OPEC maintains bullish 2024 oil demand forecast despite price drop
VIENNA: The Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday maintained its previous forecast for a healthy global oil demand growth in 2024, blaming speculators for the recent drop in crude prices. In its monthly oil market report for December, OPEC sees a global demand growth of 2.25 million barrels per day (bpd) for […]
World oil reserves up by one pct to 1.5 trillion barrels in 2022
MOSCOW: The volume of proven world oil reserves at the end of 2022 increased by 1.1 per cent compared to 2021 and amounted to 1.564 trillion barrels, the Organisation of the Petroleum Exporting Countries (Opec) said on Tuesday, reported Sputnik. “World proven crude oil reserves stood at 1,564 billion barrels (bn b) at the end […]
As oil prices rally, old Opec tensions set to rise
LONDON: As members of the oil cartel Opec and its allies meet this week to discuss adjusting output, analysts expect old tensions between oil producer giants to flare up again. Russia and Saudi Arabia, respectively the world’s second and third largest producers of oil after the United States, had often been at loggerheads in the […]
Ringgit slightly higher against US dollar on mild buying interest
KUALA LUMPUR: The ringgit was slightly higher at opening on Tuesday, buoyed by mild interest despite the stable US dollar and lower crude oil price which is trading at $63.69 per barrel, down by 1.13 per cent. At 9am, the ringgit stood at 4.0510/0550 versus the greenback from Monday’s close of 4.0550/0580. A dealer said […]
Ringgit lower versus US dollar, hobbled partly by crude oil market
KUALA LUMPUR: The ringgit opened lower against the US dollar on Monday, hobbled partly by the domino effect of risk-off sentiment on the crude oil market as investors turned cautious ahead of next week’s Organisation of the Petroleum Exporting Countries (Opec) meeting. At 9am, the ringgit stood at 4.0530/0580 against the US dollar from Friday’s […]
Oil prices depressed, remain below $40
KUALA LUMPUR: Market participants are doubtful that a historic one-year oil production cut pledged by major producers recently would solve the oversupply problem. For the week just ended, the West Texas Intermediate crude for May delivery lost 8.1 per cent to settle at $18.27 per barrel on the New York Mercantile Exchange. In contrast, the global benchmark, Brent […]
Oil prices down after Opec production cut deal
ANKARA: Crude oil prices were down during Good Friday’s thin trading following Opec’s output curb decision on Thursday, reported Anadolu Agency. International benchmark Brent crude was at $31.82 per barrel at 0640 GMT on Friday, down 3.1 per cent for the day after closing Thursday at $32.84 a barrel. American benchmark West Texas Intermediate (WTI) was at […]
Opec+ may proceed with oil supply cut from May 1
KUALA LUMPUR: Opec+ is likely to proceed with the 10 million barrels per day (mbpd) supply cuts beginning May 1, which will be gradually reduced across 12 months, said an economist. OCBC Bank economist Howie Lee said the group member countries have agreed to an output reduction of 10 mbpd in May and June before tapering to 8.0 […]
Opec+ deal ‘very close’
MOSCOW: Russia and Saudi Arabia are “very close” to reaching an Opec-non-Opec deal on market regulation for the reduction of oil output, Sputnik news agency reported the head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev as saying on Monday. “I think the whole market understands that this deal is important and it will bring […]
Trump calls Opec ‘illegal’, says could impose oil tariffs
MOSCOW: US President Donald Trump says the Organisation of the Petroleum Exporting Countries (Opec) is destroying itself, but he is also ready to impose tariffs on foreign oil if it is required to protect the US energy business. “I’ve been against Opec all my life, because what is it? It’s illegal, you could call it […]
