Oil

Morgan Stanley has forecasted that the crude oil market, currently experiencing tight conditions, will likely move into surplus next year as the investment bank anticipates that oil prices will drop to the mid-to-high $70s range by 2025. Morgan Stanley said that the tight market conditions are expected to persist for …

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to …

Oil prices continued to be weighed down in Asian trade on Wednesday by growing concerns about China’s economic growth and oil demand which were offsetting an estimated drop in U.S. crude oil inventories. In Asian trade, both benchmarks were dropping by around 0.2%, with the U.S. WTI Crude benchmark clawing …

On Wednesday, Basrah crude oil dropped amid a stabilization in global oil prices. Basrah Heavy crude edged lower by $1.56 to $79.52, while Basrah Medium rose by $1.56 to $82.42. Oil prices held steady on Wednesday, with the global benchmark Brent hovering near a one-month low reached in the previous …

Recent data from Kpler reveals a significant decline in crude oil exports from major OPEC+ producers in June, driven largely by weak demand in Asian markets and increased domestic consumption in the Middle East. This has resulted in Saudi Arabia’s exports plummeting to their lowest level in over a decade. …

OPEC has stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, citing resilient economic growth and strong rebound in air travel in the summer months. In its latest Monthly Oil Market Report (MOMR), OPEC has predicted that global oil demand would rise by …

Despite a dip yesterday on weak economic data from the United States, crude oil prices were set to end the week with another gain, extending their latest upward streak to a full month. Oil is now at the highest level since April with Brent crude adding some 9% over the …

Oil prices rose on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, while the market kept tabs on flaring tensions in the Middle East. Brent crude futures edged up 47 cents or 0.5% to $86.71 per barrel at 0330 GMT, touching a 10-week high. U.S. West …

Falling crude oil exports from Saudi Arabia accounted for half of the 1 million barrels per day (bpd) drop in global seaborne shipments in June compared to May, tanker-tracking data compiled by Bloomberg showed on Tuesday. The estimated decline of about 1.08 million bpd in global crude oil shipments was …

Figures by the European Union’s statistics agency, Eurostat, have shown that Ankara resumed importing oil from Tehran in March 2024 nearly four years after it cut shipments to zero to comply with US sanctions on Iran. Eurostat data cited in a Sunday report by IRNA news agency found that Turkey …