Novak: “The timely actions of OPEC+, thanks to which about 2.2 million barrels per day will be held off the market in the first quarter of next year, will allow the period of low demand to pass painlessly in the first quarter of 2024,”.
A new report by the Centre for Research on Energy and Clean Air claims that the G7 price cap has failed to live up to its potential.
When we talk of the Israeli-Palestinian conflict, we tend to focus on the latter’s political, social and humanitarian dimensions. But often this comes at the expense of considering an important economic dimension — one which recent events in Gaza have brought into stark relief.
In the first nine months of 2023, revenues have been depleted in large part as a result of Western sanctions.
Russia will be ramping up its diesel exports from its Black Sea and Baltic Sea ports by 28% in December from November, as Moscow relaxed further its fuel export curbs and Black Sea storms delayed some November loadings into this month, industry data seen by Bloomberg showed on Friday.
LONDON: Oil prices tanked 4 percent on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts.
Oil prices have weakened recently, mostly on the back of equally weak economic data from the two largest markets for oil.
OPEC+ still has a positive outlook for growth in oil demand, despite the headwinds faced by the global economy, as it prepares for its next ministerial meeting.
Oil fell below US$80 a barrel for the first time in more than two months as fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s supply cuts.
Brent crude futures rose 55 cents, or 0.65%, to US$85.44 a barrel by 0700 GMT, while U.S. West Texas Intermediate crude was at US$81.14 a barrel, up 63 cents, or 0.78%