International

On Friday, Basra crude oil prices declined in their last trading session. Basra Heavy crude closed at $72.03, down 6 cents, while Basra Intermediate crude closed at $75.18, also down 6 cents. Despite the daily decrease, both crudes recorded weekly gains. Basra Heavy crude saw a weekly gain of $1.29 …

China’s crude oil imports from Russia rose 8.6 per cent in April from a year earlier, as larger private refiners also embarked on purchases of the discounted fuel. Arrivals from Russia – including seaborne shipments and supplies via pipelines – totalled 7.1 million tonnes or 1.73 million barrels per day …

Russian President Vladimir Putin said on Wednesday, May 17, that oil production cuts were required to maintain a certain price level, contradicting assurances from other leaders of the OPEC+ group of producers that it was not seeking to manage the market in that way. The United States and Europe have …

India is considering refilling its strategic hoard of crude oil, joining the US as the world’s top guzzler begins to rebuild its depleted stockpiles after a period of drawdown. The South Asian nation plans to import about 1.25 million tons (9.2 million barrels) of oil to fill empty reserves, said …

Saudi oil giant Aramco is studying the feasibility of an additional stock offering in Riyadh, which could help the world’s biggest oil firm raise billions of U.S. dollars, Bloomberg reported on Tuesday, citing sources familiar with the plans. Aramco, which is also the world’s number-two company by market capitalization – …

Venezuela’s state oil company PDVSA has got new management that plans to boost production of crude to 1.17 million barrels daily by the end of the year, Reuters has reported, citing an internal document. As of April, PDVSA was producing over 800,000 bpd – the first time it had topped …

The Iraqi Minister of Oil, Hayan Abdul-Ghani, called on international companies on Monday to participate in developing 13 oil fields and exploration sites in northern, central, and southern governorates, the state news agency (INA) reported. Abdul-Ghani explained that the step aims to enhance oil and gas production and reserves, and …

The Taliban has stated that China is interested in investing in Afghanistan’s oil and gas industries. Homyaoon Afghan, the spokesperson for the Ministry of Mines and Petroleum, has stated that they have facilitated the necessary infrastructure for potential investors. “The minister thanked the investors and said that Afghanistan is rich …

The International Monetary Fund (IMF) believes that Iraq needs to sell oil at a price of $75.8 per barrel to achieve budget equilibrium and avoid deficit. A table presented by the Fund indicated that the balance in Iraq’s budget for 2023 will be achieved if the oil is sold at …

The Group of Seven (G7) and EU countries intend to ban the import of pipeline gas on routes where Moscow has previously cut supplies as part of the 11th package of sanctions against Russia. Azernews reports that the ‘Financial Times’ newspaper has published information about this with reference to the …