Category: petroleum
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Mideast Oil Giants Say Market Needed OPEC+ Supply Surprise
Senior officials from three of OPEC’s core producer nations – Saudi Arabia, the United Arab Emirates, and Kuwait – lined up to say that the super-sized addition of supply by the producer club at the weekend was needed by the global market. Oil prices eked out gains this week, a sign that the market has largely shrugged…
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Mideast Oil Giants Say OPEC+’s Supply Surprise Needed by Market
by Bloomberg | Joumanna Bercetche, Fiona MacDonald & Grant Smith Thursday, July 10, 2025 | 2:57 AM EST Senior officials from three of OPEC’s core producer nations – Saudi Arabia, the United Arab Emirates, and Kuwait – lined up on Wednesday to say that the super-sized addition of supply by the producer club at the weekend was needed…
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Oil Demand: Majors Sign Up to Opec’s Bullish Rhetoric
William Potter/Shutterstock Opening the biannual Opec International Seminar in Vienna on Jul. 9, Secretary-General Haitham al-Ghais flagged up “a lot of surprises” to be unveiled in Opec’s 2025 World Oil Output (WOO) report to be released on Thursday. Talk is that the 2025 WOO will see a further hike in Opec’s already bullish long-term oil…
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Kuwait Oil Giant Says OPEC+ Hikes Suggest Tighter Market
by Bloomberg | F.MacDonald, J.Bercetche, B.Bartenstein | Wednesday, July 09, 2025 | 5:00 PM EST Kuwait’s state energy company said OPEC+’s latest super-sized supply hike and recent interactions with customers suggest persistent demand growth beyond the summer driving season. “We’re seeing some potential tightness in the market, which gives us an opportunity to capture market…
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Oil Gains on Saudi Price Hike
by Bloomberg | Mia Gindis, Jack Wittels | Monday, July 07, 2025 | 4:01 PM EST Oil rose as Saudi Arabia surprised customers in Asia by hiking prices for its main crude grade, a vote of confidence that the market can absorb extra OPEC barrels. West Texas Intermediate crude advanced more than 1% to settle just…
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OPEC+ to Boost Supply Even Faster with Larger August Hike
OPEC+ will increase oil production even more rapidly than expected next month, as the group led by Saudi Arabia seeks to capitalize on strong summer demand in its move to reclaim market share. Eight key alliance members agreed to raise supply by 548,000 barrels a day at a video conference on Saturday, putting the group on…
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OPEC+ to ramp up oil output even higher in August with eye on market share
Saudi Arabia, Russia and six other key members of the OPEC+ alliance on Saturday said they would further increase oil output in August to 548,000 barrels per day. Analysts had expected the alliance to decide on another output increase of 411,000 bpd — the same target approved for May, June and July. The group said…
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OPEC+ Moves Meeting to Saturday as Group Weighs Another Hike
by Bloomberg | S.El Wardany, G.Smith, L.Hill | Friday, July 04, 2025 | 10:51 AM EST Key OPEC+ members brought forward to Saturday an online meeting where they’re set to consider a fourth bumper oil production increase, delegates said. Saudi Arabia and its partners have been discussing another output hike of 411,000 barrels a day for August as…
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Oil Slips as US Plans Iran Talks
by Bloomberg | Mia Gindis, Catherine Cartier | Thursday, July 03, 2025 | 3:58 PM EST Oil declined after Axios reported the US plans to restart nuclear talks with Iran, reducing the risk of another flare-up in the Middle East conflict. West Texas Intermediate crude slumped 0.7% to settle at $67 a barrel, while Brent settled…
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Oil Jumps on Vietnam Trade Deal
by Bloomberg | Mia Gindis, Julia Fanzeres | Wednesday, July 02, 2025 | 4:09 PM EST Oil climbed in light pre-holiday trading after US President Donald Trump said he had reached a trade deal with Vietnam. West Texas Intermediate rose 3.1% to settle above $67 a barrel after Trump said he had reached a pact with…