• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days Does Toyota Know Something That We Don’t?
  • 4 days America should go after China but it should be done in a wise way.
  • 10 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 23 hours Even Shell Agrees with Climate Change!
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 13 days Putin and Xi Bet on the Global South
  • 13 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
This Could Be A Gamechanger For Natural Gas In Europe

This Could Be A Gamechanger For Natural Gas In Europe

Europe’s lack of energy security…

Oil Prices Remain Rangebound As Volatility Fades

Oil Prices Remain Rangebound As Volatility Fades

Oil price volatility has fallen…

Oman Increases Its Appeal To China And Iran With Game-Changing Duqm Project

Oman Increases Its Appeal To China And Iran With Game-Changing Duqm Project

The long-awaited US$8.5 billion 230,000-barrels…

Editorial Dept

Editorial Dept

More Info

Premium Content

Why OPEC’s Plan To Pump More Crude Won’t Rescue The Market

U.S. West Texas Intermediate crude oil futures are edging higher in a mixed trade on Friday. Pressuring prices early in the session was OPEC+’s decision to raise production targets slightly more than planned. Nonetheless, the market remains underpinned by tight global supply and rising demand due to China’s easing of COVID restrictions.

The U.S. benchmark is on track for a sixth weekly gain on tight U.S. supply, which has prompted talk of fuel export curbs or a windfall tax on oil and gas producers.

Expectations that supply will stay tight is underpinning prices early Friday. This is probably because OPEC and its allies under-delivered.

OPEC+ divided its output increase across its members and still included Russia, whose output is falling due to sanctions and some buyers avoiding its oil over the invasion of Ukraine, suggesting the boost will undershoot the level that the market needs to overcome the supply shortage.

Heightened Volatility is New Theme

Today’s relatively calm trade is a stark contrast to Thursday’s volatile session that saw prices soar more than 1% following early weakness after U.S. crude inventories fell more than expected amid high demand for fuel. Thursday’s rally took place despite OPEC+’s agreement to boost crude output to compensate for a drop in Russian production.

Market Starts Week on Strong Note

U.S. West Texas Intermediate crude oil futures opened the week sharply higher…





Leave a comment
  • John de speville on June 18 2022 said:
    Very soon the corrupt OPEC oil cartel will need to be rescued from their own greed when most country turn to cheaper renewable.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News