International

Basra crude oil prices experienced a week of subtle downturns in response to worldwide market fluctuations. While some benchmarks reflected momentary gains, the overarching trend was marked by a fractional decline, primarily influenced by a blend of economic data and production adjustments. Basra Heavy crude concluded its Friday trading session …

The output from other countries that had witnessed downward production are squaring up which may likely lead to output cut by the Organisation of Petroleum Exporting Countries (OPEC). Similarly, the improved security situation in the oil rich Niger Delta area is helping Nigeria to inch up oil production activities. The …

Turkey is attempting to broker a deal between the central Iraqi government and the semi-autonomous Kurdish administration over how to resume Iraqi crude-oil exports via its territory, according to Turkish officials. Turkey halted flows through a twin-pipeline in March after an arbitration court ordered it to pay about $1.5 billion …

Tie-backs to existing oil sands facilities or expansion of operational sites by some of the biggest Canadian oil firms are expected to boost Canada’s crude oil production by 8% by 2025, analysts have told Reuters. Analysts at RBN Energy see Canadian crude oil production rising by 175,000 barrels per day …

The U.S. Department of Commerce recently decided to enforce preliminary anti-dumping duties on imports of tin mill and tin plate steel from China at a duty rate of 122.5%. As this is the highest preliminary rate, the move provoked severe criticism from trade analysts and experts across China. This tariff …

The tsunami-wrecked Fukushima Daiichi nuclear power plant’s operator says it began releasing its first batch of treated radioactive water into the Pacific Ocean on Thursday — a controversial step that prompted China to ban seafood from Japan. In a live video from a control room at the plant, Tokyo Electric …

Namibia could see an oil boom thanks to several major discoveries that suggest there could be more oil yet to come. An influx of foreign investment has helped Namibia to begin exploring its oil and gas potential, and it looks like it may be quickly paying off with several new …

Russia remained China’s largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports. Arrivals from Russia were up 13% from the same month last year to 8.06 million metric tons in …

The total number of active drilling rigs in the United States fell by 12 this week, according to new data from Baker Hughes published Friday. The total rig count fell to 652 this week. So far this year, Baker Hughes has estimated a loss of 136 active drilling rigs. This …

In the first half of 2023, China’s intake of refined copper saw the biggest drop in four years. The news underscores the current deceleration of the nation’s manufacturing sphere. China is one of the world’s largest buyers of refined copper. Still, it seems the country’s appetite for imports is waning. …