International

China, the world’s biggest oil importer, has ramped up purchases of American crude in the lead-up to a highly-anticipated review of the trade deal between the two economic powerhouses. As much as 14 million barrels — or seven super-class tankers full — of U.S. oil will be loaded next month …

China, the world’s biggest oil importer, has ramped up purchases of American crude in the lead-up to a highly-anticipated review of the trade deal between the two economic powerhouses. As much as 14 million barrels — or seven super-class tankers full — of U.S. oil will be loaded next month …

Oil prices have dropped due to surging Covid-19 cases around the world despite OPEC+ stating that it is fully adhering to supply cuts to support prices. Brent crude futures decreased by $0.22 to reach at $45.15 a barrel while the US West Texas Intermediate (WTI) futures fell by $0.23 to …

The US and China have delayed a review of their Phase 1 trade deal initially slated for Saturday, sources familiar with the plans told Reuters, citing scheduling conflicts and the need to allow time for more Chinese purchases of US exports. No new date for the initial six-month compliance review …

Venezuela’s long-suffering oil industry is ramping up exports even as production continues its inexorable slide. Exports of crude oil, the commodity that bankrolls the regime of President Nicolas Maduro, are set to reach a four-month high of at least 325,000 barrels a day in August, largely because of diesel-for-crude swaps …

US energy firms cut the number of oil and natural gas rigs operating to a record low for a 15th week even as higher oil prices prompt some producers to start drilling again. The US oil and gas rig count, an early indicator of future output, fell by three to …

Venezuela’s fuel crisis is poised to deteriorate even further after one of its biggest refineries was halted over the weekend following a nearby oil spill. Petroleos de Venezuela SA’s El Palito refinery stopped producing gasoline after its fluid catalytic cracker was shut due to a malfunctioning valve, said union leader …

The United States sent a shipment of crude to Saudi Arabia in June, data from the US Census Bureau showed yesterday, in what appears to be the first such delivery since the US ban on crude exports ended in 2015, Reuters reported. The United States shipped about 550,000 barrels, or …

Hopes that India’s oil demand will recover in the second half of the year is fading fast as some provinces implement partial lockdowns to battle the COVID-19 pandemic, prompting refiners to start planning for lower crude runs in order to prevent a problem of plenty at home. India, one of …

Iraq will be forced into 100% compliance with the OPEC+ deal in August and September as the producer group loses patience with the laggard, the country’s oil minister said on Thursday. “This tolerance from OPEC won’t last long. We will be forced this month and next month to 100% compliance,” …