Oil

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 …

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory decline of 5.1 million barrels for the week to November 29. The change compared with a build of 1.23 million barrels for the week, as estimated by the American Petroleum Institute a day earlier. It …

Top oil exporter Saudi Arabia is expected to slash crude prices for Asian buyers in January to the lowest in years, largely tracking a slump in Middle East benchmark prices last month, traders said on Monday. The January official selling price (OSP) for flagship Arab Light may fall by 70 …

An average of 13.4 MMbpd of crude oil was produced in the United States during August 2024, a new record according to data from the U.S. Energy Information Administration Petroleum Supply Monthly. More crude oil was produced in the United States during August 2024 than during December 2023, when the …

Offshore oil is back in a big way. After years of costly offshore oil contacts being put on ice due to lower-than-ideal oil prices and uncertain future demand, these projects have been roaring back to life around the world. But the future of the sector remains uncertain as a looming …

Global oil demand continues to surprise on the upside, BP Plc  Chief Executive Murray Auchincloss told the Energy Intelligence forum in London on Monday, saying that oil demand kept rising on average by more or less 1% each year, with BP predicting robust oil consumption for the next 5-10 years. …