August 13, 2026
Brent slipped to $88.56 after the IEA forecast a 1.6 million barrel-a-day contraction in consumption this year and US crude inventories rose 17.4 million barrels — the largest weekly gain since January 2023.
August 3, 2026
The KSE-100 rose as much as 2,891.83 points, or 1.64 per cent, to an intraday high of 178,985.94 as oil fell nearly 5 per cent on hopes of fresh US-Iran talks. OPEC+ separately raised September output by 188,000 barrels per day.
Extensive oil profits on Tuesday are supported by the latest increase in OPEC+ oil exit to be less than expected, expectations that China will continue to store oil and concerns about possible new sanctions in Russia. Eight members of the oil exporting countries and allies agreed on Sunday to increase production by October by 137,000 barrels a day, lower than the increases of about 550,000 bpd they made for September and August. Brent Sacled increased by 47 cents, or 0.7%, to $ 66.49 a barrel by 0910 GMT, while the US West Texas Intermediate rarked 72 cents or 1.2%to $
Oil prices rose more than $ 1 on Monday, recovering some of last week’s losses, after increased OPEC+production was considered moderate due to concerns about the possibility of more sanctions on Russian crude. OPEC+ made plans to further increase production since October, but the amount was less than some analysts had predicted. Reuters reported earlier this month that members examined another hike. “The market had run in front of this increase in OPEC+,” said Ole Hansen, head of the strategy of basic products in Saxo Bank. “Today we see a classic sale of reputation. Buy the reaction of the event.”
Listen to the article LONDON: Saudi Arabia, Russia and six key members of the OPEC+ alliance said on Sunday that they will increase production by 547,000 barrels a day in a move that analysts say they aim to regain market share amid resistant crude prices. Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, along with the Saudi and Russians-with the nickname of volunteers (V8)-today about 41-42 million barrels a day, Analysts said it was unlikely that there would be a significant impact on prices, with Brent’s reference oil being sold today at about $ 70 a barrel. “The
London/Dubai: OPEC+ agreed to accelerate oil production increases for a second consecutive month, increasing production in June by 411,000 barrels a day, the team said on Saturday, despite reduced prices and expectations of weaker demand. After an electronic meeting that lasts just over an hour, the producer team announced the increase in supply, saying that the basics of the oil market were healthy and the stocks were low. Oil prices have fallen to a four -year low in April below $ 60 per barrel, after OPEC+ announced greater than the expected impulse of production for May and, as US President
November 20, 2024
A man stands next to the logo of the United Nations COP29 climate change conference, in Baku, Azerbaijan, November 20, 2024. — Reuters Al Ghais says governments can pursue targets without shying away from oil. “The Paris Agreement focused on reducing emissions, not on energy source selection.” Scientists say the world is likely to exceed the 1.5°C limit in the early 2030s. BAKU: OPEC Secretary General Haitham Al Ghais told the COP29 climate summit in Baku on Wednesday that crude oil and natural gas are a gift from God and that global warming talks should focus on reducing of emissions
July 25, 2024
WASHINGTON: Democratic US lawmakers on Wednesday introduced a bill to hold energy companies accountable if federal regulators find they colluded with the Organization of the Petroleum Exporting Countries to raise oil prices. The bill, introduced by Sen. Edward Markey and Rep. Nanette Barragan, says that if any energy company is found by the Federal Trade Commission to have colluded with OPEC, it would no longer be eligible for new oil and gas leases on federal lands and waters. What is the background? In May, the FTC accused Pioneer Natural Resources CEO Scott Sheffield of exchanging hundreds of messages with OPEC
June 3, 2024
LONDON/DUBAI: OPEC+ agreed on Sunday to extend most of its deep oil output cuts until 2025 as the group seeks to prop up the market amid tepid demand growth, high interest rates and rising rival U.S. output. Brent crude oil prices have been trading near $80 a barrel in recent days, below what many OPEC+ members need to balance their budgets. Concerns about slow demand growth in top oil importer China have weighed on prices alongside a rise in oil inventories in advanced economies. The Organization of the Petroleum Exporting Countries and its Russia-led allies, collectively known as OPEC+, have
December 13, 2023
DUBAI: Representatives from nearly 200 countries agreed at the COP28 climate summit on Wednesday to begin cutting global fossil fuel consumption to avoid the worst of climate change, a first-of-its-kind agreement signaling the eventual end of the oil era. The agreement reached in Dubai after two weeks of tough negotiations was intended to send a strong message to investors and policymakers that the world is united in its desire to break with fossil fuels, which scientists say is the last best hope to avert climate catastrophe. COP28 President Sultan Al Jaber called the agreement “historic” but added that its real
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