OPEC:

WSJ Claims Wholly Inaccurate and Misleading

SHANA (Tehran) - The OPEC secretariat announced today that the Wall Street Journal article, dated 2 October which quotes the Saudi Oil Minister as saying oil prices may fall to $50/B is inaccurate and misleading. the full text of the secretariat response to the article is as follows:

It’s About Reducing Emissions, Not Oil Demand

The pace at which global energy demand is growing means that alternatives cannot replace oil at the necessary scale writes OPEC Secretary General Haitham Al Ghais. Rather than calling for an end to oil, the focus should be on reducing emissions.

Oil slips as concern eases about Middle East supply risk

Oil slipped for a second day on Tuesday as easing concern about supply risks and a rapidly escalating conflict after Iran's weekend attack on Israel offset data showing China's economy grew faster than expected in the first quarter.

Oil prices steady after drop as Middle East ceasefire hopes wane

Oil prices stabilised on Tuesday as prices ticked higher amid fading hopes that negotiations between Israel and Hamas would produce a ceasefire in Gaza.

Oil slides more than 1% as Middle East tensions ease

Oil prices slid more than $1 a barrel on Monday, with Brent falling below $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.

Brent settles above $90 for first time since October on geopolitical tension

Oil prices extended gains on Thursday, settling up more than $1 as geopolitical tensions and output cuts outweighed caution about U.S. Federal Reserve rate cuts.

Economic growth has nothing to do with oil price hikes: Khandouzi

SHANA (Tehran) – Rise in oil prices does not contribute to improvement of economic growth, said the Iranian government’s economic spokesman on Tuesday.

Oil prices dip, but set for weekly gain of over 3%

Oil prices dipped on Friday, a day after topping $85 a barrel for the first time since November, but prices were expected to finish more than 3% higher for the week on rising demand from U.S. refiners completing planned overhauls.

Oil prices settle slightly down after U.S. boosts crude output forecast

Oil prices dipped on Tuesday, settling slightly lower after a higher-than-expected forecast for U.S. crude oil production and bearish economic data, but persistent geopolitical tensions limited declines.

Oil prices fall on China demand worries

Oil prices extended last week's losses on Monday on concern about slow demand in China, although lingering geopolitical risk surrounding the Middle East and Russia limited the decline.

Oil edges up after OPEC+ extends output cuts through second quarter

Oil prices ticked up slightly on Monday following the widely expected extension of voluntary output cuts by the OPEC+ producer group on Sunday.

Oil slips after rally last week on Middle East, tight supply

Oil prices slipped on Monday as investors indulged in some profit-taking after both benchmarks ended last week about 6% higher on Middle East tensions and as refining outages squeezed refined products markets.

Oil up on Middle East tensions

Oil prices edged higher on Tuesday following a more than 1% drop in the previous session as escalating tensions in major producing region the Middle East fuelled supply concerns, though a bleak Chinese economic outlook limited gains.

Oil prices rise on strong IEA and OPEC demand estimates

Oil prices rose on Thursday as the IEA joined producer group OPEC in forecasting relatively strong growth in global oil demand this year, with price impetus also coming from disruption to U.S. output and geopolitical risks in the Middle East.

Oil slides as Saudi price cuts counter Middle East worries

Oil prices fell by more than 2% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East.

Oil prices on track for first weekly rise in two months

Oil prices rose on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar.

Oil holds soft tone on oversupply worries ahead of Fed meeting

Oil prices extended losses on Wednesday in Asian trade, after falling by more than 3% to six-month lows in the previous session on oversupply and demand concerns.

Oil gains ahead of OPEC+ meeting as Black Sea shutdowns support

Oil prices rose on Wednesday as investors turned their attention to an OPEC+ meeting to decide on output policy, while supply disruption caused by a storm in the Black Sea and lower U.S. inventories drove buying.

Oil rises, Brent tops $80 ahead of OPEC+ meeting

Oil prices rose on Tuesday as the possibility that OPEC+ will extend or deepen supply cuts was compounded by a storm-related drop in Kazakh oil output to send the Brent benchmark above $80 a barrel.

Oil edges up; markets shrug off China inflation data, eye fresh drivers

Oil prices edged up on Thursday as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world's two biggest oil consumers.

Oil rises by 1% as Saudi Arabia, Russia stick to cuts

Oil prices rose on Monday, after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.

World Bank warns oil price could soar to record $150 a barrel

Oil prices could soar to a record high of more than $150 a barrel if the war between Israel and Hamas leads to a repeat of the full-scale conflict in the Middle East witnessed 50 years ago, the World Bank has warned.

Oil steadies on hopes U.S. will ease sanctions on Venezuela

Oil prices steadied on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas.

OPEC+ maintains output reduction to boost oil prices

An OPEC+ panel recommended Wednesday that the oil group keep its current output reduction strategy unchanged after heavyweights Saudi Arabia and Russia vowed to maintain their cuts to prop up prices.

Oil gains ground on outlook for global deficit this quarter

Oil edged higher on Monday, buoyed by widespread bets that global demand will continue to run ahead of supply.

Oil prices climb as markets focus on supply tightness

Oil prices rose by more than $1 a barrel on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy.

Oil prices fall as economic outlook outweighs tight supply

Oil prices fell on Tuesday as a stronger U.S. dollar compounded concerns that demand for fuel will be held back by major central banks holding interest rates higher for longer.

Oil prices rise, tight supply back in focus

Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand.

Oil prices rise as tight supply outlook offsets demand woes

Oil prices rose on Monday after flirting with $95 a barrel earlier in the session, as expectations of a supply deficit stemming from extended output cuts by Saudi Arabia and Russia as well as weak shale production outweighed concerns about demand.

Oil could hit $107: Goldman Sachs

Oil prices could climb well into triple-digit territory by next year if Russia and Saudi Arabia don’t unwind their supply cuts, Goldman Sachs warned its clients.