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Oil prices rose Thursday even as major crude producers agreed to boost output by more than the usual amount following an EU ban on Russian imports. European shares closed higher, with Paris leading the way at 1.3 percent and Frankfurt rising 1.0 percent. London’s FTSE 100 was shut for a holiday. Wall Street stocks were little changed early on following mixed labour data and a Microsoft earnings warning, but they edged slightly higher in later […]
by Anne BEADE, with Emeline Burckel in London Agence France Presse VIENNA, Austria (AFP) — OPEC+ members meeting on Thursday are expected to agree a marginal increase in oil production, bolstered by risks to demand amid coronavirus restrictions in China. Russia’s invasion of Ukraine has also added to supply concerns, which have increased with Europe’s announced moves on a potential Russian oil embargo. Prices soared on Wednesday, with Brent North Sea crude closing above […]
DUBAI, United Arab Emirates (AFP) — The United Arab Emirates on Monday urged Western countries to be “reasonable” in their expectations, underlining its commitment to the global OPEC+ energy alliance. The grouping of the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, is an “alliance to stay”. “We always believe that whatever we do as countries, when it comes to production and this work, it […]
FRANKFURT, Germany (AFP) – German Economy Minister Robert Habeck on Tuesday issued an “urgent appeal” to OPEC oil producers to ramp up output following a spike in prices and supply fears due to the Ukraine crisis. Habeck called on top oil producing nations to “increase production in order to create relief on the market”. “That would be a contribution” to easing the stress on firms and households, he said at a Berlin press conference, adding […]
by Emeline BURCKEL Agence France-Presse LONDON, United Kingdom (AFP) – The world’s top oil-producing countries will meet on Wednesday to discuss a further increase in output, while crude prices have reached seven-year highs rattled by geopolitical tensions. Part of their regular meetings since the Covid-19 pandemic shook markets, the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies convene by videoconference to set output. Many analysts expect the grouping, […]
by Joseph SOTINEL LONDON, United Kingdom (AFP) — Major oil-producing countries are expected to maintain on Tuesday their course of modestly boosting output as the rapidly spreading Omicron variant has so far not heavily hit demand. The so-called OPEC+ grouping, including top producers Saudi Arabia and Russia, has withstood pressure to more widely open the taps though high energy prices are fuelling a surge in inflation across the world. The 13 members of the Organization […]
by Benoît PELEGRIN LONDON, United Kingdom (AFP) — Major oil producers are due to meet Thursday to decide on output levels from January onwards, which could be frozen as the new Covid variant Omicron sparks turmoil. The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to rein in surging energy prices. The emergence of the new variant has further complicated the equation, leading to countries […]
PARIS, France (AFP) — OPEC lowered its world oil demand forecast for 2021 on Thursday, citing weaker demand in major consumers China and India, and an expected hit from high energy prices. In a monthly report, the cartel of major oil producers cut its forecast by around 160,000 barrels per day. Global demand for 2021 is now forecast to reach 96.4 million barrels per day. “Revisions were mainly to account for slower than anticipated demand […]
VIENNA, Austria (AFP) – OPEC said Tuesday it expects oil demand to rise between now and 2045, and remain the dominant source of energy despite warnings that it must fall to combat climate change. The cartel’s world oil outlook goes against the vision of the International Energy Agency, which warned in May that demand must fall over the next decades for the world to meet its climate goals. Oil demand and prices fell sharply as […]
by Heather SCOTT WASHINGTON, United States (AFP) — US consumer prices jumped again in July, as spiking gasoline prices continue to fuel inflation, prompting the White House on Wednesday to call for oil producers to open the taps to boost supply. However, overall inflation came in at a slower pace than the prior month as some impacts of the pandemic shutdowns appeared to dissipate, according to government data released Wednesday. President Joe Biden hailed the […]
by Benoît PELEGRIN LONDON, United Kingdom (AFP) — The OPEC+ group of oil-producing countries are to meet Thursday and are expected to agree to boost output in August to meet demand and limit recent price rises. The cost of crude oil has surged back to levels last seen in October 2018, which would normally support arguments in favour of boosting production. India, the world’s third-largest consumer of crude, has urged OPEC+ to phase out its […]
by Jean-Baptiste OUBRIER Agence France-Presse LONDON, United Kingdom (AFP) — Global oil demand might have already peaked and will likely not stop falling for the next 30 years, hit by virus fallout and moves towards greener energy, Britain’s BP predicted Monday. At the same time, the oil cartel OPEC has revised its forecast for global demand lower this year and next for essentially the same reasons. London-listed oil giant BP, which is seeking to achieve […]
