Iraqi oil exports to the United States saw a decrease last week, according to the US Energy Information Administration (EIA) on Sunday. The EIA reported that the average US crude oil imports from eight key countries reached 5.974 million barrels per day (bpd) last week, down by 70,000 bpd from …
Read More »Goldman Sachs: Next President will have Limited Tools to Raise U.S. Oil Supply
The next U.S. president will have a very limited set of tools to materially boost oil supply in the United States, according to investment bank Goldman Sachs. Whoever wins the presidential election in November will have to contend with low stocks in the Strategic Petroleum Reserve (SPR). Moreover, any regulatory …
Read More »Oil Market Forecasts Surplus in 2025, Predicts Morgan Stanley
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 …
Read More »Russia Cuts Crude Exports to China and India by 17%
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 …
Read More »Chinese Demand Concerns Weigh on Oil Prices
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 …
Read More »Basrah Crudes Drop despite Global Oil Stabilization
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 …
Read More »Middle East Oil Benefits as China Buys Less African Crude
China has long been building inroads into Africa, while the U.S. backs down from the region, leaving a gaping hole in the West’s influence over the “final frontier”. Now, however, we’re seeing all that soft power and oil-backed loans fizzle out as various think tanks note that China is increasingly …
Read More »Kpler Data: Saudi Arabia’s Oil Exports Fall to Lowest in Decade
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. …
Read More »OPEC Sticks to Strong Oil Demand Growth Forecasts
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 …
Read More »Oil Prices Set to Post another Weekly Gain
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 …
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