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.
11 July
Oil market News
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A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
23 May
US crude storage demand surges amid expected OPEC+ supply increase
According to data from brokerage firm The Tank Tiger, US crude oil storage demand has surged to near-pandemic levels as traders anticipate increased supply from OPEC+. Reuters reports that OPEC+ accelerated its production increases in June, with further hikes likely in July.
23 May
According to a Moody's Investors Service study, China’s oil demand is expected to peak within the next 3–5 years. Meanwhile, India will maintain its lead in global energy consumption growth through 2030.
23 May
Bloomberg reports that OPEC+ is eyeing a third consecutive hike in oil production for July. The proposal on the table includes an increase of 411,000 barrels per day, which is three times greater than the initial plan.
22 May
Turkey's Energy Minister says there may be large shale oil reserves in the country
Energy Minister Alparslan Bayraktar divulged the finding of shale oil deposits in southeastern Turkey. Estimates from American Continental Resources suggest that the reserves in this field could reach up to 6.1 billion barrels.
22 May
US crude oil inventories grow amid higher imports and lower demand for fuel — EIA
According to yesterday's statements from the Energy Information Administration (EIA), US crude oil inventories showed a significant rise. It happened due to an increase in oil imports to a six-week-high. At the same time, the level of demand for gasoline and distillates showed a decline.
22 May
US Geological Survey identifies large oil deposits in three American states
On Wednesday, the US Interior Department announced the discovery of significant unexplored oil and gas reserves in Wyoming, Utah, and Colorado. The discovery is of particular relevance given Trump's intention to strengthen the country's status as one of the leading energy powers.
22 May
OPEC+ leaders Saudi Arabia and Russia aim to reclaim market share from the United States by boosting shale oil production. Currently, US production is quite vulnerable to price competition, Reuters reports.
22 May
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
21 May
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
21 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.
