#Brent crude
Production restraint by OPEC+ allies has been more than offset by output growth from US shale firms and other sources
OPEC+ is due to hold an online ministerial meeting to discuss 2024 production targets
Brent crude oil futures dropped 98 cents, or 1.1 per cent, to $89.50 a barrel
To ease oil supply pressure, the US suspended sanctions on OPEC member Venezuela after a Venezuelan government deal with the opposition
The eruption of the Israel-Palestine crisis threatens to derail US efforts to broker a rapprochement between regional powers
Saudi Arabia, Russia will continue with their respective production cuts in a bid to “balance the global oil market”
The drop in value for the Indian currency came against a sharp rise in US dollar value as the American greenback rose to the highest levels in six months
Oil prices rose above $90 a barrel for the first time in 2023 on the back of the announcements made by Saudi Arabia and Russia
It’s the second time the kingdom has extended the oil production cut, which was first announced in June after a meeting of the OPEC+ countries
The impact of a slowdown in Saudi Arabia will be felt across the Middle East and Central Asia
The 23-nation group offered no additional action to buttress the market, but pledged to maintain their existing oil production cuts until the end of 2024
The decision by the Organization of Petroleum Exporting Countries and its allies should hold for at least a few months
The group agreed on October 5 to reduce its collective crude-output target by 2 million barrels
The bank raised its third quarter estimate to $130 a barrel
Brent crude’s climbed 11 per cent since the end of December to above $86 a barrel
Brent crude’s climbed 62 per cent this year to almost $84 a barrel
Oil’s red-hot rally over the first half of the year has been interrupted by delta
The price of Brent crude averaged over $73 a barrel in June
The global oil market recovery is being driven by China and the US, with positive signs emerging from parts of Europe
Saudi Arabia was hit hard last year as a drop in crude prices decimated government revenue while measures to stop the spread of the coronavirus limited economic activity
Aramco also increased pricing for light crude grades to the Mediterranean region
While oil prices have more than doubled since OPEC+ began curbing supplies, Brent crude is still down 36 per cent this year
Saudi Arabia’s economy is expected to contract 4.8 per cent in 2020 before growing by 3.2 per cent next year
Prices jumped 10 per cent last week after Saudi Arabia indicated it would defend the market
Froehlich spent 16 years working at Morgan Stanley in Europe and the Middle East
The Organization of Petroleum Exporting Countries cut production by 1.93 million barrels a day to 22.69 million a day last month
Taqa has 23 gigawatts of power-generation capacity globally, with assets in Canada, Ghana, India, Iraq, the US and several other countries
A surge in cases across the southern and western US is causing states to reinstate measures, threatening the outlook for oil demand
US gasoline futures tumbled the most in two months amid fears that lockdowns may need to be re-imposed
This year, Oman trimmed its budget expenditure and announced liquidity support in an effort to provide some relief from the Covid-19 shock