International

OPEC+’s surprise oil-production cut sent shock waves through financial markets and pushed crude prices up by the most in a year. Now that the dust has started to settle, one question looms large: Will that price rally stick, or fade away? Banks from Goldman Sachs Group Inc. to RBC Capital …

The US Navy has deployed a guided-missile submarine capable of carrying up to 154 Tomahawk missiles to the Middle East, a spokesman said. Cmdr. Timothy Hawkins, a spokesman for the 5th Fleet based in the Gulf nation of Bahrain, said on Saturday the nuclear-powered submarine, based out of Kings Bay, …

According to the US Energy Information Administration on Saturday, Iraq’s oil exports to the United States increased last week. The EIA’s report stated that the US imported an average of 6.36 million barrels of crude oil from nine countries, up by 1.833 million barrels per day from the previous week’s …

Russia’s Energy Ministry said the nation reduced its oil output by about 700,000 barrels a day last month, according to a person familiar with the figures. Yet that figure is inconsistent with data on the nation’s March seaborne exports and supplies to domestic refineries — adding to the uncertainty over …

In a fairy-tale turnaround that few could have foretold, oil prices have soared to multi-year highs, largely aided by strong post-Covid demand, surprise OPEC+ cuts and the disruption caused by Russia’s war in Ukraine. The petrodollar windfall has really given a boost to previously battered Gulf economies, allowing some Gulf …

The total number of total active drilling rigs in the United States fell by 4 this week, according to new data from Baker Hughes published on Thursday—a day earlier than usual due to the Good Friday holiday this week. The total rig count fell to 751 this week—62 rigs higher …

Last week’s banning by the Baghdad-based Federal Government of Iraq (FGI) of oil sales made independently by the government of the semi-autonomous region of Kurdistan (KRG) in northern Iraq should be seen in the context of the Saudi Arabia-Iran relationship resumption deal done on 10 March. And that context is …

US President Joe Biden attempted on Monday to downplay the latest output cuts by the OPEC+ group of oil-producing nations. “It’s not going to be as bad as you think,” Biden said during a trip to Minnesota in response to a reporter’s question on the decision by some OPEC+ countries …

Following slow and consistent growth for two weeks in a row, the number of offshore rigs in the U.S. lost its upward momentum and remained flat at 18 units last week, based on Baker Hughes’ weekly rig count report. On the other hand, the total number of rigs operating in …

Oil from the Kurdistan Regional Government in northern Iraq may start flowing as soon as this week after KRG and federal government officials reached a preliminary agreement to restart exports, which have been cut off since March 25th. “Following several meetings between the KRG and federal government, an initial agreement …