The United States scaled back crude oil imports from Iraq last week, according to data released Sunday by the US Energy Information Administration (EIA). The EIA reported that US crude imports from 10 major suppliers averaged 5.416 million barrels per day (bpd), down 772,000 bpd from the previous week’s 6.188 …
Read More »Saudi Oil Exports to China Set to Hit Two-Year High in August
Crude oil exports from Saudi Arabia to China are seen reaching the highest level in two years in August, Reuters reported today, citing half a dozen unnamed trade sources. The daily average, according to refiner allocation data seen by the publication, stands at 1.56 million barrels, for a total monthly …
Read More »Oil Price Cap Debate Stalls EU-Russia Sanctions
The European Union is edging closer to finally adopting its latest sanctions package, the 18th since the full-scale Russian invasion of Ukraine over three years ago. But two items still remain to be negotiated. Firstly, the price cap on Russian oil. It’s still in the draft proposal seen by RFE/RL, …
Read More »Baghdad-KRG Oil Deal Stalls despite Reports of Breakthrough
The long-running oil export dispute between Baghdad and the Kurdistan Regional Government (KRG) in Erbil over oil exports and public-sector salaries has now deepened, as Iraq’s Cabinet failed to address the issue in its latest session, just a day after media outlets reported that a resolution was near. According to …
Read More »Iraq Lifts Oil Output by 80,000 bpd across Three Key Fields
Iraq’s Dhi Qar Oil Company has raised oil production by a combined 80,000 barrels per day across three strategic southern fields, Nasiriyah, Gharraf, and Saba, IraqiNews reported on Monday, marking one of the country’s most significant boosts this year as OPEC+ opens the door to higher member output. According to …
Read More »Saudi Arabia Raises August Oil Prices for Asia, Europe Buyers
Saudi Arabia, the world’s biggest oil exporter, on Sunday hiked August prices for Asian and European buyers by more than $1 a barrel as domestic crude demand is expected to rise, reducing exports, and consumption from China is likely to increase. State energy firm Saudi Aramco raised the official selling …
Read More »Oil Pares Loss as Tight Market Offsets OPEC+’s Bigger Hike
Oil pared losses on Monday as a tight physical oil market offset the impact of OPEC+ hiking oil output more than expected in August as well as concern about the potential impact of U.S. tariffs on economic growth and oil demand. The Organization of the Petroleum Exporting Countries and their …
Read More »OPEC Reports a Global Oil Production Decline in 2024
Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58 million barrels daily, OPEC said in the latest edition of its Annual Statistical Bulletin. The group reported a decline in OPEC and partner production while non-OPEC oil producers boosted output last year, in …
Read More »Polish Energy Company Ends Russian Oil Imports
Poland’s second-largest publicly listed company, Orlen, officially ended its oil imports from Russia on Monday, following the expiration of its final contract with Russian oil firm Rosneft. According to Polish state-run TVP World, the company ended oil imports from Russia to its Litvinov refinery in the Czech Republic, cutting its …
Read More »Iraqi Oil Exports to US Drop 30,000 bpd
The United States reduced its crude oil imports from Iraq last week, according to data released Sunday by the US Energy Information Administration (EIA). The EIA reported that US crude imports from Iraq averaged 183,000 barrels per day (bpd), a decline of 30,000 bpd from the previous week’s 213,000 bpd. …
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