According to five different trade sources cited by Reuters, Saudi Arabia's crude oil exports to China will rise to their highest level in two years in August.
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Oil market News
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Oil prices rise amid supply cuts from Iran and Canada
Oil prices increased during early Asian trading on Tuesday due to concerns over reduced global fuel supplies, Reuters reported. The changes were driven by Iran’s possible rejection of the US nuclear deal and wildfires in Canada.
3 June
According to the Bank of America (BofA) model, market participants remain bearish on the dollar, particularly against the euro and the British pound.
2 June
Wildfires in Canada lead to significant oil production cuts
Wildfires in Western Canada have forced the evacuation of oil production facilities in Northern Alberta. According to Bloomberg, the blasting in the Cold Lake area threatens national enterprises and forces them to reduce fuel output in the country.
2 June
Saudi Arabia secured an agreement from all OPEC+ countries for a third consecutive significant increase in oil production, despite resistance from Russia and its allies. The kingdom decided to lower energy prices to influence quota violators and regain its share of the global market.
2 June
Morgan Stanley suggests that OPEC+'s previous oil production cuts may be phased out by October
According to Morgan Stanley, OPEC+ will announce three more production increases this year, putting oil prices under additional downward pressure. The bank suggests that the previous volume of voluntary production cuts, totaling 2.2 million barrels per day, may be completely phased out by October.
2 June
Goldman Sachs Group Inc. expects OPEC+ to increase oil production volumes for the fourth time in August. These forecasts differ from the bank's previous position when experts anticipated a possible pause in production growth after the recent alliance representatives' meeting.
2 June
Oil prices rising amid geopolitical risks despite OPEC+ supply growth
On Monday, the oil price is rising on the back of mounting geopolitical and trade risks that intensified over the past weekend. Meanwhile, the announced increase in OPEC+ crude production by 411 thousand barrels per day fell short of the most pessimistic forecasts.
2 June
A decrease of the indicator value may contribute to the fall in quotes of WTI, Brent.
30 May
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
30 May
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
30 May
News on oil prices is not just information for specialists. This is an important signal for every experienced trader. This section of the website will help you understand when there’s a "Strong buy" signal for oil and when it is a "Strong sell" signal.
Oil price movements are more than just charts on a screen. It is one of the key drivers of the global economy. Understanding these dynamics helps in making rational decisions and adapting to changes.
What determines oil prices?
- Global events. Political crises, conflicts, and agreements between producing countries have a huge impact on oil prices.
- Supply and demand. When many consumers try to buy oil that is in deficit – the prices go up. Otherwise, when supply is greater than demand, the prices go down.
- Russia and Saudi Arabia. These countries are among the leading oil producers. Their decisions on oil output have a direct impact on the global market.
- OPEC. This is a group of oil-producing countries. Their agreements on production cuts are aided at stabilizing prices.
- Alternative energy sources. The development of solar, wind, and other power stations can weaken the countries' dependence on oil and put pressure on its prices.
- Electric cars. The increasing popularity of electric cars reduces the need for gasoline and, consequently, for crude oil.
- Global tensions. Oil is a strategic resource. Geopolitical events can affect its production and prices.
- Environmental constraints. Rising environmental awareness may reduce demand for oil, affecting its price.
Why follow the latest oil news?
- To make informed investment decisions. Being aware of the oil industry news helps you make conscious choices.
- To assess the impact on the economy. Oil prices can affect inflation, economic growth, and even our wages.
