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The Latest Breaking News from OPEC

OPEC: We Do Not Target Oil Prices, IEA Should be 'Very Careful'

The International Energy Agency (IEA) should be "very careful" about discouraging investment in the oil industry, which was vital for global economic growth, announced OPEC Secretary General Haitham al-Ghais. Ghais warned that such statements could lead to oil market volatility in the future. He said that the Organization of the…

Asharq Al-Awsat

Oil Rises as Falling US Inventories Refocus Market on Demand

Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling US crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer. Brent crude climbed by 30 cents, or 0.4%, to $81.07 a barrel by 0358 GMT. US…

Asharq Al-Awsat

3 Energy Growth Stocks to Pump Into Your Portfolio

Rising demand for oil and gas amid Chinese economic recovery and production cuts could push oil prices up in the upcoming months. Given this backdrop, quality energy stocks NexTier Oilfield Solutions (NEX), NOW Inc. (DNOW), and NCS Multistage Holdings (NCSM) could be solid portfolio additions now. Read on….

StockNews.com

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Petrol prices fall below $2 per litre, amid oil market uncertainty

Australian motorists are enjoying relief as petrol prices fall from Easter highs after a recent bump in oil prices.

The New Daily

3 Energy Companies Struggling to Meet Demand With Oil Prices

Strong energy demand, driven by a resurgent China, and tight supplies considering surprise production cuts by OPEC+ could push oil prices higher this year. Despite the energy sector’s promising growth prospects, fundamentally weak energy stocks NextDecade (NEXT), Tellurian (TELL), and Camber Energy (CEI) are finding it challenging to stay afloat…

StockNews.com

Crude Oil and the U.S. SPR

The U.S. SPR has dropped steadily and stood at the lowest level since October 1983 on April 14, 2023. The Biden administration authorized an unprecedented SPR release and sale following Russia’s invasion of Ukraine that drove crude oil prices to over $130 per barrel in March 2022, the highest price…

Barchart

Biden’s push to refill the nation’s oil reserve is in limbo as strategists warn of a ‘supercycle’ that could make crude too costly

Refilling the reserve now could be expensive because of high oil prices. But waiting could be risky if there's another oil price shock.

Fortune

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Crude Climbs on Strength in U.S. Manufacturing Activity

June WTI crude oil (CLM23 ) this morning is up +0.47 (+0.61%), and June RBOB gasoline (RBM23 ) is up +1.90 (+0.74%). May Nymex natural gas (NGK23 ) is down -0.038 (-1.69%). Crude oil and gasoline prices this morning are moderately higher. Crude prices found support from today's U.S. news...

Barchart

Electric Vehicle Stocks Take a Beating Following Tesla’s Price Cut

While electric vehicles may be the future of transportation, the sector may suffer from a war of attrition following Tesla’s decision to cut prices for its EVs.

Barchart

IMF: Private Sector Investments Will Drive Saudi Economic Growth

Saudi Arabia’s budget will achieve more financial revenues following a production cut announced by the Kingdom with OPEC and its allies, according to the International Monetary Fund (IMF), thanks to higher crude prices. “The impact on the budget and on the external position relative to what we had projected is…

Asharq Al-Awsat

G7 Coalition to Keep Russian Oil Price Cap at $60

The Group of Seven (G7) coalition will keep a $60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow's revenues. The G7 and Australia made the decision to maintain…

Asharq Al-Awsat

Crude Prices Underpinned by Tighter Global Oil Supplies

May WTI crude oil (CLK23 ) on Friday closed up +0.36 (+0.44%), and May RBOB gasoline (RBJ23 ) closed up +0.42 (+0.15%). Crude oil and gasoline prices Friday posted modest gains. Crude moved higher Friday on the projection from the International Energy Agency for the global oil market to fall...

