranian oil exports looked less likely.
U.S. marshals other nations, challenges OPEC+ with release of oil reserves
The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.
Analysis: U.S. wants more oil, but OPEC+ can’t turn on the tap much harder
U.S. pressure on OPEC+ to pump more oil and cool red-hot crude prices has shone a spotlight on a relatively new problem for the producer group: it doesn’t have much extra capacity to hike output faster, even if it wanted to.
