OPEC+ agreed on Sunday to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the US-Israeli war with Iran. The war has effectively shut the Strait of Hormuz – the world’s most […]
OPEC
Oil prices drop 4% as US-Iran talks ease geopolitical tensions
LONDON: Oil prices fell sharply on Monday after US President Donald Trump indicated that Iran was “seriously talking” with Washington, suggesting a potential de-escalation in tensions that had previously pushed crude to multi-month highs. Read More: Oil holds near six-month high amid US-Iran tensions Brent crude futures declined $2.81, or 4.1%, to $66.51 per barrel, while […]
OPEC+ agrees to keep oil output pause for March, sources say
OPEC+ has agreed in principle to keep its planned pause on oil output increases for March when it meets later on Sunday, according to three delegates and a draft statement seen by Reuters, even after crude prices hit six-month highs on concern the U.S. could launch a military strike on OPEC member Iran. The meeting […]
Oil prices jump as US ramps up pressure on Iran
Here’s a neutral, newsroom-ready package based on your report: Title News story (≈300 words) Oil prices climbed about 3 per cent on Friday, reaching their highest levels in more than a week, after the United States intensified pressure on Iran by imposing fresh sanctions and announcing the deployment of a naval “armada” to the Middle […]
OPEC+ quota shake-up sparks Gulf oil investment race
OPEC+ announced a new system to set oil production quotas, aiming to reward investment and stabilize markets. The Maximum Sustainable Capacity (MSC) mechanism will assess members’ production potential for 2027. Gulf producers and other members are expected to increase spending to expand output under the new system. The MSC review runs from January to September […]
Trump confirms call with Maduro as tensions escalate
CARACAS: US President Donald Trump confirmed on Sunday that he had recently spoken with Venezuelan President Nicolas Maduro, as tensions between the two countries reached a new peak. Read More: Trump says Venezuela airspace should be considered ‘closed’ The revelation came amid a significant US military buildup in the Caribbean and accusations from Caracas that Washington […]
Oil prices rise
SINGAPORE – Oil prices climbed on Monday as optimism grew that the U.S. government shutdown could soon end, boosting demand in the world’s top oil consumer and offsetting concerns about rising global supplies. Brent crude futures increased 47 cents, or 0.74%, to $64.10 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 50 cents, […]
Oil edges up but set for second week of losses
SINGAPORE: Oil prices rose slightly on Friday after three days of declines, as markets remained cautious over excess supply and slowing demand in the U.S., though Brent and WTI are on track for a second consecutive week of losses. Brent crude futures increased 21 cents, or 0.33%, to $63.59 a barrel, while U.S. West Texas […]
Oil prices edge higher as oversupply worries ease
TOKYO/BEIJING – Oil prices rose slightly on Thursday as concerns about global oversupply eased following recent market pressure from weaker demand. Brent crude futures climbed 17 cents, or 0.27%, to $63.69 a barrel, while US West Texas Intermediate (WTI) futures increased 18 cents, or 0.3%, to $59.78. The modest rebound came after oil prices hit […]
Crude oil prices edged lower on Wednesday
BEIJING – Oil prices dropped slightly on Wednesday as global markets slumped and the US dollar strengthened, while traders evaluated the outlook for supply amid new OPEC+ production adjustments. Brent crude futures fell by 6 cents, or 0.09%, to $64.38 a barrel by 0706 GMT, after hitting a near two-week low in the previous session. US […]