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OPEC Sets The Stage For New Output Cuts | OilPrice.com

Biden’s “hard-won”, post Saudi fist-bump OPEC output boost of 100K barrels may end up being not only the smallest on record, but also the shortest. In its latest monthly report, OPEC revealed that it expects global oil markets to tip into surplus this quarter as it downgraded the outlook for demand and bolstered estimates for rival …

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Oil Prices Refinery

Dodgy Demand Data? The Oil Price Collapse Conspiracy | OilPrice.com

WTI crude oil prices fell to their lowest point since early February on Thursday, giving up virtually all gains since Russia invaded Ukraine. WTI crude for September delivery tumbled -1.5% to close at $89.26/bbl while Brent crude for October delivery fell -2.1% to $94.71/bbl. WTI crude has lost ~9.5% over the course of the week, …

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OPEC

OPEC’s Lackluster Quota Hike Won’t Solve Oil Market Tightness | OilPrice.com

Yesterday, OPEC and its partners led by Russia agreed to increase their combined oil production by 100,000 bpd in September. Reports note that the decision follows calls from the U.S. and other big consumers for more oil. However, 100,000 additional barrels daily will probably not be enough to lower prices much further. The production increase …

OPEC’s Lackluster Quota Hike Won’t Solve Oil Market Tightness | OilPrice.com Read More »

Oil Inventories

Demand Destruction Could Help America Refill Its Oil Inventories | OilPrice.com

U.S. petroleum inventories are still sitting at multi-year lows for this time of the year despite record releases from the Strategic Petroleum Reserve (SPR), reports of weakening gasoline demand over the past weeks because of high prices, and a slowing economy.   Commercial crude and product stockpiles have failed to rebuild over the last few months, …

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