The Latest Breaking News from OPEC

Kuwait on Wednesday set June 6 as the date for its legislative elections, state news agency Kuna reported, two days after the parliament was dissolved by royal decree. The parliament was only reinstated in March based on a Constitutional Court ruling following a previous dissolution. The OPEC member has seen…

June WTI crude oil (CLM23 ) on Tuesday closed down -4.00 (-5.29%), and June RBOB gasoline (RBM23 ) closed down -11.47 (-4.50%). Crude oil and gasoline prices Tuesday sold off sharply, with crude posting a 5-week low and gasoline posting a 6-week low. Crude prices are under pressure on concern...

After a strong 2022, the energy sector could show strength this year as well due to production cuts by OPEC+, the long lead time to ramp up new supply and refining capacity, and the revival of demand in China. Therefore, it could be wise to buy fundamentally strong energy stocks…

The International Energy Agency (IEA) should be "very careful" about discouraging investment in the oil industry, which was vital for global economic growth, announced OPEC Secretary General Haitham al-Ghais. Ghais warned that such statements could lead to oil market volatility in the future. He said that the Organization of the…

Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling US crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer. Brent crude climbed by 30 cents, or 0.4%, to $81.07 a barrel by 0358 GMT. US…

Rising demand for oil and gas amid Chinese economic recovery and production cuts could push oil prices up in the upcoming months. Given this backdrop, quality energy stocks NexTier Oilfield Solutions (NEX), NOW Inc. (DNOW), and NCS Multistage Holdings (NCSM) could be solid portfolio additions now. Read on….

Australian motorists are enjoying relief as petrol prices fall from Easter highs after a recent bump in oil prices.

Strong energy demand, driven by a resurgent China, and tight supplies considering surprise production cuts by OPEC+ could push oil prices higher this year. Despite the energy sector’s promising growth prospects, fundamentally weak energy stocks NextDecade (NEXT), Tellurian (TELL), and Camber Energy (CEI) are finding it challenging to stay afloat…

The U.S. SPR has dropped steadily and stood at the lowest level since October 1983 on April 14, 2023. The Biden administration authorized an unprecedented SPR release and sale following Russia’s invasion of Ukraine that drove crude oil prices to over $130 per barrel in March 2022, the highest price…

Refilling the reserve now could be expensive because of high oil prices. But waiting could be risky if there's another oil price shock.

June WTI crude oil (CLM23 ) this morning is up +0.47 (+0.61%), and June RBOB gasoline (RBM23 ) is up +1.90 (+0.74%). May Nymex natural gas (NGK23 ) is down -0.038 (-1.69%). Crude oil and gasoline prices this morning are moderately higher. Crude prices found support from today's U.S. news...