Brent crude oil futures fell 32 cents, or 0.4 per cent, to settle at $79.07 a barrel
The Southern African nation’s announced departure follows its protest against OPEC+’s decision to cut its output quota for 2024
Production restraint by OPEC+ allies has been more than offset by output growth from US shale firms and other sources
A coalition of more than 100 countries have been pushing for an agreement would for the first time promise an eventual end to the oil age
Germany’s state secretary and special envoy for climate action, Jennifer Morgan, said counties were now “moving into the critical stage of negotiations”
The Russian President is due to hold talks with UAE President Sheikh Mohammed bin Zayed Al Nahyan and Saudi Arabia’s Crown Prince Mohammed bin Salman
Members of OPEC+ agreed to make additional voluntary outputs in reduction, but the announced cuts were not as deep as expected.
The fuel price committee reduced the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 7 fils per litre in December
The fuel price committee reduced the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 0.41 fils per litre in November
Oil production tends to vary month by month, making it difficult to fix on a permanent production target
Based on the voluntary cut, the kingdom’s production in December will be approximately nine million barrels per day
The Crescent Petroleum contracts are expected to begin producing 400 million standard cubic feet per day of natural gas within 18 months
The report trimmed its forecasts for total world demand in the current quarter and the first three months of 2024
Saudi Arabia, Russia will continue with their respective production cuts in a bid to “balance the global oil market”
The energy transition will see UAE aiming to become a leading producer and supplier of low-carbon hydrogen as well
The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 3 fils per litre in October
The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 28 fils per litre in September
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
Since July, the kingdom has pledged to implement a unilateral production cut of one million barrels a day on top of existing curbs
Oil has rallied since late June following pledges by OPEC+ countries Saudi Arabia and Russia to cut supply
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
West Texas Intermediate was little changed below $82 a barrel after surging 16 per cent in July
West Texas Intermediate held above $80 a barrel after a run of five weekly gains that lifted prices to the highest since April
The global oil market, climate change, Ukraine’s grains exports and the aluminium sector are among the top commodity markets to keep an eye on this week
OPEC+ nations are engaged in production cuts to balance prices in crude markets
Across the world, where varieties of crude more closely resemble those from Saudi Arabia, prices are shooting up as refineries clamour for alternatives
The UAE will not be undertaking oil supply production cuts even as Saudi Arabia looks to balance the markets
The fund projected that Saudi Arabia would swing to a deficit in 2023 on lower oil revenue
Forecasters predict OPEC+ to keep output steady due to demand in China, and the current curbs, should rapidly deplete world inventories