The International Energy Agency (IEA) has sharply raised its estimate for global oil demand in 2021, after seeing ‘robust’ indicators and growing expectations of a swifter global economic recovery from the COVID-19 crisis, particularly in the US and China. In its latest monthly oil market report,...
The price of Brent crude has touched US$50 a barrel in recent trading, as the oil sector continues its recovery from a near-complete collapse in demand and pricing following the COVID-19 crisis. Brent crude closed at $49.97 a barrel on Friday, while US West Texas Intermediate...
Oil prices rose by the highest since May on the news of the imminent rollout of a COVID-19 vaccine with 90% efficacy, sparking hope that an end is in sight to the worst demand slump in decades. Early morning trading in New York saw Brent crude...
BP has bounced back from a record US$6.7 billion loss in the second quarter of the year to make $100 million in profit in the third quarter, as oil companies begin to recover from the impact of the COVID-19 pandemic. The British company’s latest financial results...
ConocoPhillips yesterday announced it will buy US shale oil producer Concho Resources for US$9.7 billion, in the latest example of consolidation in the energy sector following depressed oil prices and demand due to the COVID-19 pandemic. The deal sees 1.46 shares of ConocoPhillips swapped for each...
Oil prices fell yesterday after more than 84% of oil output in the Gulf of Mexico was shuttered and almost 3 million barrels per day of refining capacity was closed in anticipation of a category 4 hurricane. Hurricane Laura made landfall in the Gulf of Mexico...
The oil market slipped yesterday after the International Energy Agency (IEA) lowered its demand prediction for the rest of the year and 2021, based on a surge in new cases of COVID-19 globally. In its latest monthly report, the energy body reduced its 2020 demand forecast...
Oil prices built by more than 2% on Monday based on confidence in OPEC+ members complying with a record production cuts agreement and reported signs of rising oil demand. However, the gains were tempered by lingering fears of a fresh wave of COVID-19 infections as lockdown...
The global oil cartel known as OPEC+ on Saturday agreed to extend record oil production cuts until the end of July, in a move which should further support the recovery of oil prices after the COVID-19 crash. The group, comprised of OPEC members, Russia and other...
Improving oil prices following record production cuts from the world’s major producers is an encouraging sign for the market’s recovery, according to OPEC’s secretary general Mohammad Barkindo. The group known as OPEC+ agreed to cut supply by 9.7 million barrels per day (bpd) from May 1 to...