Weekly Oil Report: India and Iran Shifting the Market Short-Term Outlook
In recent weeks, oil experienced many contradictory reports. Some expecting the price to rise while some predicted a fall. Here we review the oil outlook for short term, mid-term and long-term visions. Oil short-term outlook is not much promising. Surprising events, including new waves of Covid-19 pandemic in many countries and Iran-US highly probable nuclear […]
Weekly Oil Report: Iran Increasing Crude Oil Exports
Oil has been under pressure as the emission-free programs set to get stronger. On Thursday, U.S. President Joe Biden unveiled a new emissions-reduction target to cut greenhouse gas emissions by 50-52 percent from 2005 levels in 2030. China has also declared to get to carbon neutrality by 2060. According to studies, electric cars are getting […]
Weekly Oil Report: Demand falling amid more lockdowns
[vc_row][vc_column][vc_column_text]Oil price followed almost a stable trend, fluctuating about ±3 USD within the last week and it is predicted to observe the same stream in the current week. Based on reports, Iran reached its highest level of oil production in the last 15 months, and now Iran with the capacity of producing and exporting 2.5 […]
Weekly Oil Report: Covid Concerns Flaring Up
[vc_row][vc_column][vc_column_text]India established new lockdown policies last week. New case numbers are rising in many countries all over the world. The global scale vaccination is not fast enough to stop the virus. The recent flare-up is a concern for oil demand. In the last meeting and before the new Covid concern, OPEC eased the cut for […]
Weekly Oil Report: OPEC Shocking Rollover
[vc_row][vc_column][vc_column_text]On Thursday, the OPEC meeting shocked everyone by expanding the production plans. Saudi Arabia implicitly declared that it will decide on the voluntary production cut on its own. The reason for the increase was the anticipation of higher demand in summer. Although, OPEC was under pressure by the United States and India to supply more crude […]
Weekly Oil Report: Ever Given Briefly Flipping the Market
On March 23, the Ever Given vessel, a 1,300-foot container ship, veered to the right as it was traversing the Suez Canal and blocked the traffic between the Red Sea and the Mediterranean. The Suez Canal links the Mediterranean Sea to the Red Sea, a major shipping route between Asia and Europe. Giants shipping companies […]
Weekly Oil Report: The Rally Is Over
[vc_row][vc_column][vc_column_text]It was a tough week for oil. As infinity Galaxy reported, Brent touched prices below $65. On 18 March, Brent and WTI dragged down about 9%. Yemen attacked Aramco, the world’s largest oil and gas company, with long-range missiles. Although Aramco’s oil reserves were safe, possible future attacks of Houthis are a real concern for […]
Weekly Oil Report: Will Demand Take Over The Supply?
[vc_row][vc_column][vc_column_text]Brent started the second week of March at $70.46 and ended with $68.67. Although OPEC+ and Saudi Arabia helped the price by limiting production, the market has sensed upcoming rising production possibility. OPEC+ had giant losses in recent years, and the current price of the oil is enticing to raise the production. Russia and Kazakhstan […]
Weekly Oil Report : what could stop oil?
[vc_row][vc_column][vc_column_text]March started surprisingly! Oil hit 13-months high price and Brent did a 35% rally since January. On Friday, Saudi Arabia agreed to continue the 1-million-barrel lower oil production for another month. OPEC+ declared they are going to increase the supply only for 150,000 barrels this month instead of 500,000 barrels. Formerly, Goldman Sachs had predicted […]
Weekly Oil Report: US Government Bonds Riding The Market
Last week was surprisingly unexpected for markets. WTI oil increased up to $63, and gold fell to about $1717. However, traders expected a resurge for oil price around $57. Let’s discuss some of the possible reasons for the contrast and the situation in the first week of March. In recent week, the US government bonds […]