Iran’s likely return to crude oil marketplace causes ripples

Biden seems to have slackened America's tight grip on Iranian crude exports reigniting a market share battle within OPEC

Iran’s likely return to crude oil marketplace causes ripplesIran and the United States are closing in on reviving the 2015 Joint Comprehensive Plan of Action (JCPOA), commonly termed as the Iran nuclear deal. U.S. President Joe Biden is keen to strike a deal before the June presidential elections in Iran, which hardliners are projected by many to win. All this has significant bearing…

Oil producers prepare for one last profit push

But the good old days are gone

Oil producers prepare for one last profit pushA new reality is dawning: the short-term direction of oil markets is in sharp contrast to its longer-term trajectory. The short-term outlook – courtesy of the decision by the Organization of Petroleum Exporting Countries and their allies in OPEC+ to withhold some eight million barrels per day (bpd) from the markets – and the emerging…

No major relief in sight for oil markets

Ominous clouds continue to hang over the global oil horizon

No major relief in sight for oil marketsWhere will world oil markets be in a year? With so many variables impacting the markets, no one has the crystal ball to see the crude oil price trajectory a year ahead. On April 20, 2020, panic had gripped the energy market as a frightening realization dawned on oil traders: The world was rapidly running…

Why oil-producing nations are rushing to ramp up production

Oil producers face catastrophe if countries worldwide move to limit global warming by two degrees Celsius

Why oil-producing nations are rushing to ramp up productionCrude oil demand is weak and the fundamental factors aren’t encouraging. Yet, most major oil-producing countries are moving to boost their output levels in the short run. Why? Saudi Arabia is pursuing plans to develop major offshore expansion projects to add an extra 1.15 million barrels per day (bpd) to its oil capacity by 2024,…

India confronts Saudi Arabia over crude oil prices

Fed up with the Saudi's "artificially jacking up the prices"

India confronts Saudi Arabia over crude oil pricesAn oil war is brewing between the world’s largest crude exporter, Saudi Arabia, and the world’s third-largest crude consumer, India. India has long pleaded with Saudi Arabia to keep oil prices lower to help sustain economic growth in the developing and emerging economies of Asia. In rather hushed tones, for diplomatic reasons, India has protested…

OPEC+ opens oil production taps after U.S pressure

With the continuing OPEC+ oil output cuts, markets were going into an overdrive mode. Prices at U.S. gas stations rose sharply

OPEC+ opens oil production taps after U.S pressureSurprising the markets and going against expectations, the Organization of Petroleum Exporting Countries and its allies in the extended OPEC+ changed course at their ministerial meeting last week. At the virtual meeting, OPEC+ opted to increase its output by 350,000 barrels per day (bpd) in May another 350,000 bpd in June, and roughly an additional…

OPEC+ expected to continue to dampen oil output

Crude oil markets continue to show signs of weakness – even without the Houthi attacks on Saudi Arabia and the Suez Canal closure

OPEC+ expected to continue to dampen oil outputPressure is mounting on the Organization of Petroleum Exporting Countries and their allies in the extended OPEC+ to roll over their crude oil output cuts when they meet on April 1. Markets continue to show signs of weakness – even without the Houthi attacks on Saudi Arabia and the Suez Canal closure. But the Suez…

Oil market recovery may be on borrowed time

The recent spike in oil markets was engineered – fundamentals didn’t drive it. There were issues about the tight leash on output

Oil market recovery may be on borrowed timeThe oil market recovery is faltering. Uncertainty over the speed of an economic recovery and whether there will be a full rebound in global oil demand is holding back the markets. Stalled COVID-19 vaccination efforts in parts of the world and a strong dollar are also keeping the markets from rising much further. The recent…

Saudis determined to keep crude oil market on a tight leash

Although the OPEC+ decision resulted in immediate oil price gains, the warning shots on the horizon couldn’t be altogether ignored

Saudis determined to keep crude oil market on a tight leashSaudi Arabia is leading the pack on crude oil production management. Russia seems to be following. Despite murmurs in the oil market of a possible rift between the two countries on the issue of output, the Organization of Petroleum Exporting Countries (OPEC) and their allies in the OPEC+, at their virtual meeting last Thursday, went…

Mourning the passing of an oil industry giant

Sheikh Ahmed Zaki Yamani personified OPEC

Mourning the passing of an oil industry giantThe grand old wise man of the energy world has slipped into history. With the passing away of Sheikh Ahmed Zaki Yamani, the charismatic Saudi oil minister from 1962 to 1986, an era has come to an end. With his calm and cool demeanour, intellectual depth, sharp mind and the capacity to stand up to…
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