Brent oil rallied above US$86 a barrel after Saudi Arabia urged caution in boosting supply, while an eye-watering rally in market structure deepened. The global crude benchmark advanced 0.6 per cent, while West Texas Intermediate hit the highest since 2014. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told Bloomberg Television at the weekend that

The Paris-based International Energy Agency (IEA) has revised up global oil demand forecasts for 2021 and 2022. The current energy crisis could boost demand by 500,000 b/d compared with normal conditions through to the 1st quarter of 2022, the IEA said. In 2022, the highest consumption is forecast to be in the Asia Pacific region

The Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Monday that demand for natural gas in the wider Arab region is rising at its “fastest” pace, with a steady annual growth rate of 4.8 percent. Demand for gas in the region eclipses global demand by more than twofold, the second highest in the world

Asian refining margins for 10 ppm gasoil climbed for a fourth consecutive session on Friday, posting a second straight weekly gain, riding on tighter supplies amid lower Asian exports in the spot market and steady arbitrage shipments to the West, said Hydrocarbonprocessing. Refining margins or cracks for 10 ppm gasoil jumped to USD11.24 per barrel

Despite promises of improved infrastructure and better disaster preparedness, governments and energy giants are failing to provide backup energy provisions to areas hit hard by extreme weather conditions again and again. As these events are becoming more frequent and stronger, how will the energy industry prepare for the future of energy provision? The ongoing discussion

The British government will announce the biggest round of its renewable energy scheme on Monday, hoping to build up enough extra offshore wind capacity to power about eight million homes. Under the so-called Contracts-for-Difference (CfD) scheme, qualifying projects are guaranteed a minimum price at which they can sell electricity, and renewable power generators bid for

European energy prices might be at record levels, but there is still room for prices to run, according to a Bloomberg analysis. Of course, natural gas prices are soaring everywhere-not just in Europe. The U.S. benchmark price for natural gas has nearly doubled over the last year, with front-month Henry Hub prices reaching $4.690/MMBtu as

OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022. The data — to be presented to the group’s Joint Technical Committee on Tuesday — ought to reassure the Organization of Petroleum Exporting Countries and its partners that

The U.S. is holding its largest sale of oil from strategic reserves this year at a time when the outlook for fuel demand is darkening amid the resurgent Covid-19 virus. The Energy Department plans to auction off 20 million barrels of crude, twice as much as it offered for sale 3 1/2 months ago. The

Crude oil futures were lower during mid-morning Asian trade Aug. 16 as investor concerns over the fast-spreading delta variant resurfaced amid restrictive movement curbs in oil consuming giant China and growing number of cases in the US. At 10:51 am Singapore time (0251 GMT), the ICE October Brent futures contract was down 80 cents/b (1.13%)