Oil

Even though the EU sanctions Russian oil, Bulgaria still allows crude to be processed at the Lukoil Burgas refinery. An investigation by Ukrainian journalist Mykhailo Tkach, working for the Ukrainska Pravda, shows that Lukoil’s Bulgarian Burgas refinery is still processing Russian crude. The volumes are being transported by Russia’s shadow …

Oil prices settled little changed on Friday as markets weighed Chinese demand and interest rate-cut expectations after data showed cooling US inflation. Brent crude futures closed up 6 cents, or 0.08%, at $72.94 a barrel. US West Texas Intermediate crude futures rose 8 cents, or 0.12%, at $69.46 per barrel. …

India’s second-largest fuel retailer, Bharat Petroleum Corporation Limited (BPCL), plans to raise its refining capacity by 10 million tons per year by 2028, as the biggest Indian refiners consider a massive expansion to processing capacity to meet growing demand. State-controlled BPCL expects to raise its total refining capacity to 45 …

Spare oil production capacity at the highest quartile in history is weighing on Brent crude prices, and time spreads have looked undervalued since the summer, according to Goldman Sachs. The expectations for a large surplus next year are also likely weighing on the deferred time spreads, the investment bank said …

A maritime disaster unfolded in the Black Sea when a Russian oil tanker dramatically split in half during a severe storm, raising serious environmental concerns. The cargo ship Volgoneft-212, carrying over 4,000 tonnes of heavy fuel oil, broke apart after being struck by a massive wave near the Crimean coast. …

OPEC decided on December 5 to kick the can down the road yet again, postponing the timeframe for putting additional barrels back into the market until April 2025 and slowing the pace of the notional tapering so that the cuts will not unwind until the end of 2026. This avoids …

Oil prices rose on Wednesday, with market participants expecting demand to rise in the world’s largest crude importer, after Beijing announced a looser monetary policy to stimulate economic growth in China. Brent crude futures gained 36 cents, or 0.5%, to $72.55 a barrel by 0430 GMT, while U.S. West Texas …

Kuwait Foreign Petroleum Exploration Company (KUFPEC) plans to bid for more oil and gas blocks offshore Indonesia and explore for hydrocarbons in the Natuna Sea, the top executive of Kuwait’s state oil firm told Reuters on Monday. KUFPEC is an international upstream company, engaged in exploration, development and production of …

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, after falling in the two weeks prior. The total rig count rose by 7, landing at 589 total rigs, according to Baker …

Oil supplies from Russia to the Czech Republic via the Druzhba pipeline resumed early on Friday, Czech refiner ORLEN Unipetrol said, after flows were interrupted earlier this week. “Oil supplies were restored this morning and oil is flowing again through the Druzhba pipeline to the Czech Republic,” Unipetrol’s chief executive …