Decline in oil prices due to forecast surplus oil supply
Today the Brent crude oil hit 64.35 per barrel today at6:39, and the US WTI Index reach at $ 64.35. According to the Reuters news agency, Shana reported that the Brent crude oil price yesterday was $64.59, and the US WTI index was $ 58.38. Oil prices fell on Wednesday as the International Energy Agency […]
The price of oil remained in the range of 61 $ to 65 $ in 2020
A research institute predicted that oil prices would remain in the range 61 $ to 65 $ per barrel this year. According to the Gulf Times newspaper, the Research Center Institute announced that the world crude oil price is projected to be in the range for 61 $ to 65 $ the year, with little […]
The impact of the Corona virus on the oil market will be limited
The chair of the meetings of the Organization of Petroleum Exporting Countries (OPEC) announced that the impact of the Corona virus on the oil market would be limited. Algerian Energy Minister Mohammad Arkab and Periodic chairman of OPEC meetings predicted that yesterday the outbreak of the Corona virus in China would have little effect on […]
South Korean oil imports decline in the first month in 2020
South Korean oil imports declined by 2.6 percent in January this year compared to the last year. According to Reuters news agency Seoul, preliminary data released by the Korean Ministry of Commerce, Industry and Energy yesterday showed that the country’s oil imports in January 2020 fell by 2.6 percent compared to the year earlier. It […]
The possibility of an amazing OPEC meeting ahead of schedule
Head of OPEC has informed about the possibility of an amazing meeting of OPEC oil and energy ministers in February. According to Reuters from Cairo, Algerian Energy and Mines Minister Mohammad Arkab and head of the Organization of Petroleum Exporting Countries (OPEC) meetings said on Wednesday: ” It is very likely that the 178th joint […]
The oil market will not soon get rid of the Corona virus
An American bank predicts that oil will not be released from the negative consequences of the Corona virus outbreak before the end of the third quarter in 2020. Bank of America Citigroup downgraded its forecast for oil prices and he said the consequences of the Corona virus would be worse than initially expected, Bloomberg reported. […]
Untimely shock of corona virus to oil demand
Bank of America Goldman Sachs said the corona virus has caused a shock in oil demand. According to Yahoo Finance News, Bank of America Goldman Sachs Damien Courvalin, said in a report: Corona virus damage to oil demand is difficult to estimate. Also he said that prices are now at the level which we expect […]
Corona virus boosts oil exports from the USA to Europe
Corona virus damage to demand in continental Asia increases US oil exports to Europe. Traders and shipping traders have said that as oil demand in the Asian continent declined due to the spread of the Corona virus, US oil exports to the European continent are expected to increase next month, Reuters reported from New York. […]
OPEC production fell to its lowest level in last four months
The unexpected cuts cause total oil production in OPEC member countries in January this year reached its lowest level in last four months. OPEC crude production fells to 600,000 barrels per day in January 2020, because of limited production and unintended decline, bringing its total oil production to its lowest level since the Saudi Aramco […]
The decline in OPEC oil production should be intensified
Algeria has announced that a technical meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies has asked for intensification of the decline in oil production in response to the Corona virus. Algerian Energy Minister Mohammad Arkab said in a statement that the OPEC and Non-OPEC Technical Meeting have suggested extending the current […]