Expect Lower Oil Prices

Expect Lower Oil Prices

The U.S. Energy Information Administration (EIA) on Wednesday reported a large build in crude oil inventories and a production decline in the week ending July 27. According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 3.8 million barrels last week. The market’s […]

Oil Price: Iran has threatened to block the Strait of Hormuz

Oil Price: Iran has threatened to block the Strait of Hormuz

Iran has threatened to block the Strait of Hormuz, a vital artery for oil shipments from the Middle East. The warning comes in response to the US, which is trying to cut off Iranian crude exports. After pulling out of a landmark international deal curtailing Tehran’s nuclear program, Washington has ordered countries to cease buying […]

Oil Price on the Move: Sell the Rally

Oil Price on the Move: Sell the Rally

Crude surged to the highest level since November 2014 over fears that the United States could pull out of the Iranian nuclear pact. If the deal is scrapped, Iranian oil exports are at risk. Brent crude oil touched $75.89 a barrel, while the US West Texas Intermediate reached $70.52. The yuan-traded Shanghai futures surged to […]

Oil May see a Production Cut

Oil May see a Production Cut

Oil May see a Production Cut Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, has underscored the need to extend the crude oil production cut deal to ensure market stability and reasonable prices, noting that reaching an agreement by OPEC and non-OPEC countries toward this end is possible and is likely […]

Oil Price Outlook

Oil Price Outlook

World oil demand growth in 2017 is expected to rise by 1.42 mb/d after an upward revision of around 50 tb/d,according to OPEC Monthly Oil Market Report, MOMR. Crude inventories rose by 6.2 million barrels in the week to Sept. 8 to 468.8 million, nearly double analysts’ expectations of an increase of 3.2 million barrels. […]

Oil Price Outlook

Oil Price Outlook

The oil market is making steady and significant progress towards rebalancing, said the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) in a statement following its 4th meeting in St. Petersburg, Russia, on Monday. This assertion was based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for the month of June 2017, which reviewed the […]

Oil Price Tanks

Oil Price Tanks

Oil Price Tanks The international benchmark Brent crude was trading 2.5 percent down, at $46.91 per barrel at 11:40 GMT. US West Texas Intermediate (WTI) crude futures dropped 2.6 percent, to $44.33 per barrel. Prices for crude have dropped more than 2 percent on Friday as official data revealed that US drillers boosted production by […]

The Middle East, Oil and the Future

The Middle East, Oil and the Future

The Middle East, Oil and the Future “The Economies of the GCC States in the Post-Oil Era: Horizons and Solutions” was the underlying theme of a seminar in which Fujairah Chamber of Commerce and Industry participated in Oman recently. The seminar, organised by the Oman Chamber of Commerce and Industry, sought to identify the nature […]

Oil Prices Rally

Oil Prices Rally

Oil Prices Rally Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers agreed to curb production by 1.8 million barrels per day (bpd) for six months from January 1 to support the market and push prices to $60 per barrel. “Saudi and Russia are clearly working closely together. Saudi seems very determined to […]