Barchart

Crude Gains on the Outlook for Tighter Global Oil Supplies

May WTI crude oil (CLK23 ) this morning is up +0.66 (+0.80%), and May RBOB gasoline (RBJ23 ) is down -0.55 (-0.19%). May Nymex natural gas (NGK23 ) is up +0.052 (+2.59%). Crude oil and gasoline prices this morning are mixed. Crude has support on today's projection from the International...

Barchart

Measures sought to rein in airfares

The Airlines Association of Thailand (AAT) is urging the government to lower the fuel tax and operational fees at airports amid concerns over a potential increase in oil prices following the announcement by Opec+ that the group would reduce its output, saying the lower cost burden would eventually help to…

Bangkok Post

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Kiplinger

Why Gas Prices May Rise This Spring

Gas prices are being hit by several factors causing them to tick up this spring.

Barchart

Crude Prices Slip on Concern the U.S. Economy is Slowing

May WTI crude oil (CLK23 ) this morning is down -0.22 (-0.26%), and May RBOB gasoline (RBJ23 ) is down -2.17 (-0.76%). May Nymex natural gas (NGK23 ) is down -0.057 (-2.72%). Crude oil and gasoline prices this morning are moderately lower. Crude prices are under pressure after today's larger-than-expected...

Asharq Al-Awsat

Oil Edges Down on US Recession Risk

Oil prices slipped on Thursday as the prospect of a possible recession in the United States, the world's largest oil consumer, offset concerns of tight supply. Brent crude fell 55 cents, or 0.63%, to $86.78 a barrel by 1352 GMT.

StockNews.com

2 of the Best Energy ETFs to Buy This Week

Amid soaring demand for oil and gas, oil prices appear to be on a positive trajectory. Against this backdrop, strong fundamentals of energy ETFs, Energy Select Sector SPDR ETF (XLE) and Fidelity MSCI Energy Index ETF (FENY), might make them wise portfolio additions this week. Read on….

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Barchart

Q1 2023 and Beyond- Energy

The energy sector of the commodities market includes crude oil, gasoline, heating oil, natural gas, and ethanol contracts that trade on the CME’s NYMEX division. The energy sector led the way on the downside in Q1 2023 with gains in gasoline and ethanol and significant declines in the crude oil,…

The Independent UK

US official: Top Biden aide holds call with MBS on Yemen war

White House national security adviser Jake Sullivan spoke by phone with Saudi Arabian Crown Prince Mohammed bin Salman on Tuesday amid signs that the Saudis and Iran-allied Houthis in Yemen are making “significant progress” toward finding a permanent end to their nine-year conflict

Asharq Al-Awsat

Saudi Arabia to Supply Full Crude Contract Volumes to Asia

Several informed sources said that the giant Saudi Aramco plans to supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, Reuters reported. This comes after the Organization of the Petroleum Exporting Countries (OPEC) and the…

Bangkok Post

'Downside risks' for Asean+3

Soaring energy prices and a stalling US economy have emerged as potential downside risks that could dampen growth in Asean+3 economies, according to the Singapore-based Asean+3 Macroeconomic Research Office (Amro).

Barchart

Crude Mildly Lower on Dollar Strength and Macroeconomic Concerns

May WTI crude oil (CLK23 ) this morning is down -0.29 (-0.36%), and May RBOB gasoline (RBJ23 ) is down -0.27 (-0.10%). May Nymex natural gas (NGK23 ) is up +0.154 (+7.66%). Crude oil and gasoline prices this morning are modestly lower. A stronger dollar today is weighing on energy...

StockNews.com

As Demand for This Industry Surges, This Stock Is Lagging Behind

While the energy sector has been sailing smoothly, junior oil and gas company Reconnaissance Energy (RECAF) has been struggling with declining revenue and profitability. The stock has plummeted more than 20% over the past month. Hence, it could be best avoided. Read more.

Tribune News Service

Kuwait names another new government — the fourth in 8 months

Kuwait named the prime minister’s fourth government in eight months, as the oil-rich OPEC member faces little let-up from political uncertainty and economic malaise.

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