According to the International Energy Agency (IEA) oil supply forecasts for 2025, the figures will be favorable.

Despite the impact on the sector of low demand from China, the agency “increased its forecast for growth in global oil demand for 2025 to 1.1 million barrels per day, from 990,000 bpd” in November.

This measure is in addition to the three-month delay, until April of this year, by OPEC+ in the start of the increase in oil production and extended by one year, until the end of 2026.

For 2025, the IEA’s outlook “points to an excess supply of 950,000 barrels of oil per day, even excluding the return to higher production quotas.”

M.Pino

Source: larepublica.co

(Reference image source: Maria Lupan on Unsplash)

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La entrada Oil supply to be assured this year apareció primero en Bitfinance.

Saudi Arabia and Russia, members of OPEC+, agreed to maintain the voluntary cut in oil production this November 30. However, the measure could not contain the price drop by 2.8 %, to settle at $82.59 per barrel.

The decline in the value of the barrel “occurred a day after several members of the OPEC+ alliance (OPEC and allies), including Saudi Arabia and Russia, announced, at the end of a teleconference, new voluntary cuts in their supplies for the first quarter of 2024.”

The outlook for the oil market casts uncertainty because not all partners participate in the agreed reductions and those “announced by Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman” are not mandatory, but voluntary.

One day after the OPEC+ meeting, on Friday, December 1, Brent Crude and Texas intermediate oil (WTI), which are the benchmarks in Europe and the United States, suffered falls of 4.7 % and 2.5 % respectively. For this Monday, December 4, the downward trend continued, around 78.4 and 73.5 dollars/barrel.

M.Pino

Source: bancaynegocios

(Reference image source: Patrick Hendry, Unsplash)

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La entrada Crude oil price falls 2.8 % after reduction agreement between Russia and Saudi Arabia apareció primero en Bitfinance.

Venezuela’s oil production rose 9.4 %, rising from 669,000 barrels per day (bpd) to 732,000 bpd in January, according to the Organization of the Petroleum Exporting Countries (OPEC).

Estimates for 2022 were focused on Venezuela exceeding two million bpd. However, it produced an average of 716,000 bpd, which represented an increase of 12.5% ​​compared to 2021, when average crude pumping was 636,000 bpd.

“Expectations that the nation will increase its production improved after the US company Chevron received, last November, the go-ahead to resume the production and extraction of oil or derivatives from joint ventures with the Venezuelan state PDVSA, which, according to economist Víctor Álvarez, will translate into “an increase of at least 125,000 bpd,” according to sources.

Regarding the South American country’s oil production by 2023, the president of the state-owned PDVSA, Pedro Tellechea, is confident that it will improve.

M.Pino

With information from national and international media

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La entrada OPEC assured that Venezuela’s oil production increased 9 % apareció primero en Bitfinance.

The price of a barrel of Brent oil, a benchmark for Europe, exceeded the quota of 91 dollars before the opening of the markets of the Old Continent with an eye on the meeting to be held this week in Vienna by the representatives of the Organization of Countries Oil Exporters (OPEC) and other allied producers, including Russia, which could determine a reduction in the supply of crude oil.

In what will be the first face-to-face meeting of the cartel led by Saudi Arabia and Russia since 2020, oil producers could agree to a reduction of 2 million barrels per day in oil supply, around 2 % of production, in an attempt to support prices in the face of increasing recession prospects.

A decision in this sense by OPEC + would go against the demands from the United States and the EU, although, in practice, its impact on world supply would be low, since several countries are already pumping below their quotas.

Before the opening of the European stock markets, a barrel of Brent oil was trading at 91.84 dollars, with an increase of 0.04%, while in the case of West Texas Intermediate crude (WTI), a benchmark for the United States, the price of a barrel remained stable at 86.53 dollars.

K. Tovar

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Source: Notiamerica

La entrada Barrel of oil stands at 91 dollars apareció primero en Bitfinance.

