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...Brent crude, the international benchmark, fell 3 per cent to $87.37 a barrel on Wednesday....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...His comments come as Brent crude trades at about $90 a barrel, up around 15 per cent this year....
...Analysts estimate Opec+ has about 6mn b/d of spare capacity it can unleash on to global markets to lower prices if they spike into the triple digits to prevent demand destruction....
...The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...The move, which comes after the meeting was delayed from Sunday as Saudi Arabia pushed members to make additional production cuts, boosted Brent crude above $84 a barrel — up about 1.4 per cent on the day...
...this year and 1.8mn b/d in 2025....
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...That sluggishness is more striking when you consider that the Brent price, adjusted for inflation, has not budged since 2005....
...I’d be happy to share our output if it would be helpful. WhatsApp to WesPete: Of course, we’d be thrilled to have you any time....
...“They have 3mn b/d of spare capacity now so what is the rush of increasing production capacity to 13mn b/d.”...
...Despite continuing uncertainty over the Red Sea, one of the world’s key oil routes, prices were broadly steady on Thursday, with benchmark Brent crude up 0.5 per cent on the day at $78.31 a barrel....
...cut by 211,000 b/d and 135,000 b/d respectively....
...and 360,000 b/d in 2025....
...Western powers are protecting the Gulf with such assets as the US aircraft carrier Dwight D. Eisenhower....
...Brent crude, the international benchmark, settled up 1.2 per cent at $90.04 on Tuesday, breaking $90 a barrel for the first time since November....
...Brent crude, the international benchmark, gained 0.2 per cent to trade at $90.21 a barrel, while US equivalent West Texas Intermediate rose by the same margin to $86.91....
...This “lollipop” was on top of the group’s wider production cuts, meaning the kingdom’s production went down to 9mn barrels a day — significantly below its maximum capacity of about 12mn b/d....
...The IEA forecasts crude consumption to increase by 1.3mn barrels per day this year while Opec this week maintained its growth estimates of 2.25mn b/d for 2024....
...Brent crude, the global benchmark, was trading at $83.77 on Thursday afternoon in London, up about 0.7 per cent on the day....
...Brent crude is trading a little lower than a year ago while European gas prices are down nearly 70 per cent....
...Brent crude, the international benchmark, was trading at $87 a barrel on Friday, up 10 per cent over the past month, with some analysts predicting a return to $100 a barrel oil this year....
...Brent crude, the international benchmark, climbed 0.5 per cent to $78.04 while US marker West Texas Intermediate rose 0.5 per cent to $73.38....
...Brent crude, the global benchmark, rose almost 2 per cent after the announcements to $84.75 per barrel on Thursday afternoon....
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