Dampening Asian demand cools crude oil prices

New restrictions to fight the Delta variant will slow demand growth in the second half of 2021

Dampening Asian demand cools crude oil pricesInteresting moves are being made on the global energy chessboard. In an unexpected move, Saudi Arabia announced it would slash its official selling prices (OSPs) for oil exports to Asia in October. The price cut was more than expected. Saudi Aramco, the state-controlled oil giant, said in a statement on Sept. 5 that the official…

Blowing in a fierce wind: Why crude oil prices are declining

Non-fundamental factors appear to be controlling crude oil market patterns

Blowing in a fierce wind: Why crude oil prices are decliningA number of major events weighed on global oil markets throughout last week. Those factors included: Hurricane Ida; the United States Federal Reserve delaying the tapering off of its economic stimulus; the decision of the Organization of the Petroleum Exporting Countries and its allies in OPEC+ to stick to their original output increments; the rising…

Delta variant hammering crude oil prices

Asia’s market is softening

Delta variant hammering crude oil pricesThe crude oil rally is stuttering. Having ceded some 15 per cent in prices in recent months, the rally we saw earlier this year has lost steam. Despite talk of growing demand, tightening markets, galloping prices and the call by U.S. President Joe Biden to the Organization of Petroleum Exporting Countries and their allies in…

Chinese demand drives world oil markets

Global markets’ overdependence on China backfires as COVID resurgence forces travel restrictions

Chinese demand drives world oil marketsChina has been the sole driver of the global crude oil markets for years. Its growing crude thirst has, time and again, pulled the markets up. Last year, while crude markets were touching the ebb, even going into negative territory, “Chinese buyers dragged oil prices out of the doldrums single-handedly as they stocked up on…

Rushing to cash in on oil as global demand drops

Oil producers are facing a structural transformation in the market

Rushing to cash in on oil as global demand dropsThe global crude oil market is undergoing a structural transformation. In its recent Monthly Energy Review, the U.S. Energy Information Administration (EIA) pointed out a sharp decline in United States energy intensity – the energy consumption per unit of gross domestic product (GDP). In crude oil terms, the contribution of each unit of energy to…

With Iranian nuclear deal uncertain, crude oil prices rise

The summer driving season is upon us and Americans are hitting the road in much larger numbers than a year ago

With Iranian nuclear deal uncertain, crude oil prices riseCrude oil markets face an interesting mix of influences. While the COVID-19 Delta variant continues to affect the markets, conflicting signals seem to push oil prices in the opposite direction. Reports confirm that American oil consumption is rushing back much faster from the pandemic slump than initially predicted. The summer driving season is upon us…

Crude oil markets remain unsettled

Declining Chinese demand, a rising rig count in the United States and a devastating resurgence of COVID-19 in Asia all play a role

Crude oil markets remain unsettledIt has been a fluctuating week for the oil markets. In the immediate aftermath of the agreement within the Organization of Petroleum Exporting Countries and their allies in OPEC+, crude prices fell by a devastating seven per cent on July 19. However, with signs of demand holding despite the spread of the Delta COVID-19 variant,…

Oil markets feel pinch from renewed COVID-19 outbreaks

All eyes are focused on Saudi Arabia. Will it continue to single-handedly maintain stability in the markets?

Oil markets feel pinch from renewed COVID-19 outbreaksUncertainty has overtaken the crude oil markets again for several reasons. Since March, crude oil markets have mostly been ascending. But prices declined last week by a greater margin than any time in the last four-plus months. And the resurgence of COVID-19 in many parts of the world is clouding the near-term future of oil.…

OPEC dispute sends oil market reeling

U.A.E. prepares for a post-oil world, endeavouring to make the best of the oil it has before demand shrinks for good

OPEC dispute sends oil market reelingCrude oil markets have left a confused picture and observers can’t decipher where prices will stabilize. In the immediate aftermath of the Organization of Petroleum Exporting Countries (OPEC) fiasco last week, oil prices were on a slippery slope. OPEC+ ministers halted crude oil output talks on July 5 after the United Arab Emirates rejected a…

Saudi Arabia losing its clout within OPEC+ and the Middle East

As OPEC+ talks to increase crude oil production stall, the Saudis seem to have lost a key ally in the United Arab Emirates

Saudi Arabia losing its clout within OPEC+ and the Middle EastAdrenalin never stops flowing in the oil business. Dull moments are rare. The emerging scenario among the Organization of Petroleum Exporting Countries and their allies in the expanded OPEC+ is no different. The group was on the verge of finalizing a deal on Thursday to increase its crude output by two million barrels per day…
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