Royal Dutch Shell believes that the demand for oil could reach its peak in the next five years.
Oil prices fell again on Monday on news of the restart of the UK North Sea’s Buzzard oil field and Iraq’s decision not to take part in OPEC’s planned production cuts.
Despite OPEC’s announced oil output cut to control the supply glut, Iraq could be raising its oil production for the rest of the year and in 2017.
Despite the impeding agreement by the Organisation of Petroleum Countries (OPEC) to decrease crude production, analysts are maintaining their expectations low regarding the evolution of crude oil prices.
The world’s largest oil producers are set to meet in Algiers this week to discuss ways to stabilise the oil market and end oversupply.
Although the oil market may be showing signs of recovery, this is happening at a slow pace and it might still take until H1 2017 for oversupply to disappear.
Iran has announced it is willing to support any measures to boost crude oil prices discussed during the OPEC meeting next week.
Crude oil prices have continued to fall today, on reports of bursting inventories in the US and Asia.
Crude oil prices have ended a short rally of gains over hopes that members of the Organisation of Petroleum Exporting Countries (OPEC) would soon agree on a production freeze to balance prices.
Crude oil prices have finally risen above $50 per barrel for the first time since the end of June on Thursday.
Crude oil prices fell for the first time in a week as investors grow ever more sceptical about the success of potential talks among oil producers in the Organisation of Petroleum Exporting Countries (OPEC).
Crude oil prices have seen a rise early this morning in the wake of talks by exporters about the current supply glut.
The Organisation of Petroleum Exporting Countries (OPEC) has revised its oil market forecast for the month on Wednesday, foreseeing an increase in oil demand of 30,000 barrels per day (bpd) to 1.22 million bpd.
According to industry data, the current slump in crude oil prices could be over by the end of this year, following an expected production decline, the first since 2009.
Recently-elected President of the Organisation of Petroleum Exporting Countries (OPEC) Mohammed Bin Saleh Al-Sada expects to see oil demand rise by the end of this year.