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Summary IEA raises oil demand growth forecast for 2025 EU sanctions target ‘shadow fleet’ carrying Russian oil US gasoline, distillate stocks up more than expected last week (Reuters) – Oil prices were little changed on Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. …
Oil Little Changed as IEA Surplus Forecast Offsets Rate Cut Optimism Read More »
(Reuters) – U.S. crude inventories fell for the third time in a row, while fuel stockpiles rose in the week ending December 6, the Energy Information Administration (EIA) said on Wednesday, as refinery activity remained seasonally strong. Crude inventories fell by 1.4 million barrels to 422 million barrels, the EIA said, compared with analysts’ expectations …
US Crude Stocks Fall, Fuel Inventories Rise on Robust Refining, EIA Says Read More »
Kuwaiti’s tenure as OPEC’s top official extended to mid-2028 OPEC+ delayed output restart last week to defend oil prices OPEC appointed Haitham Al-Ghais for a second three-year term as its secretary-general, extending his tenure until mid-2028. The Kuwaiti oil executive has been the top official at the Organization of Petroleum Exporting Countries since mid-2022. OPEC and its allies agreed …
OPEC Gives Haitham Al-Ghais Second Term as Secretary-General Read More »
Global demand to exceed output by 100,000 barrels a day IEA last month forecast 1 million barrel-a-day surplus The US reversed its forecast for a crude glut next year and is now calling for a small oil-market deficit. Global oil consumption should exceed output by 100,000 barrels a day in 2025, according to a monthly report from …
U.S. Sees Small Global Oil Deficit in 2025 in Outlook Reversal Read More »
Bloomberg News Police vans cordoned off Berlin’s Adlon Kempinski hotel Tuesday as environmental protesters attempted to disrupt an energy conference, splashing green paint against the side entrance of the luxury venue by the Brandenburg Gate. Inside, the global liquefied natural gas industry gathered to debate its future. Having largely turned the page on energy price …
LNG Seeks a Future Under Mounting Climate Pressure Read More »
The U.S. government is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House, Bloomberg News reported on Tuesday. The details of the new measures are not yet finalized but President Joe Biden’s team was considering …
(Reuters) – Oil prices climbed 1% on Wednesday as market participants anticipated a rise in demand from top importer China following Beijing’s latest plans to boost economic growth. Brent crude futures gained 75 cents, or 1.04%%, to $72.94 a barrel by 1011 GMT, while U.S. West Texas Intermediate crude futures rose 75 cents, or 1.09%, …
Oil Prices Rise as China’s Policy Easing Fuels Demand Hopes Read More »
(Reuters) – U.S. power producers have raised total generation to new highs in 2024, fuelled mainly by record natural gas-fired output alongside a sharp jump in generation from renewable sources. Natural gas plants remain the key pillar of U.S. generation, accounting for a record 42% of total power production from January through November, according to …
Gassier But Cleaner US Power System Hits New Output Record in 2024 Read More »
(Reuters) – Average U.S. gasoline prices fell below $3 a gallon for the first time in over three years on Monday, extending a run of bargains at the pump for consumers who have faced soaring inflation in recent years. Fuel prices have been declining steadily since the end of the peak summer driving season, helping boost …
US Average Gasoline Price Drops Below $3 a Gallon for the First Time Since 2021 Read More »
Summary Oil keeps most of Monday’s gains with hopes for China stimulus Syria rebels set up government; banks, oil sector to reopen Tuesday China: first annual crude import growth in seven months (Reuters) – Oil prices slipped on Tuesday as concerns eased about the fallout from the overthrow of Syria’s president, despite support from China’s …
Oil Prices Ease, But China Policy Stance Checks Losses Read More »