The price of a barrel of Brent crude, a benchmark for Europe, again exceeded the threshold of 100 dollars on Wednesday, after Saudi Arabia speculated on the possibility of an adjustment in the production of the Organization of Petroleum Exporting Countries (OPEC). ) and waiting to know the inventory data in the United States.

In this way, the price of a barrel of Brent oil reached 100.28 dollars on Wednesday, after falling to 91.52 dollars per unit on August 17.

In the case of West Texas Intermediate (WTI) crude oil, a reference for the United States, the price of a barrel rose to 93.84 dollars, which represents a revaluation of almost 10% since it touched 85.73 dollars last August 16th.

The Organization of the Petroleum Exporting Countries (OPEC) is already producing 2.9 million barrels a day less than its target, according to the sources, complicating any decision on oil production cuts or how to calculate the baseline for a production reduction.

K. Tovar

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Source: TVAzteca

La entrada Oil price goes back above 100 dollars apareció primero en Bitfinance.

The price of a barrel of oil reacted with sharp rises, bringing its price close to the level of 100 dollars, to the decision of the Russian president, Vladimir Putin, to recognize the independence of Donetsk and Lugansk, self-proclaimed republics in 2014, in addition to ordering the Russian Armed Forces to deploy to both territories on a “peacekeeping mission”.

In this way, a barrel of Brent oil, a reference for Europe, became more expensive by more than 4 % at the beginning of trading on Tuesday and reached a price of 97.82 dollars, the highest since the end of September 2014 .

On its side, the price of a barrel of West Texas Intermediate (WTI) crude oil, a reference for the United States, climbed 4.5 % and placed its price at 95.19 dollars.

So far this year, the price of a barrel of Brent has accumulated a rise of more than 23 %, while the price of a barrel of WTI has become almost 27 % more expensive.

The last time a barrel of Brent crude reached the level of 100 dollars was on September 8, 2014, after having remained above that threshold for more than a year.

K. Tovar

Source: Elsoldemexico

La entrada Barrel of oil is approaching 100 dollars apareció primero en Bitfinance.

The price of a barrel of Brent quality oil, a reference for Europe, rose this Tuesday to almost reach 88 dollars, due to less concern about the impact on demand of the omicron variant and the tensions in the Middle East and Eastern Europe , complicating central bankers’ expectations of an upcoming easing of inflationary pressures.

Specifically, the price of a barrel of Brent crude oil was trading at $87.97 this Tuesday, compared to $86.06 at the close of yesterday’s session, which represents the highest cost since mid-October 2014.

On his side, the price of a barrel of West Texas Intermediate (WTI) oil reached a maximum of 85.66 dollars, compared to 83.82 dollars of the last closing.

So far this year, a barrel of Brent has risen in value by 11%, while WTI crude, the reference for the United States, has become almost 14% more expensive.

Source: dpa

La entrada Barrel of oil reaches 88 dollars apareció primero en Bitfinance.

The price of a barrel of oil registered a strong advance both in its Brent variety, the reference for Europe, and in the West Texas Intermediate (WTI), the reference for the United States.

In the case of Brent oil, the price of a barrel rose this Tuesday to $ 71.33, almost 3 % more than Monday’s close, thus registering its highest price since last March.

On his side, the price of a barrel of WTI crude reached $ 68.83, its best price since October 2018.

So far this year, a barrel of Brent has appreciated 40%, while Texas crude accumulates a rise of almost 42 %.

The OPEC + countries, led by Saudi Arabia and Russia, spoke in a video conference on the roadmap for the normalization of oil markets.

At its meeting last April, the cartel agreed on a plan to increase the pumping of crude oil by 2.1 million barrels a day between the months of May and July.

A year ago, in response to the oil price collapse, OPEC + members agreed to reduce their production by 9.7 million barrels a day, easing the adjustment later to 7.2 million barrels this year, while forecasting that in July it is of about 5.8 million barrels.

K. Tovar

Source: El País

La entrada Oil price registers a rise apareció primero en Bitfinance.