Oil

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified at the weekend, though concern about fuel demand in China, the world’s second-largest consumer, and forecasts of a global oil surplus weighed on markets. Brent crude futures gained 29c, or 0.4%, to $71.33 a barrel by 5.02am …

Crude oil prices looked set for yet another weekly loss, pressured by the perception of softer-than-expected demand in China. The decline comes in spite of the International Energy Agency’s recent upward revision of oil demand growth for this year. That could be because the agency also revised its 2025 demand …

The return of Libya’s oil production to full capacity raised the total OPEC output by 466,000 barrels per day (bpd) in October from September, the cartel’s monthly report showed on Tuesday, less than two months ahead of a planned reversal of part of the cuts. Total crude oil production in …

Over a quarter of U.S. oil production capacity in the Gulf of Mexico remained offline after hurricane Rafael weakened to a tropical storm that the U.S. National Hurricane Center expects to move on south and southwest this week. As of Sunday, over 480,000 bpd in oil production capacity and 310 …

Beleaguered North African oil producer Libya is set to announce within months its first oil and gas exploration bid round since the civil war began in 2011, Libyan Oil Minister Khalifa Abdul Sadiq told Bloomberg in an interview. OPEC member Libya plans to offer blocks both onshore and offshore in …

China’s crude oil imports continue to be weak, with October marking the sixth consecutive month in which crude cargo arrivals have lagged behind the imports in the same months of 2023, official Chinese data showed on Thursday. Last month, China imported a total of 10.53 million barrels per day (bpd) …

The Biden Administration plans to offer the minimal possible acreage in a Congress-mandated oil and gas lease sale in the coastal plain of Alaska’s Arctic National Wildlife Refuge, the Bureau of Land Management (BLM) said late on Wednesday. The BLM is required in the 2017 Tax Act by Congress to …

The Iraqi Ministry of Oil said on Friday that Iraq has reduced its oil production to 3.3 million barrels per day in line with its commitment to the OPEC+ agreement. The Oil Ministry clarified in a statement that the current reduction will continue over the coming months to ensure that …

Beleaguered North African oil producer Libya is set to announce within months its first oil and gas exploration bid round since the civil war began in 2011, Libyan Oil Minister Khalifa Abdul Sadiq told Bloomberg in an interview. OPEC member Libya plans to offer blocks both onshore and offshore in …

Crude oil prices started the week with a gain of over $1 per barrel following reports that OPEC+ had decided to postpone a planned partial rollback of its production cuts. The group was supposed to bring back some 180,000 barrels daily in supply from December but it had conditioned that …