oil prices

India’s COVID-19 crisis threatens a global oil recovery

India, the world’s third-largest oil consumer behind the U.S. and China, was meant to be a major driver of oil’s demand recovery as economies reopened. But the country’s devastating health crisis has made that impossible. Everyone from oil traders to the world’s biggest producers are panicking, The Japan Times writes

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Winnie the Pooh's advice for oil producers

Optimism in OPEC+ is growing, even that underlying economic fundamentals are in dire shape. Growing concerns about new COVID variations, as shown already in India, or renewed restrictions in major OECD countries, such as Germany, seems not to be taken into account, FXEmprire writes. As indicated already before the start of the Joint Ministerial Monitoring Committee (JMCC), the OPEC+ members, led by Saudi Arabia, UAE and Russia, have decided to keep to the former early April decision of a gradual export cut relaxation

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Oil price hikes and deficit expected

The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers, Bloomberg reported. Barely a fifth of the surplus …

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Oil lifted on OPEC projections

Oil markets rose overnight and this morning after the US dollar weakened and OPEC lifted its consumption projections higher for the rest of 2021, Market Pulse reports.  Brent crude rallied 1.30% to USD63.90 a barrel overnight, …

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Oil prices rise on stronger economic outlook

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell. But …

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When Russia runs out of oil

At the current level of technological development, Russian oil reserves will last for another 58 years, Evgeny Kiselev, Deputy Minister of Natural Resources and Ecology of the country, the head of Rosnedra informed. He drew attention to …

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Brent futures climb to $64.98/bbl

Brent oil futures with delivery in June 2021 soared 3.6% to $64.98 a barrel on the London-based ICE on Thursday, according to market data. Brent oil prices are growing after the decision of OPEC+ to boost oil production since May …

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Central Bank assesses oil prices

The Bank of Russia considers the current level of oil prices to be fair, the First Deputy Chairman of the Central Bank of the Russian Federation, Sergei Shvetsov, said addressing the audience at the All-Russian Week of Financial Literacy. …

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Suez Canal blockage stops global oil supplies

The trade of at least $400 million of crude oil as well as liquefied natural gas (LNG), refined fuels and containers full of goods have come to a standstill in one of the world’s key shipping routes, with millions of dollars more at risk …

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