Major oil-consuming nations seem to have gained some leverage in a market full of uncertainties
As 2021 winds down, oil markets face uncertainties. Omicron has begun to change crude demand perceptions. Economies – especially in Europe – are beginning to stutter, and Canada is also under pressure, with increasing restrictions in place. All this will impact crude oil consumption in the months to come. There’s no unanimity among experts on…
The dip came as a new COVID-19 strain sparked fears of renewed lockdowns and demand destruction
World crude oil markets crashed on Friday by more than 10 per cent. For the first time since late September, West Texas Intermediate, the U.S. crude, tumbled below $70 a barrel, while the global benchmark, Brent, slumped to less than $75 a barrel. This crash wasn’t anticipated. The relief didn’t just come from the co-ordinated…
It is defying oil-consuming nations to increase output, for now
A tug of war has erupted on the world oil market. Despite growing pressure from major crude-oil consuming nations, the Organization of Petroleum Exporting Countries and its allies in the expanded OPEC+ announced they would stick to their original plan by increasing output by only 400,000 barrels per day (bpd). OPEC+ members seemed to be…
New restrictions to fight the Delta variant will slow demand growth in the second half of 2021
Interesting moves are being made on the global energy chessboard. In an unexpected move, Saudi Arabia announced it would slash its official selling prices (OSPs) for oil exports to Asia in October. The price cut was more than expected. Saudi Aramco, the state-controlled oil giant, said in a statement on Sept. 5 that the official…
All eyes are focused on Saudi Arabia. Will it continue to single-handedly maintain stability in the markets?
Uncertainty has overtaken the crude oil markets again for several reasons. Since March, crude oil markets have mostly been ascending. But prices declined last week by a greater margin than any time in the last four-plus months. And the resurgence of COVID-19 in many parts of the world is clouding the near-term future of oil.…
U.A.E. prepares for a post-oil world, endeavouring to make the best of the oil it has before demand shrinks for good
Crude oil markets have left a confused picture and observers can’t decipher where prices will stabilize. In the immediate aftermath of the Organization of Petroleum Exporting Countries (OPEC) fiasco last week, oil prices were on a slippery slope. OPEC+ ministers halted crude oil output talks on July 5 after the United Arab Emirates rejected a…
As OPEC+ talks to increase crude oil production stall, the Saudis seem to have lost a key ally in the United Arab Emirates
Adrenalin never stops flowing in the oil business. Dull moments are rare. The emerging scenario among the Organization of Petroleum Exporting Countries and their allies in the expanded OPEC+ is no different. The group was on the verge of finalizing a deal on Thursday to increase its crude output by two million barrels per day…
IEA wants all investments in new developments to stop. Others warn that could lead to $200 a barrel oil
The Organization of Petroleum Exporting Countries and their allies in OPEC+ are on a collision course with energy watchdog International Energy Agency (IEA) on at least two counts. Last month, the Paris-based IEA delivered the starkest warning yet on fossil fuels, saying the exploitation and development of new oil and gas fields must stop this…
Iran orchestrated Houthis attacks on Saudi Arabia to coerce the Saudis to market its oil
As the result of developments in the Middle East, oil is back as a bargaining chip on the geopolitical chessboard. Once Donald Trump lost the election for a second term as American president, it became increasingly evident that the new administration led by Joe Biden would attempt to revive the 2015 nuclear deal with Iran.…
Fed up with the Saudi's "artificially jacking up the prices"
An oil war is brewing between the world’s largest crude exporter, Saudi Arabia, and the world’s third-largest crude consumer, India. India has long pleaded with Saudi Arabia to keep oil prices lower to help sustain economic growth in the developing and emerging economies of Asia. In rather hushed tones, for diplomatic reasons, India has protested…
As 2021 winds down, oil markets face uncertainties. Omicron has begun to change crude demand perceptions. Economies – especially in Europe – are beginning to stutter, and Canada is also under pressure, with increasing restrictions in place. All this will impact crude oil consumption in the months to come. There’s no unanimity among experts on…
