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The IEA has downgraded its oil demand growth estimates slightly for this year to 1.9 million bpd and by 470,000 bpd in 2023 to 1.7 million bpd

Oil prices rise on low diesel stocks ahead of winter

Oil prices traded about $1 higher today, reversing course as low levels of diesel inventory ahead of winter helped investors shrug off higher-than-expected stocks of crude and gasoline.

Business • 13 Oct 22

OPEC has cut its 2022 global economic growth forecast to 2.7% from 3.1%

OPEC cuts oil demand growth view as economy slows

OPEC has today cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year's figure, citing slowing economies, the resurgence of China's COVID-19 containment measures and high inflation.

Business • 12 Oct 22

Oil falls as strong dollar and recession fears weigh

Oil futures fell today as a gloomy economic outlook and a strong dollar outweighed supply concerns stemming from last week's OPEC+ cut to its production target.

Business • 12 Oct 22

Brent and WTI posted their biggest percentage gains since March after the OPEC+ reduction was announced

Oil steady, supply tightness duels with recession fear

Oil prices steadied today, recovering from earlier losses, as investors weighed potentially tight supply against economic storm clouds that could foreshadow a global recession and erosion of fuel demand.

Business • 10 Oct 22

The deal to cut oil output comes ahead of a European Union embargo on Russian oil

Oil near 3-week highs after OPEC+ agrees to cut output

Oil prices held near three-week highs today after OPEC+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrel per day (bpd), the largest reduction since 2020.

Business • 06 Oct 22

The US is pushing OPEC+ producers to avoid making deep cuts, sources say

Oil rises as OPEC+ agrees to deep cuts

Oil rose about 1% today, as OPEC+ agreed to its deepest cuts to production since the 2020 Covid pandemic, despite a tight market and opposition to cuts from the United States and others.

Business • 05 Oct 22

OPEC+ is expected to agree to a large cut in crude output when it meets tomorrow offset concerns about the global economy

Oil edges up ahead of OPEC+ meeting to discuss cuts

Oil prices rose almost $2 today on expectations of a large cut in crude output from the OPEC+ producer group while strong demand and looming sanctions on Russian oil also supported.

Business • 04 Oct 22

Oil prices have tumbled for four months in a row since June

Oil jumps as OPEC+ weighs biggest output cut since 2020

Oil prices jumped $3 a barrel today as OPEC+ considered reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the Covid-19 pandemic.

Business • 03 Oct 22

Oil prices were shored up by a drop in the dollar from 20-year highs earlier in the week

Oil set for weekly gain as OPEC+ considers output cut

Oil prices edged lower today but were on track for their first weekly gain in five on Friday, underpinned by the possibility that OPEC+ will agree to cut crude output when it meets on October 5.

Business • 30 Sep 22

Oil prices have stabilised after an IEA report published today

Oil prices stabilise on IEA demand outlook

Oil prices stabilised today, after dropping by more than $1 earlier in the session, following signs of bullish demand in an International Energy Agency (IEA) report.

Business • 14 Sep 22

An OPEC+ deal to cut output by 100,000 barrels a day in October was seen as a largely symbolic move to bolster prices after the market's recent slide

Oil prices inch lower on symbolic OPEC+ output cut

Oil prices edged lower today, paring gains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to bolster prices after the market's recent slide.

Business • 06 Sep 22

Investors eye possible moves by OPEC+ producers to cut output and support prices at a meeting later today

Oil prices jump more than $2 ahead of OPEC+ meeting

Oil prices jumped over $1 a barrel today, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later today.

Business • 05 Sep 22

Brent was headed for a weekly drop of nearly 7%, and WTI was on track to fall about 5% for the week

Oil prices rally ahead of OPEC+ meeting next week

Oil prices climbed today on bets that OPEC+ will discuss output cuts at a meeting on September 5.

Business • 02 Sep 22

Expectations that OPEC would cut output if needed to support prices are supporting oil prices today

Oil edges higher on prospect of OPEC+ supply cut

Oil edged higher today to extend last week's gains as potential OPEC+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth.

Business • 29 Aug 22

Oil prices are steady today as producer group OPEC+ raised the prospects of curbing oil supplies

Oil prices firm on possible OPEC+ supply cut

Oil prices eased today in volatile trade as investors braced for the possible return of sanctioned Iranian oil exports to the market and on worries that rising U.S. interest rates would weaken fuel demand.

Business • 25 Aug 22

Oil prices soared yesterday after the energy minister of de facto OPEC leader Saudi Arabia flagged the possibility of supply cuts to balance a market it described as "schizophrenic"

Oil slips as fears of imminent OPEC+ output cut fade

Oil prices fell today, taking a breather from a near 4% surge the previous day, on receding fears of an imminent output cut by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+.

Business • 24 Aug 22

Brent and WTI are down about 12% and 8% this month amid fears about a global recession and fuel demand

Oil climbs as Saudi Arabia warns of OPEC output cuts

Oil rose today as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline.

Business • 23 Aug 22

Brent oil is on track to climb about 4% for the week, recouping part of last week's 14% tumble

Oil set for weekly gain despite price dip on demand woe

Oil prices fell today, held down by recession fears clouding the demand outlook, but remained on track for a weekly gain.

Business • 12 Aug 22

OPEC+ is set to raise its oil output goal by 100,000 barrels a day - one of the smallest hikes since OPEC quotas were introduced in 1982

Oil prices fall on recession fears

Oil prices rose today, bouncing off their lowest levels since February in the previous session, as supply shortage concerns were enough to cancel out fears of slackening fuel demand.

Business • 05 Aug 22

A build in US crude and gasoline stocks sent oil prices to multi-month lows yesterday

Oil prices fall on economic concerns

Oil prices fell today, pressured by concerns economic weakness in the US and Europe would cut demand, but prices seesawed as the market also considered tight supply.

Business • 04 Aug 22

The next meeting of OPEC+ on August 3 will be closely watched

Oil prices extend gains on weak dollar and tight supply

Oil prices have extended gains, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand.

Business • 18 Jul 22

Oil use has rebounded from the pandemic-induced slump in 2020 and is set to exceed 2019 levels this year even as prices hit record highs.

OPEC forecasts slower oil demand growth in 2023

OPEC forecast that world oil demand will rise further next year, but at a slightly slower rate than in 2022, with consumption supported by better containment of the Covid-19 pandemic and still-robust global economic growth.

Business • 12 Jul 22

OPEC Secretary General Mohammad Barkindo has died unexpectedly

OPEC secretary general Barkindo dies unexpectedly

The Secretary General of the OPEC oil cartel, Nigeria's Mohammad Barkindo, has died unexpectedly at the age of 63, the Nigerian National Petroleum Corporation said today.

Business • 06 Jul 22

Oil prices fell alongside Wall Street on Thursday.

Oil falls 2% on uncertainty over future OPEC+ output

Oil prices sank about 2% today as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output.

Business • 30 Jun 22

More changes to Russian oil trade may come after the G7 states agreed yesterday to explore ways to cap the price of Russian oil

Oil prices rise for fourth day on supply worries

Oil prices gained for a fourth session in a row today with tight supply worries offsetting concerns about a weaker global economy.

Business • 29 Jun 22

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