Oil Price: drone attack on Saudi oil facility reversed today's oil gains

Oil price was in the green territory for most of the day before dipping considerably in response to the latest drone attack on Saudi oil facilities by Yemen’s Houthi rebels. The price recovered when the Kingdom said there was no serious damage to the facility in question. Saudis admitted one of its o…

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Oil Price: US crude oil inventories are back at play in the price equation

The oil price has been in decline for the last few days, losing the momentum it used to have up until the latest OPEC+ meeting on March 4. On some days, the prices of both WTI and Brent were high in the early hours on Asian markets; they, however, quickly died down, falling in line with the current …

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The Chasm between Saudi Arabia and India over Oil Supply Widens – possibility of unintended consequences

There is a growing rift between India, the world’s third biggest oil importer – and consumer – and Saudi Arabia over the supply of crude oil to the global markets. India maintains that the unilateral cut of 1 million bpd by Saudi Arabia, in addition to what was agreed by the OPEC+, is ‘artificial’ a…

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US becomes India's second largest crude oil supplier; Saudis have fallen to 4th position

Dharmendra Pradhan, the Petroleum and Natural Gas Minister of India, says that he is in talks with major oil-producing nations in order to bring down the crude oil price that has hit hard both the consumers and industrialists. Mr Pradhan said this in the wake of criticism in certain sectors in Indi…

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Oil Price: crude tide hits the buffers; more momentum needed to hit above $70

Crude oil price that has been rising steadily for weeks failed to creep into all-important $70 territory defying the expectations of the analysts. There are concerns about a sluggish increase in demand despite the impact of the pandemic being on the wane and vaccination campaigns in full swing acros…

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Reliance of Texans on natural gas for heating and electricity

In February 2021, an unusual weather event, an extreme winter weather front, brought the energy supply in the US state of Texas under tremendous strain as never before. Not only did it set off alarm bells across the energy sector, but also raised the concern about the logic of turning our back on fo…

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The EIA forecasts a significant crude oil inventory draw in the coming weeks and hints shale oil revival

The EIA, the US Energy Information Administration, forecasts a significant crude oil inventory draw in the coming weeks in response to the strong demand of the commodity. According to its latest projections, the supply of crude oil will remain constrained in the short term due to the recent OPEC+ de…

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Government Taxes on Fuels: the figures that remain in the shadow of oil drums

The steep rise in oil price, relative to what it was around this time last year, has led to a brewing storm in the sphere of global politics with the OPEC+ at its centre. The governments in question – or politicians for that matter – are looking for a scapegoat and they appear to have got a herd of…

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Plea for brining oil price down: India snubbed by Saudi Arabia

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Oil Price: Saudi Arabia increases crude oil price for the US and Asia - again

Having buoyed by the absence of an immediate threat from the US shale producers, Saudi Arabia shows no sign of slowing down its ambition to cash in on its position being the world’s top crude oil exporter. It raised the oil price for Asia and the US for the second time in a matter of few months; it …

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Sheikh Yamani and his Oil Prophesies

Sheikh Ahmed Zaki Yamani, the former Saudi oil minister who passed away on February 23 in 2021, has left an impressive legacy that no substitute can ever match in terms of vision, intellect, influence, power and the courage for calling a spade a spade when, the need was in the air. Mr Yamani achieve…

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Oil Price may hit above $70 soon: OPEC+ will not buckle under pressure

With the latest OPEC+ decision, which was a foregone conclusion anyway in light of the enormous power that Saudi Arabia wields in the organization, the crude oil price started rocketing on Friday, despite the substantial increase in crude oil stockpiles in the US. Usually the US crude oil stockpiles…

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OPEC+ Meeting: production levels are going to remain the same with an exception for two members

OPEC+ meeting ended on Thursday with Saudi Arabia reasserting its position as the shepherd of the block by leading the flock facing very little resistance against achieving its desired goal. Saudi oil ministers are renowned for going poetic whenever they wanted to add extra weight to the points they…

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Oil Price and Production Cuts: markets watch the outcome of OPEC+ meeting

With just less than 24 hours to go before the crucial OPEC+ meeting, oil price showed a modest increase, reflecting the general mood in the markets that supply floodgates will not open anytime soon. With the chasm between Iran and the US widening in the face of attacks on US interests in Iraq by Ir…

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OPEC+ Under Pressure from Major Consumers in Asia before Meeting on March 4

With just 2 days to go before the next crucial OPEC+ monthly meeting, the main players in the cartel are under increasing pressure not to extend their output cut for another month. India, for example, the world’s third biggest consumer, asked the organization not to resort to what it called, ‘artifi…

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