Goldman Says Diesel Margins to Stay High on Refining Tightness
The industrial fuel has been on a tear recently, with global stockpiles declining and so-called financial demand surging, analysts including Yulia Zhestkova Grigsby said in a note released on Thursday. Unexpected outages at refineries in Europe, plus a dearth of the types of crude that yield distillates — including from Venezuela, Canada, and OPEC+ — exacerbated the situation, they said.
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Yahoo
7 minutes ago
- Yahoo
OPEC+ countries to boost oil production by 547,000 barrels per day
NEW YORK (AP) — A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and low oil inventories. The group met virtually on Sunday and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September. The countries boosting output, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, had been participating in voluntary production cuts, initially made in November 2023, which were scheduled to be phased out by September 2026. The announcement means the voluntary production cuts will end ahead of schedule. The move follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August. OPEC said the production adjustments may be paused or reversed as market conditions evolve. When production increases, oil and gasoline prices may fall. But Brent crude oil, which is considered a global benchmark, has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a large rise in crude inventories in China, according to research firm Clearview Energy Partners. 'President Trump has not obviously relented from his threat to sanction Russian energy if the Kremlin does not reach a peace deal with Ukraine as of August 7, potentially via 'secondary tariffs' on buyers,' Clearview Energy Partners said in an analyst note Sunday. The eight countries will meet again on Sept. 7, OPEC said in a news release.
Associated Press
9 minutes ago
- Associated Press
OPEC+ countries to boost oil production by 547,000 barrels per day
NEW YORK (AP) — A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and low oil inventories. The group met virtually on Sunday and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September. The countries boosting output, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, had been participating in voluntary production cuts, initially made in November 2023, which were scheduled to be phased out by September 2026. The announcement means the voluntary production cuts will end ahead of schedule. The move follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August. OPEC said the production adjustments may be paused or reversed as market conditions evolve. When production increases, oil and gasoline prices may fall. But Brent crude oil, which is considered a global benchmark, has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a large rise in crude inventories in China, according to research firm Clearview Energy Partners. 'President Trump has not obviously relented from his threat to sanction Russian energy if the Kremlin does not reach a peace deal with Ukraine as of August 7, potentially via 'secondary tariffs' on buyers,' Clearview Energy Partners said in an analyst note Sunday. The eight countries will meet again on Sept. 7, OPEC said in a news release.
Bloomberg
9 minutes ago
- Bloomberg
OPEC+ Leaves Traders With Cliffhanger as Tumultuous Chapter Ends
OPEC+ closed a two-year chapter in its oil strategy on Sunday with the last in a series of bumper oil production increases. But it left crude traders with a cliffhanger. Saudi Arabia and its partners have stunned oil markets and capped futures prices in recent months by pushing more barrels into a fragile global market, offering relief to consumers and a fillip for President Donald Trump.
