China surpassed US as world’s largest crude oil importer

China was the largest crude oil importer last year at 8.4 million barrels per day (b/d). According to the US Energy Information Administration (EIA), “new refinery capacity and strategic inventory stockpiling combined with declining domestic oil production” were the major factors contributing to the rise. It surpassed the US, which imported 7.9 million b/d in […]

High oil prices ‘driving energy costs by up to 10%’

Higher oil prices are continuing to drive up wholesale energy costs by as much as 10%. That’s the suggestion from energy consultancy Inprova Energy, which says this is largely a result of OPEC and other major producers extending an agreement to cut crude oil production by nearly 2% until the end of 2018. It claims […]

OPEC, Russia extends oil cuts to end of 2018

The world’s major oil producers have agreed to extend production cuts through to the end of 2018. Members of the Organisation of Petroleum Exporting Countries (OPEC) and other major producers, including Russia, will extend the current deal of cutting supply by around 1.8 million barrels per day (bpd), which would otherwise have ended in March […]

Crude oil prices stay strong

Crude oil prices remain strong, thanks to a weak dollar and strong demand. That’s according to a new report from global bank HSBC, which shows Brent Crude has recovered by around $10 (£7.4) a barrel from lows earlier this year. The strength of demand has been a key feature with year-on-year demand growth at its […]

Global oil prices to ‘stay volatile through 2017’

Global oil prices will remain volatile through the rest of 2017. That’s according to a new report from the Economist Intelligence Unit (EIU), which suggests factors such as rising US shale production and increased geopolitical risk across the Middle East could pull the market in different, unpredictable directions. The Organisation of the Petroleum Exporting Countries […]

Oil markets ‘to tighten for rest of the year’

Global oil markets are expected to tighten in the third quarter of 2017, before loosening through 2018. That’s according to a new forecast from the US Energy Information Administration (EIA), which suggests due to an estimated six-month lag between oil prices changing and production reacting, higher crude oil prices in mid-2017 have the potential to […]

Oil price falls after OPEC extends production cuts

The price of oil fell by nearly 5% after OPEC nations agreed to extend their current deal yesterday to limit production by nine months. According to analysts, Brent crude oil plunged $2.60 (£2) to $51.36 (£40) a barrel this morning. The 14 member states, led by Saudi Arabia, were joined by 11 other exporter nations, […]

OPEC ‘extends production cuts into 2018’

The Organisation of Petroleum Exporting Countries (OPEC) has reportedly decided to extend production cuts by nine months into 2018. Members of the group have agreed to prolong the accord of cutting output by around 1.2 million barrels a day until March next year. A total of 11 non-members, including Russia, had also joined the deal […]

Oil price sinks to five-month low

The price of oil has fallen dramatically, hitting its lowest level since November 2016. According to analysts, Brent crude fell to $47.49 (£36.7) a barrel, while US crude dropped to $44.58 (£34) a barrel yesterday although there has been some recovery today. Oil price has been falling since the start of the year despite OPEC’s […]

OPEC output remains below quota in April

The Organisation of the Petroleum Exporting Countries’ (OPEC) oil output in April stayed unchanged from March at 31.85 million barrels per day (b/d). That’s according to a new S&P Global Platts report, which shows the group is still showing high compliance with its production cut agreement, producing below its stated ceiling of 32.5 million b/d. This month, increases […]