EIA

Oil prices witness notable increase before OPEC meeting

Vienna - Muslimchronicle

Oil prices were at rise on Friday, as traders waited to see whether major oil- producing countries planned to meet in Vienna would extend production cuts to reduce the global crude glut. International benchmark Brent crude futures were at $56.51 a barrel at 0644 GMT, up 0.14 percent from their last close. While US West Texas Intermediate (WTI) crude futuresRead more

Crude prices hit 11-day low

London - Arab Today

Oil prices hit their lowest in 11 days on Tuesday on news that US shale oil output in May is expected to post the biggest monthly increase in more than two years, fueling concerns that US production growth is undermining efforts to cut oversupply. US government drilling data showed shale production next month was set to rise to 5.19 millionRead more

Global Energy News

Beijing - Arab Today

China plans to establish a fuel-trading platform in Zhejiang Free-Trade Zone. The planned international oil-product trading center will cover spot trading and start futures business when conditions are met, according to a statement posted on the central government’s website on March 31. China will allow crude imports and use by two or three companies in the free-trade zone. It willRead more

US natural gas prices rise to limit summer power burn

London - Arab Today

The US gas market is looking a little tight despite another record warm winter that limited heating demand. Growing structural consumption from electric power producers as well as increasing exports are significantly changing the balance between supply and demand. Consumption (including exports) is now running higher for any given level of heating and cooling demand with the result the marketRead more

Oil price seen struggling as US output undermines OPEC cuts

London - Arab Today

Oil analysts have grown more unsure that the Organization of the Petroleum Exporting Countries’ (OPEC) supply cut will be enough to offset the increase in US production and do not believe prices will reach $60 a barrel until early next year, according to a Reuters poll on Friday. Brent crude is expected to average $57.25 per barrel in 2017, slightlyRead more

US oil production forecasts revised higher

London - Arab Today

US oil production forecasts for 2017 and 2018 have been boosted significantly as a result of rising prices as well as improved modeling techniques for predicting output down to the well level. Crude production is expected to reach 9.53 million barrels per day (bpd) in December 2017, according to the latest forecasts from the US Energy Information Administration (EIA). ForecastRead more

US shale producers renew their challenge to OPEC

London - Arab Today

US crude oil production appears to be rising strongly thanks to increased shale drilling as well as rising offshore output from the Gulf of Mexico. Production averaged almost 9 million barrels per day (bpd) in the four weeks to Feb. 24, according to the latest weekly estimates published by the Energy Information Administration (EIA). Production has been on an upwardRead more

Oil gains on supply cuts to rise for five of seven sessions

Singapore - Arab Today

Oil prices rose on Monday, with the market set to rise for five of seven sessions as a global supply glut appears to ease, but rising US production limited gains. Brent crude oil climbed 0.8 percent to $56.44 per barrel by 0740 GMT, while US West Texas Intermediate (WTI) added 0.7 percent to $54.35 a barrel. Oil prices tumbled onRead more

Oil pulls back after brief rally

New York - Arab Today

Oil turned negative Wednesday, as falling gasoline futures weighed down crude prices on concerns that oversupply in the US would limit the effect of the Organization of the Petroleum Exporting Countries’ (OPEC) record compliance with its supply-cut accord. US crude stocks rose 9.5 million barrels last week, the US Energy Information Administration (EIA) said, nearly three times more than forecast,Read more

Oil prices down 1%

New York - Arab Today

Oil fell 1 percent on Wednesday on growing doubts that OPEC would cut production enough to drain a global glut, although prices bounced off session lows, with Brent returning above $50 a barrel after the US government reported a surprise drawdown in crude inventories. US crude stockpiles fell 553,000 barrels last week, the US Energy Information Administration (EIA) said, aRead more