Oil price news

From June, Saudi Arabia is cutting an extra 1 million bpd, the UAE an extra 100 000 bpd, and Kuwait an extra 80 000 bpd.

Oil prices started the week with mild losses, as news about renewed outbreak pockets around the world alarmed traders to be cautious on how quickly demand can rebound.

On Thursday morning oil prices continued to see their earlier gains trimmed further for a second day, as the global oversupply persists despite the cuts that are already in place.

Oil prices stopped rising on Wednesday as the market started realising that crude storages continue to fill, after days of prolonged gains.

The OGA has said that the North Sea oil and gas industry should go considerably faster and farther in reducing its own carbon footprint, or risk losing its social licence to operate.

Oil prices rose on Tuesday as lockdowns start to ease globally and traffic fuel consumption, among the main reasons demand has fallen, increases.

Oil prices fell on Monday, despite the OPEC+ cuts.

Rystad Energy’s Head of Oil Markets, Bjornar Tonhaugen, has said that Norway's decision to cut production could be a good example for other producers outside OPEC+.

The oil price has reversed morning losses and now enjoys limited gains.

Oil prices have declined for a second day on storage concerns.