The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are known collectively as OPEC+ and will meet on Sunday, June 2, to discuss their joint oil production policy. However, analysts are not particularly bullish on the crude oil prices this year as many believe markets to […]
opec meeting
Crude oil prices snapped their three-day winning streak and crashed nearly two per cent on Thursday, May 30, after the US government reported weak fuel demand and a surprise jump in gasoline and distillate fuel stockpiles. The downtrend comes ahead of the output policy decision by the Organisation of Petroleum […]
Oil prices extended gains and hit a four-week high on Wednesday, May 29, over expectations that the Organisation of Petroleum Exporting Countries and its allies (OPEC+) will extend output cuts at its upcoming policy meeting on June 2. Crude also gained on hopes that the fuel consumption or demand will […]
Crude oil prices have resumed their upward trend in recent sessions to hit multi-week highs, led by rising tensions in the Middle East and expectations of OPEC+ countries extending voluntary output cuts of about 2.2 million barrels per day, which were first implemented in 2023 to bolster global crude oil […]
Crude oil prices rose by more than $1 per barrel on Tuesday, May 28, on the expectations that the Organization of the Petroleum Exporting Countries and allies (OPEC+) will maintain the current crude supply curbs, while a weaker US dollar made the commodity more attractive to holders of other currencies. […]
The International Energy Agency (IEA) on May 15 lowered its forecast for 2024 oil demand growth, widening the gap with the oil producer group Organisation of Petroleum Exporting Countries (OPEC) in terms of the expectations for this year’s global oil demand outlook. The divide between the IEA and OPEC sends […]