The OPEC+ group lifted its production in August, but underinvestment and maintenance work has hampered the group’s ability to raise production—and supply could be insufficient to meet the world’s growing oil demand, Reuters suggested on Tuesday. Global oil demand has recently risen to near-record levels as global activity picks up steam despite the pandemic. In

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 5.437 million barrels for the week ending September 10. It exceeded the analyst expectations who had estimated a loss of 3.903 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 2.882

Asian LNG prices soared towards $20 per million British thermal units (mmBtu) this week as supply constraints in Europe provided competition for Asian buyers. The average LNG price for October delivery into Northeast Asia was estimated at about $19.90 per metric million British thermal units (mmBtu), up $2.70 from the previous week, industry sources said.

Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida. West Texas Intermediate fell 0.8% in New York and is down about 7% this month. While Gulf of Mexico crude producers are expected to gradually

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 1.622 million barrels for the week ending August 20, bringing the total 2021 crude draw so far to more than 58 million barrels, using API data. Analysts had expected a loss of 2.367 million barrels for the week. In the

OPEC’s total petroleum production in the second half of this year is now set to be 600,000 barrels per day (bpd) lower than previous forecasts because of lower-than-expected ramp-up in output, the U.S. Energy Information Administration (EIA) said on Wednesday. The EIA revised down its estimate for OPEC’s production in the August Short-Term Energy Outlook

Asian shares fought back from early losses on Monday as sharp falls in gold and oil prices briefly spooked sentiment, while the dollar reached four-month highs on the euro after an upbeat U.S. jobs report lifted bond yields. Markets were shaken early by a sudden dive in gold as a break of $1,750 triggered stop

Investors poured more money than ever into renewable energy in the first half of the year, but the pace is far from enough to sufficiently curb increasing carbon emissions. As much as $174 billion was spent on solar, offshore wind and other green technologies and companies in the period, according to data from BloombergNEF. While

Oil prices are marching higher after an industry report identified a decline in U.S. fuel and crude stockpiles. West Texas Intermediate futures rose1.2% to trade above $72 U.S. a barrel after slipping for a second consecutive session on Tuesday (July 27). The increase comes after the American Petroleum Institute reported a 6.23-million-barrel weekly drop in

The US oil price tumbled more than six percent Monday, a day after producers decided to increase output and as stock markets slumped with surging Covid cases threatening economic recovery. The benchmark US crude contract, WTI, was down by 6.1 percent at $67.42 per barrel around 1435 GMT. Europe’s Brent North Sea shed 5.4 percent