Search Site

Trends banner

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts

oil
IEA lowers oil demand growth forecast. (AFP)
  • The Organisation of the Petroleum Exporting Countries (OPEC) and allied producers are set to consider additional oil supply cuts when it meets on Nov. 26.
  • The head of the IEA oil markets said that even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024

Texas, US–Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up.

Brent crude futures fell 3 cents, or 0.04%, to $82.45 a barrel by 0500 GMT. U.S. West Texas Intermediate crude futures fell 1 cent, or 0.01%, to $77.76.

On Monday, both contracts climbed about 2% after three OPEC+ sources told Reuters the group, the Organisation of the Petroleum Exporting Countries (OPEC) and allied producers, was set to consider additional oil supply cuts when it meets on Nov. 26.

Even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024, the head of the International Energy Agency’s (IEA) oil markets and industry division said on Tuesday.

U.S. crude stocks rose by nearly 9.1 million barrels in the week ended Nov. 17, according to market sources citing American Petroleum Institute figures on Tuesday.

Gasoline inventories dropped by about 1.79 million barrels, while distillate inventories fell by about 3.5 million barrels.