US Sees Small Global Oil Deficit in 2025
The U.S. reversed its forecast for a crude glut next year and is now calling for a small oil-market deficit.
Chevron Slows Permian Growth in Hurdle to Trump Oil Plan
Chevron plans to slow production growth in the biggest U.S. oil field next year in the most definitive sign yet that President-elect Donald Trump faces an uphill battle to ramp up energy output.
Members of OPEC+ Postpone Production Increases
FRANKFURT, Germany — Eight members of OPEC+ decided Dec. 5 to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries.
Volatility Retreats in Crude Oil Market
With OPEC+ set to make a pivotal decision on production policy, oil prices remain resolutely rangebound, even with a second Donald Trump presidency imminent.
OPEC+ Firms Up Deal for Three-Month Delay to Output Hike
OPEC+ is making progress toward an agreement to delay its oil-production revival by another three months, delegates said.
December 3, 2024OPEC+ Has Little Room to Revive Oil Supply, Official Says
OPEC+ has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the U.S. shale industry, Iran’s representative to the group said.
OPEC+ Shifts to Virtual Meeting as Oil Futures Slide
It’s the third time in a row that the group led by Saudi Arabia and Russia has turned a gathering scheduled for its Vienna headquarters into a virtual session.
November 25, 2024Global Oil Market Faces a Million-Barrel Glut Next Year
Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, the International Energy Agency said.
OPEC Cuts Global Oil Demand Growth Forecasts Again
OPEC cut its oil demand growth forecasts for this year and next for a fourth consecutive month as it belatedly recognized a slowdown in top consumer China.
Big Oil Chiefs See Middle East, China as Top Concerns
Escalating tensions in the Middle East and U.S. relations with China pose the greatest concerns for Big Oil, according to some of the industry’s top executives.
November 4, 2024