American Petroleum Institute

American Petroleum Institute News

Crude climbs as storage fills less rapidly than feared; demand may pick up as some European countries, US cities ease lockdowns
Business

Crude climbs as storage fills less rapidly than feared; demand may pick up as some European countries, US cities ease lockdowns

While storage is rapidly filling up, production cuts by US shale producers, estimated by consultants Rystad Energy at 300,000 barrels per day (bpd) for May and June, should help slow flows into tanks.

Oil prices rebound: US crude futures show modest rise from $0 a barrel, but gains capped on demand concerns
Business

Oil prices rebound: US crude futures show modest rise from $0 a barrel, but gains capped on demand concerns

Oil prices have skidded as travel restrictions and lockdowns to contain the spread of the coronavirus curbed global fuel use, with demand down 30 percent worldwide. That has resulted in growing crude stockpiles with storage space becoming harder to find.

Crude rises after three session of losses on short-covering, hopes for deeper output cut by OPEC
Business

Crude rises after three session of losses on short-covering, hopes for deeper output cut by OPEC

Crude prices inched higher on Wednesday as investors covered short positions after three sessions of losses and eyed potential supply cuts, even as fears of a coronavirus pandemic deepened

Oil jumps as slowdown in new China coronavirus cases eases fuel demand concerns; OPEC, allies recommend to increase output cuts
Business

Oil jumps as slowdown in new China coronavirus cases eases fuel demand concerns; OPEC, allies recommend to increase output cuts

The US Energy Information Administration (EIA) on Tuesday cut its global oil demand growth forecast for this year by 310,000 bpd as the virus outbreak crimps oil consumption in China.

Oil prices edge lower ahead of US stockpile data; weaker economic growth offsets hopes of rise in crude demand
Business

Oil prices edge lower ahead of US stockpile data; weaker economic growth offsets hopes of rise in crude demand

US crude oil stockpiles at Cushing, Oklahoma, the delivery point for WTI, have risen by about 1.5 million barrels in the week through 25 October, traders said earlier.

Crude oil hits 2019 high on OPEC cuts, concerns over demand ease; healthy data on US, China bolsters prices
Business

Crude oil hits 2019 high on OPEC cuts, concerns over demand ease; healthy data on US, China bolsters prices

The United States is considering more sanctions against Iran, whose crude oil exports have been halved by existing measures, an official said.

Crude oil rises to $67 on Saudi Arabia's plan for additional output curbs in April, Venezuelan export cut
Business

Crude oil rises to $67 on Saudi Arabia's plan for additional output curbs in April, Venezuelan export cut

Crude rallied this year after the OPEC and its allies including Russia, a group known as OPEC+, returned to supply cuts as of 1 January.

Oil prices rise on OPEC-led supply cuts, report of falling US crude inventories despite pressure from Donald Trump
Business

Oil prices rise on OPEC-led supply cuts, report of falling US crude inventories despite pressure from Donald Trump

Crude oil has been rising lately, not due to strong growth and rising demand but primarily due to a politically orchestrated cut in production from OPEC and friends, said an analyst

Petrol prices drop nearly 15% from record levels reached in October; Delhi and Chennai record most decline
India

Petrol prices drop nearly 15% from record levels reached in October; Delhi and Chennai record most decline

However, as the Organisation of Petroleum Exporting Countries (OPEC) on Friday decided to reduce its oil supply by 1.2 million barrels per day for the first half of 2019, prices may see an up-turn leading to a reversal in India's domestic fuel prices movement.

Fuel prices remain unchanged on rebound in global crude rates; snap 13 straight day decline
Business

Fuel prices remain unchanged on rebound in global crude rates; snap 13 straight day decline

Fuel rates have been on the decline since 18 October as a result of falling crude oil prices in the international market due to supply glut and appreciation in the rupee.

Oil prices edge higher; but record US crude output, expectations of higher OPEC supplies drag
Business

Oil prices edge higher; but record US crude output, expectations of higher OPEC supplies drag

The OPEC is due to meet in Vienna on 22 June to decide whether the group and non-OPEC members including Russia will raise production to ease concerns over potential supply shortfalls from Iran and Venezuela.