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By Julianne Geiger The price of crude oil returned on Tuesday to the recent highs seen after OPEC+ announced it would cut production by another 1.6 million barrels per day. On April 2, OPEC+ announced that it would cut its crude oil production by another 1.66 million barrels per day (including the 500,000 bpd Russian…
April 12, 2023
By Charles Kennedy Nigeria produced 1.517 million barrels of oil per day last month, down by 2% from February, Nigerian media reported, noting that the February average had represented a monthly increase of 3.5%. The figures come from the Nigerian Upstream Petroleum Regulatory Commission and counter expectations of a continued increase in output. This means…
April 10, 2023
By Agency Report Stock markets around the world are mixed Monday, as a jump in oil prices threatens to add upward pressure on inflation. The S&P 500 was relatively unchanged in afternoon trading after shifting between small gains and losses earlier. The Dow Jones Industrial Average was up 233 points, or 0.7%, at 33,506, as…
April 3, 2023
On Sunday, OPEC+ announced a surprise production cut of some 1.16 million barrels per day, increasing the total OPEC+ cut to 3.66 million bpd. Oil prices soared on the news, climbing by 8% initially before falling back slightly. The U.S. criticized the move, saying that it wasn’t wise to make cuts given the current market…
April 3, 2023
By Julianne Geiger Last week’s crashing oil prices were awfully tempting last week for big oil consumers, who took advantage of the low prices to hedge against the inevitable price rise. Major oil consumers such as airlines boosted their hedging at a rapid pace, according to a Bloomberg analysis of trading data. It was clear…
March 28, 2023
By Charles Kennedy Ukraine is demanding an emergency United Nations meeting and NATO has warned Russia against “dangerous” and “irresponsible” moves after Vladimir Putin announced he would turn Belarus into a station for tactical nuclear weapons. Despite Putin’s announcement and Ukraine’s emergency meeting demands, NATO appeared to seek to downplay the development, criticizing the Russian…
March 27, 2023
By Charles Kennedy The OPEC+ group is not expected to change its production policy despite the oil price plunge last week. Banking concerns sent oil prices tumbling, but OPEC representatives believe the move was speculative. The OPEC+ Joint Ministerial Monitoring Committee (JMMC), the panel recommending oil policy actions, has a meeting slated for April 3.…
March 22, 2023
Last week, oil prices booked their worst week since the start of the year, dropping off a cliff on renewed fears about the global economy after the collapse of two big U.S. banks and the near-collapse of Credit Suisse. While most price forecasts for the short term have been bullish because of pro-bullish oil fundamentals,…
March 21, 2023
After two days of losses triggered by fears of a banking sector meltdown after the collapse of Silicon Valley Bank, oil prices rebounded early on Wednesday, pushed higher by increased Chinese refinery activity, estimated drawdowns in U.S. product inventories, and bargain-hunting from investors. Oil prices hit a three-month low on Tuesday, as concerns over the…
March 15, 2023
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By Julianne Geiger The price of crude oil returned on Tuesday to the recent highs seen after OPEC+ announced it would cut production by another 1.6 million barrels per day. On April 2, OPEC+ announced that it would cut its crude oil production by another 1.66 million barrels per day (including the 500,000 bpd Russian…
April 12, 2023
By Charles Kennedy Nigeria produced 1.517 million barrels of oil per day last month, down by 2% from February, Nigerian media reported, noting that the February average had represented a monthly increase of 3.5%. The figures come from the Nigerian Upstream Petroleum Regulatory Commission and counter expectations of a continued increase in output. This means…
April 10, 2023
By Agency Report Stock markets around the world are mixed Monday, as a jump in oil prices threatens to add upward pressure on inflation. The S&P 500 was relatively unchanged in afternoon trading after shifting between small gains and losses earlier. The Dow Jones Industrial Average was up 233 points, or 0.7%, at 33,506, as…
April 3, 2023
On Sunday, OPEC+ announced a surprise production cut of some 1.16 million barrels per day, increasing the total OPEC+ cut to 3.66 million bpd. Oil prices soared on the news, climbing by 8% initially before falling back slightly. The U.S. criticized the move, saying that it wasn’t wise to make cuts given the current market…
April 3, 2023
By Julianne Geiger Last week’s crashing oil prices were awfully tempting last week for big oil consumers, who took advantage of the low prices to hedge against the inevitable price rise. Major oil consumers such as airlines boosted their hedging at a rapid pace, according to a Bloomberg analysis of trading data. It was clear…
March 28, 2023
By Charles Kennedy Ukraine is demanding an emergency United Nations meeting and NATO has warned Russia against “dangerous” and “irresponsible” moves after Vladimir Putin announced he would turn Belarus into a station for tactical nuclear weapons. Despite Putin’s announcement and Ukraine’s emergency meeting demands, NATO appeared to seek to downplay the development, criticizing the Russian…
March 27, 2023
By Charles Kennedy The OPEC+ group is not expected to change its production policy despite the oil price plunge last week. Banking concerns sent oil prices tumbling, but OPEC representatives believe the move was speculative. The OPEC+ Joint Ministerial Monitoring Committee (JMMC), the panel recommending oil policy actions, has a meeting slated for April 3.…
March 22, 2023
Last week, oil prices booked their worst week since the start of the year, dropping off a cliff on renewed fears about the global economy after the collapse of two big U.S. banks and the near-collapse of Credit Suisse. While most price forecasts for the short term have been bullish because of pro-bullish oil fundamentals,…
March 21, 2023
After two days of losses triggered by fears of a banking sector meltdown after the collapse of Silicon Valley Bank, oil prices rebounded early on Wednesday, pushed higher by increased Chinese refinery activity, estimated drawdowns in U.S. product inventories, and bargain-hunting from investors. Oil prices hit a three-month low on Tuesday, as concerns over the…
March 15, 2023
