OPEC

The COP28 Presidency released a proposed climate deal text on Wednesday, emphasizing a significant shift from fossil fuels to combat climate change. What Happened: Reuters reports that this development marks a first in the COP summit’s three-decade history, proposing “transitioning...

Oil prices fell to five-month lows on Wednesday following four straight days of declines as traders remained wary that OPEC+ production cuts would have sufficient impact to offset any loss in demand from a global economic slowdown. Brent crude fell 0.8% in early trading on Wednesday to $76.55 a...

The latest Commitment of Traders report (COT) raises questions about the future of the energy complex. Producer short positioning has hit its lowest level since August 2015, an indication that weakness in the oil market may not be a short-term phenomenon, but rather it could usher in a new dynamic...

Oil prices fell during afternoon trade on Friday, as OPEC+ was reported to be close to a deal that will bring more oil onto the market from African-producing members of the oil cartel. In mid-afternoon trade, Brent Crude was down 1.3% at $80.35 a barrel, while US West Texas Intermediate fell 2.4%...

Crude oil prices rose on Monday following reports that the Organization of Petroleum Exporting Countries (OPEC) and its allies will discuss further cuts in output at its upcoming meeting this weekend. What Happened: OPEC could cut production by an additional 1 million barrels a day over the 5...

Crude oil has captured the attention of investors and traders over the last month due to supply constraints resulting from OPEC+ pressure. Additionally, domestic rig counts have driven crude oil to reach over $90. However, the prevailing question is its ability to maintain these current levels or...

The latest projections from the International Energy Agency (IEA) suggest that demand for oil, gas and coal will peak before 2030. "This is the first time that a peak in demand is visible for each fuel this decade — earlier than many people anticipated," Fatih Birol, executive director of the IEA,...

Major energy stocks were mixed in premarket trading on Tuesday as crude oil flat-lined ahead of the opening of the U.S. market. Uneven Recovery: The WTI-grade crude, also known as light-sweet crude, was last trading at $80.70 a barrel, down 0.02% from the previous session close of $80.72 a barrel....

In a show of continued cooperation, Saudi Arabia and Russia, two of the world’s largest oil exporters, have deepened oil supply cuts in an effort to bolster flagging prices, Reuters reports. Strengthened Alliance The move is part of the OPEC+ alliance, which includes the Organization of the...

U.S. oil stocks are poised to capitalize on a tightening global crude market as a result of recent developments at the OPEC+ summit. The combination of Saudi Arabia's commitment to implement additional output cuts and the extension of voluntary cutbacks by OPEC+ nations has created a favorable...

OPEC+ has agreed on output cuts into 2024.  On Sunday, Reuters reported that Saudi Arabia's energy ministry will extend its voluntary oil cut of 500,000 barrels per day (bpd) until the end of 2024. Russia has also agreed to extend its voluntary oil production cut of 500...

Haitham Al-Ghais, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), has reportedly said the alliance will welcome Iran's full return to the oil market when sanctions are lifted. Al-Ghais, who is visiting Tehran for the first time, stated Iran has the capacity to...

Saudi Energy Minister, Prince Abdulaziz bin Salman, warned oil speculators to exercise extreme caution in order to avoid being squeezed by the OPEC+ as was the case in April when the cartel enacted an unexpected supply cut. “I keep advising them that they will be ouching, they did ouch...

Despite the sharp declines experienced by oil prices in recent weeks, Goldman Sachs (NYSE: GS) reiterated its forecast for Brent prices of $95 by December 2023 and $100 for April 2024. Supply deficits are expected to surge in the second half of the year, the firm predicts. The...

U.S. markets have been trading in the flat zone over the last two days as investors and traders weighed in on a mixed set of corporate earnings. Next, week Exxon Mobil Corp (NYSE:XOM) and Southwest Airlines Co (NYSE:LUV) are scheduled to report their quarterly earnings. It would be interesting to...