Benchmark oil contract, Brent North Sea crude, has rallied about five dollars this week after Iran's missile attack on Israel -- but remaining around $75 per barrel
OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would keep growing until at least 2050, a key year in the battle against climate change
The ongoing Red Sea crisis can potentially revive Russia-Saudi oil tensions, according to a Reuters analysis
OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year's figure, citing slowing economies, the resurgence of China's COVID-19 containment measures and high inflation.
US President Donald Trump accuses the Organization of Petroleum Exporting Countries of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production.
Saudi Arabia, Russia, Qatar and Venezuela have agreed to freeze their oil output at January levels if other producers follow suit.
Benchmark oil contract, Brent North Sea crude, has rallied about five dollars this week after Iran's missile attack on Israel -- but remaining around $75 per barrel
OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would keep growing until at least 2050, a key year in the battle against climate change
The ongoing Red Sea crisis can potentially revive Russia-Saudi oil tensions, according to a Reuters analysis
OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year's figure, citing slowing economies, the resurgence of China's COVID-19 containment measures and high inflation.
US President Donald Trump accuses the Organization of Petroleum Exporting Countries of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production.
Saudi Arabia, Russia, Qatar and Venezuela have agreed to freeze their oil output at January levels if other producers follow suit.
