International

Russian refineries are keeping output low despite the end of spring turnarounds, as crude availability becomes tight as a result of cuts agreed by OPEC and its allies, according to trading sources. “There is a dearth of crude supply, and volumes are reduced,” a trader said. Refinery throughput at Russian …

U.S. crude oil production from seven major shale formations is expected to decline by about 56,000 bbl/d in August to about 7.49 million bbl/d, the lowest in the two years, the U.S. Energy Information Administration (EIA) said in a monthly forecast on July 13. The biggest decline is forecast for …

The state-owned National Oil Corporation (NOC) of the UN-backed Libyan government on Sunday declared force majeure on oil exports again due to renewed oil blockade by the east-based army. The NOC said in a statement that it “condemns unreservedly the renewed blockade on Libyan oil exports and calls for the …

The head of Libya’s state energy company said the war-torn country would resume crude oil exports for the first time in six months, state-run Anadolu news agency said. Since the beginning of the year, forces of rebel General Khalifa Hasftar’s self-styled Libyan National Army (LNA) have blocked oil production and …

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 258, marking the eighteenth loss in the number of active rigs, with losses in the Permian, Eagle Ford, Marcellus, and Barnett basins. The total oil and gas …

US commercial crude oil stocks increased against the market expectation of a fall last week, according to data released by the country’s Energy Information Administration (EIA) on Wednesday. Commercial crude oil inventories in the US rose by 5.7 million barrels, or 1.1%, to 539.2 million barrels for the week ending …

When the bottom fell out of international crude oil markets earlier this year, global oil storage was at a premium. In the United States, finding sufficient crude oil storage became such a challenge that the West Texas Intermediate crude benchmark plummeted below zero on April 20, ending the day at …

Libya will export two oil cargoes totaling 1.2 million barrels in July — a third less than in June — as forces opposed to the Tripoli-based government continue to block shipments from most of the OPEC member’s ports. The Bouri and Farwah terminals will each ship one cargo of 600,000 …

Saudi Aramco raised crude pricing for August sales of all its grades to Asia as global supply cuts and reviving demand buoy the oil market. The state producer in Saudi Arabia increased its official selling price for flagship Arab Light crude to buyers in Asia to a premium of $1.20 …

Saudi Arabia and Kuwait have restarted production at the Al-Khafji oil field in the neutral zone between the two countries, Turkey’s Anadolu Agency reported, citing a statement by the acting CEO of the Kuwait Gulf Oil Company. The official Twitter account of the company posted an update yesterday, saying (via …