Global Oil Market

KEY POINTS The Federal Government has reaffirmed its commitment to maintaining a market-driven pricing regime for petrol, stressing that it will not impose price controls even as escalating geopolitical tensions …

Oil prices rise 2% after the U.S. revokes Chevron’s Venezuela license, sparking supply concerns as OPEC+ weighs its next move in a volatile market

OPEC+ denies speculation about postponing its April oil supply hike, with Russia confirming production increases remain on schedule.

Iran urges OPEC to unite against potential U.S. oil sanctions, warning that new restrictions could destabilize global energy markets and disrupt supply chains.

Oil prices rise amid new Russia sanctions, OPEC demand cuts, and ExxonMobil’s production boost, reshaping the global market for 2024

Oil prices edge up following OPEC demand forecast revision, with dollar gains and geopolitical tensions limiting market recovery

Iraq’s oil output in September fell below its OPEC+ quota, reflecting efforts to align with the alliance’s compliance requirements amid reduced exports and regional disruptions.

OPEC has raised its long-term oil demand forecast, predicting that global demand will reach 120.1 million barrels per day by 2050, driven by growth in developing economies.

OPEC+ will proceed with its planned October oil output increase, despite market concerns, due to Libyan disruptions and hopes for a U.S. rate cut.

Oil prices jumped 3% as Libya’s production cuts and Middle East tensions heighten supply concerns, causing market fluctuations.