International

In recent months, the world’s biggest oil exporter, Saudi Arabia, has lost market share in China to the United States as the world’s top oil importer has boosted imports from America and reduced purchases from the Kingdom. China has imported record volumes of crude oil in recent months, taking advantage …

Pledged overdue output cuts from Iraq in the next couple of months — if delivered — could help mitigate rising OPEC oil supply amid an expected recovery in demand vs. a weak 2Q. Our analysis points to the group’s overall good 93% compliance with quotas in July, despite sustained non-adherence …

The Iraqi Oil Marketing Company “SOMO” announced on Wednesday that Indian oil companies were the most buyers of Iraqi oil during the month of July. “The Indian companies were the most numerous among other international companies to buy Iraqi oil, by 7 out of 30 companies that bought Iraqi oil …

OPEC notes in its August report that spot crude oil prices rose in July in the third consecutive monthly increase, averaging $43.42 per barrel. Reuters In the middle of the third quarter, investors momentarily shrugged off coronavirus fears and bumped up crude oil prices after being encouraged by rising demand …

World’s largest oil company Aramco remains committed on its investment plan in India, including a $15 billion deal with Reliance Industries, even though Covid-19 pandemic has made life difficult for oil companies with suppressed demand and falling oil prices and wide scale erosion in valuations. Replying to a query from …

The United States retained its leadership in oil output worldwide, the Joint Oil Data Initiative (JODI) said in a new update. Russia won the second place whilst Saudi Arabia came third. As for both oil output and processing, in June, Russia saw a slight change month-on-month. The U.S. oil production …

An S&P Global Trucost analysis has shown that projects furthest North in Russia, including Yamal LNG, the Bovanenkovo gas field, and the Prirazlomnoye oil field are likely to have the biggest increase in heatwave days up to 2050. “I think the key takeaway here is that the number of heatwave …

The approximate value of the large gas reserve in the Black Sea which Turkey said it discovered earlier in the day is $65 billion, Turkish Energy Minister Fatih Donmez said on Friday. “The approximate value is $65 billion. We will be conducting the seismological exploration and drilling on our own”, …

Libya, following the resumption of the operation of oil facilities, will export only oil accumulated in port terminals, crude produced at deposits will not be exported, Libyan National Army spokesman Major General Ahmad al-Mismari said. “The opening of oil facilities means exportation of only what is in the tanks, the …

The outcome of the meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) on Wednesday was as predicted. OPEC+ — an alliance of the members of the Organization of the Petroleum Exporting Countries and 10 non-OPEC allies, led by Russia — will continue on the trajectory agreed in April, when …