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World oil market may be tighter than it looks, IEA says IEA sees 2025 demand growth slowing to 700,000 bpd Raises 2025 supply forecast after OPEC+ hike Says price indicators suggest tighter physical market (Reuters) – The world oil market may be tighter than it appears despite a supply and demand balance pointing to a …
World Oil Market May be Tighter Than it Looks, IEA Says Read More »
By Grant Smith OPEC reinforced its view — an outlier even within the petroleum industry — that global oil consumption will keep increasing to the middle of the century. Demand will grow by roughly 19% to reach almost 123 million barrels a day by 2050, the Organization of the Petroleum Exporting Countries said in a …
OPEC Fortifies Outlier View That Oil Demand Will Grow to 2050 Read More »
Summary Brent, WTI rise after 2% loss in previous session IEA describes tight market despite flagging surplus for 2025 Summer travel demand propping up prompt market Trump says he will make a major statement on Russia on Monday (Reuters) – Oil prices edged up on Friday, as investors weighed a tight prompt market against a …
Oil Edges Higher as Investors Weigh Market Outlook Read More »
*Trump budget sharply reduces planned spending of SPR purchases *Emergency stocks at 56% of capacity *Trump has vowed to fill storage ‘right to the top’ By Ron Bousso LONDON, July 10 – U.S. President Donald Trump’s signature budget bill slashed funding for refilling U.S. emergency oil reserves, violating his previous vow to fill them “right …
Trump’s Flip-Flop on Emergency Oil Reserves Has its Merits Read More »
The discount on Western Canada Select to the North American benchmark West Texas Intermediate futures narrowed on Thursday to its tightest discount this month. WCS for August delivery in Hardisty, Alberta, settled at $10 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $10.15 a barrel on Wednesday. * Thursday’s WCS …
Discount on Western Canada Select Narrows to $10 a Barrel Read More »
Summary OPEC says peak demand is not in sight OPEC expects demand to grow for longer than other forecasters Demand growth is slowing in China (Reuters) – OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view, based on rising …
OPEC Trims Oil Demand for Next Four Years, Says No Peak in Sight Read More »
Summary Threat of 50% tariffs on Brazil, copper cloud growth outlook Weaker dollar, U.S. gasoline demand growth provide support OPEC+ actual output unlikely to rise much, even with quota increases – analysts (Reuters) – Oil prices edged lower on Thursday as investors weighed the potential impact of U.S. President Donald Trump’s tariffs on global economic growth. Brent crude …
Oil Edges Down Amid Bearish Trump Tariff Outlook Read More »
(Reuters) – The United States imposed sanctions on 22 companies in Hong Kong, the United Arab Emirates and Turkey on Wednesday for their roles in helping sell Iranian oil, the Treasury Department said. The oil sales benefit Iran’s Islamic Revolutionary Guard Corps’ Quds Force, Iran’s most powerful paramilitary organization, it said. The U.S. has designated …
U.S. Issues Additional Iran-Related Sanctions, Treasury Website Shows Read More »
Summary UAE says stocks not rising despite production increases OPEC+ close to completing voluntary cut unwinding Still has 3.65 mln bpd of other cuts in place OPEC+, majors meet for biennial seminar VIENNA, July 9 (Reuters) – Markets are thirsty for oil because they are absorbing OPEC+ production increases without building inventories, United Arab Emirates …
UAE Says Markets Thirsty for Oil Despite Boosts in OPEC+ Output Read More »
By Stephanie Kelly EIA lowers its 2025 oil production forecast to 13.37 million bpd Geopolitical tensions influence Brent crude price forecast US oil demand to rise slightly in 2025 vs 2024, EIA reports NEW YORK, July 8 (Reuters) – The U.S. will produce less oil in 2025 than previously expected as declining oil prices have …
US to Produce Less Oil in 2025 Than Previously Expected Amid Declining Prices, EIA Says Read More »
