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OIL SLIPS AS MARKET DIGESTS UAE EXIT FROM OPEC, SUPPLY CONCERNS LINGER.
Oil prices edged lower on Wednesday after a strong multi-day rally, as markets weighed the impact of the United Arab Emirates’ unexpected decision to exit OPEC.
- 1 month, 2 weeks
BP PROFIT MORE THAN DOUBLES AS WAR-DRIVEN OIL TRADING SURGES
BP (NYSE: BP) more than doubled its profit for the first quarter from a year earlier as oil prices jumped and oil trading boomed amid the war in the Middle East in the latter part of the quarter.
- 1 month, 2 weeks
SAUDI ARABIA SET TO CUT OIL PRICES FOR ASIA AS MARKET MOMENTUM WEAKENS.
Saudi Arabia is preparing to significantly lower its crude oil prices for Asian buyers in June, marking a clear shift from the record-high pricing seen at the peak of recent supply disruptions. The move comes as global oil markets begin to stabilize after weeks of volatility triggered by the Iran conflict, with easing spot premiums and a noticeable slowdown in demand across key Asian economies. While geopolitical tensions remain high, the urgency that once drove aggressive buying has faded, leaving refiners more cautious and price sensitive. As alternative supplies from regions like the United States, West Africa, and Russia enter the market, Saudi Arabia is now adjusting its pricing strategy to remain competitive and protect market share. The anticipated cuts highlight a turning point where demand weakness, refining margins, and supply diversification are starting to outweigh earlier fears of severe shortages, signaling a more complex and balanced but still uncertain outlook for the global oil market.
- 1 month, 2 weeks
HORMUZ DISRUPTIONS DRIVE CRUDE HIGHER AS U.S.-IRAN DIPLOMACY STALLS
Oil prices surged over 2% Monday before falling back as stalled U.S.-Iran diplomacy and continuing disruptions in the Strait of Hormuz drove a fresh risk premium into crude markets.
- 1 month, 3 weeks
SLB, BAKER HUGHES SEE OIL EXPLORATION SPENDING RISING AS IRAN WAR DISRUPTS SUPPLY.
Oilfield services giants such as SLB and Baker Hughes anticipate a rise in global spending on oil exploration and production, driven by tighter energy supplies linked to conflict in the Middle East.
- 1 month, 3 weeks
USA : GOLDMAN SACHS RAISES OIL PRICE FORECASTS ON TIGHT SUPPLY.
Goldman Sachs has increased its oil price outlook for the fourth quarter, projecting Brent crude at $90 per barrel and U.S. West Texas Intermediate (WTI) at $83.
- 1 month, 3 weeks
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