OPEC+ Meeting on Oil Production: only a miracle will change the status quo

The next meeting of the OPEC+, the Organisation of Petroleum Exporting Countries plus Russia, on April 1, does not seem to be boosting the market enthusiasm unlike on the previous occasions. The muted response stems from the fact that Saudi Arabia, the de facto leader of the organization, is stubbo…

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Crude Oil Price after Suez Saga: price fluctuates, but market sentiment remains positive

As the Suez Effect has died down, the oil price seems to be heading towards its equilibrium – the position it generally held before the maritime incident; it’s premature to call it a crash, though. It is true there is a serious risk of some European nations going back into lockdown; there are relati…

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The Suez Factor: oil price drops; the rate of fall slows down

As the news spread about the partial success of refloating the megaship, Ever Given, the oil price went down in the early hours of Monday; the rate of drop, however, has slowed down in proportion to the angle of rotation of the vessel as if there was a mathematical correlation between the two. On S…

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Oil Price and Lingering Suez Factor

The container ship that has been stranded in the Suez Canal since Wednesday has moved about 100ft into the middle of the canal from where it was, according to the latest report. When it’s going to be at the centre of the canal, however, is anybody’s guess at present; it appears to be much complicat…

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Oil Price: the effect of triple whammy pushes the price up

The price of crude oil, which went down yesterday, rose again today, perhaps due to the fact that the yesterday’s optimism about a quick solution for getting the stricken tanker on track in the Suez Canal was grossly misplaced. That means the global oil supply are going to be affected in the short …

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Oil price: the Suez Canal factor and the role of sentiment

The oil price that had been going down at an alarming rate in the last two weeks, got a catalyst on Wednesday morning out of the blue, when a massive cargo ship ran aground in the Suez Canal in the middle of a storm. With a gigantic obstacle blocking the path in the busy waterway, tankers have been …

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Oil Price: the fear of a third wave takes its toll on the markets

The oil price went down substantially today despite the encouraging news from airline industry about a slow, but steady recovery. The hopes, unfortunately, were dashed when the new data emerges from India shows there is a steep rise in Covid-19 in India, especially in Maharashtra state where the com…

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Airline Industy: a ray of hope - at last

The optimism in the airline industry about gradual return to normalcy is, after all, not just wishful thinking of those who have been severely hit by the pandemic; it is realistic, indeed. The number of planes in the Skies in the US and UK speaks volumes; in the UK, around Heathrow, there are plenty…

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Airlines back in the skies: will the demand of jet fuel recover fast?

The airline industry, which was dealt a severe blow by the pandemic, shows the signs of recovery in America and Asia, judging by the number of planes in the skies over major airports in the two continents. If the latest trend continues in the face of accelerated vaccine drives, the analysts estimat…

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Oil Markets: the US responds to Saudi concerns about the global oil supply in the wake of drone attacks

Oil price that showed a downward trend up until Thursday, this week, stated going up at a modest pace on Friday with a brief dip during the day, when the Saudi oil facility near capital Riyadh were attacked by Houthi rebels of Yemen. Saudi Arabia admitted it came under attack and the situation was u…

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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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