Latest news with #EvansonEnergy
Jordan News
05-05-2025
- Business
- Jordan News
Oil Drops Over $2 per Barrel - Jordan News
Oil Drops Over $2 per Barrel Oil prices fell by more than $2 per barrel at the start of Asian trading on Monday, as the OPEC+ alliance moved toward accelerating its pace of production increases. اضافة اعلان Brent crude futures dropped by $2.04, or 3.33%, to $59.25 per barrel by 22:40 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell by $2.10, or 3.60%, to $56.19 per barrel. Both benchmarks touched their lowest levels since April 9 at the market's open on Monday, after OPEC+ agreed to increase oil production for the second consecutive month. Output in June will rise by 411,000 barrels per day (bpd). This June increase brings the total additions for April, May, and June to 960,000 bpd, marking a 44% reduction from the original 2.2 million bpd cuts agreed upon in 2022, according to Reuters calculations. Tim Evans, founder of Evans on Energy, stated in a note: 'The May 3 decision by OPEC+ to raise production quotas by 411,000 bpd for June strengthens market expectations that the global supply-demand balance will shift to a surplus.' OPEC+ sources told Reuters the group may fully phase out voluntary cuts by the end of October if member states fail to comply with their production quotas. The sources also said Saudi Arabia is pushing OPEC+ to accelerate the rollback of previous production cuts as a form of punishment for Iraq and Kazakhstan, who have failed to adhere to their quotas. Barclays cut its Brent crude price forecast by $4 to $66 per barrel for 2025, and by $2 to $60 per barrel for 2026, citing OPEC+'s move to accelerate the phasing out of production cuts, according to analyst Amarpreet Singh. Meanwhile, tensions in the Middle East have escalated, after Israeli Prime Minister Benjamin Netanyahu vowed to respond to Iran following a missile launched by the Iran-backed Yemeni Houthi group that landed near Israel's main airport. Iranian Defense Minister Aziz Nasirzadeh said Sunday that Tehran would respond forcefully if attacked by the United States or Israel. — (Reuters)
CNBC
05-05-2025
- Business
- CNBC
Oil drops more than $2/bbl as OPEC+ accelerates output hikes
Oil prices fell more than $2 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply. Brent crude futures dropped $2.04 a barrel, or 3.33%, to $59.25 a barrel by 2240 GMT while U.S. West Texas Intermediate crude was at $56.19 a barrel, down $2.10, or 3.60%. Both contracts touched their lowest since April 9 at Monday's open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day (bpd). The June increase from the eight will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44% unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations. "The May 3 OPEC+ decision to raise production quotas another 411,000 bpd for June adds to the market expectation that the global supply/demand balance is moving to a surplus," Tim Evans, founder of Evans on Energy said in a note. The group could fully unwind its voluntary cuts by the end of October if members do not improve compliance with their production quotas, OPEC+ sources told Reuters. OPEC+ sources have said Saudi Arabia is pushing OPEC+ to accelerate the unwinding of earlier output cuts to punish fellow members Iraq and Kazakhstan for poor compliance with their production quotas. Barclays lowered its Brent forecast by $4 to $66 a barrel for 2025 and by $2 to $60 a barrel for 2026 because of the accelerated phase out by OPEC+, analyst Amarpreet Singh said in a note. Meanwhile, tensions flared in the Middle East after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against Iran for the Tehran-backed Houthi group firing a missile that landed near Israel's main airport. Iran's Defence Minister Aziz Nasirzadeh said on Sunday that Tehran would strike back if the United States or Israel attacked.
Zawya
05-05-2025
- Business
- Zawya
Oil drops more than $2/bbl as OPEC+ accelerates output hikes
SINGAPORE: Oil prices fell more than $2 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply. Brent crude futures dropped $2.04 a barrel, or 3.33%, to $59.25 a barrel by 2240 GMT while U.S. West Texas Intermediate crude was at $56.19 a barrel, down $2.10, or 3.60%. Both contracts touched their lowest since April 9 at Monday's open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day (bpd). The June increase from the eight will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44% unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations. "The May 3 OPEC+ decision to raise production quotas another 411,000 bpd for June adds to the market expectation that the global supply/demand balance is moving to a surplus," Tim Evans, founder of Evans on Energy said in a note. The group could fully unwind its voluntary cuts by the end of October if members do not improve compliance with their production quotas, OPEC+ sources told Reuters. OPEC+ sources have said Saudi Arabia is pushing OPEC+ to accelerate the unwinding of earlier output cuts to punish fellow members Iraq and Kazakhstan for poor compliance with their production quotas. Barclays lowered its Brent forecast by $4 to $66 a barrel for 2025 and by $2 to $60 a barrel for 2026 because of the accelerated phase out by OPEC+, analyst Amarpreet Singh said in a note. Meanwhile, tensions flared in the Middle East after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against Iran for the Tehran-backed Houthi group firing a missile that landed near Israel's main airport. Iran's Defence Minister Aziz Nasirzadeh said on Sunday that Tehran would strike back if the United States or Israel attacked. (Reporting by Florence Tan; editing by Diane Craft and Chris Reese)
Business Times
05-05-2025
- Business
- Business Times
Oil drops more than US$2/barrel as Opec+ accelerates output hikes
[SINGAPORE] Oil prices fell more than US$2 a barrel in early Asian trade on Monday as Opec+ is set to further speed up oil output hikes, spurring concerns about more supply. Brent crude futures dropped US$2.04 a barrel, or 3.33 per cent, to US$59.25 a barrel by 2240 GMT while US West Texas Intermediate crude was at US$56.19 a barrel, down US$2.10, or 3.60 per cent. Both contracts touched their lowest since April 9 at Monday's open after Opec+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day (bpd). The June increase from the eight will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44 per cent unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations. 'The May 3 Opec+ decision to raise production quotas another 411,000 bpd for June adds to the market expectation that the global supply/demand balance is moving to a surplus,' Tim Evans, founder of Evans on Energy said in a note. The group could fully unwind its voluntary cuts by the end of October if members do not improve compliance with their production quotas, Opec+ sources told Reuters. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Opec+ sources have said Saudi Arabia is pushing Opec+ to accelerate the unwinding of earlier output cuts to punish fellow members Iraq and Kazakhstan for poor compliance with their production quotas. Barclays lowered its Brent forecast by US$4 to US$66 a barrel for 2025 and by US$2 to US$60 a barrel for 2026 because of the accelerated phase out by Opec+, analyst Amarpreet Singh said in a note. Meanwhile, tensions flared in the Middle East after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against Iran for the Tehran-backed Houthi group firing a missile that landed near Israel's main airport. Iran's Defence Minister Aziz Nasirzadeh said on Sunday that Tehran would strike back if the United States or Israel attacked. REUTERS
Business Recorder
05-05-2025
- Business
- Business Recorder
Oil drops more than $2/bbl as OPEC+ accelerates output hikes
SINGAPORE: Oil prices fell more than $2 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply. Brent crude futures dropped $2.04 a barrel, or 3.33%, to $59.25 a barrel by 2240 GMT while U.S. West Texas Intermediate crude was at $56.19 a barrel, down $2.10, or 3.60%. Both contracts touched their lowest since April 9 at Monday's open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day (bpd). The June increase from the eight will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44% unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations. 'The May 3 OPEC+ decision to raise production quotas another 411,000 bpd for June adds to the market expectation that the global supply/demand balance is moving to a surplus,' Tim Evans, founder of Evans on Energy said in a note. The group could fully unwind its voluntary cuts by the end of October if members do not improve compliance with their production quotas, OPEC+ sources told Reuters. OPEC+ sources have said Saudi Arabia is pushing OPEC+ to accelerate the unwinding of earlier output cuts to punish fellow members Iraq and Kazakhstan for poor compliance with their production quotas. Oil prices set for biggest weekly losses Barclays lowered its Brent forecast by $4 to $66 a barrel for 2025 and by $2 to $60 a barrel for 2026 because of the accelerated phase out by OPEC+, analyst Amarpreet Singh said in a note. Meanwhile, tensions flared in the Middle East after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against Iran for the Tehran-backed Houthi group firing a missile that landed near Israel's main airport. Iran's Defence Minister Aziz Nasirzadeh said on Sunday that Tehran would strike back if the United States or Israel attacked.
