Oil

Russia may reach a record-high level of crude and condensate production in summer 2022, with output expected to reach its peak in 2023, Norway’s Rystad Energy consulting company said in a statement on Friday. “The OPEC+ coalition’s recent agreement to steadily raise oil production is paving the way for Russia …

The Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast on global oil demand growth for 2021 and 2022, and raised its estimates for the growth of the global economy. Global oil demand is estimated to increase by around 6 million barrels per day (bpd) to average 96.6 million …

President Joe Biden’s top aides are calling on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices that they see as a threat to the global economic recovery. Biden’s national security adviser Jake Sullivan criticised the world’s major oil producers for what he …

U.S. crude stockpiles fell by less than expected last week at time when investors are fraught with worry about the demand outlook as surging Covid-19 cases, particularly in China, have dented travel demand. West Texas Intermediate, the benchmark gained 3% to $68.50 a barrel on the news, after settling up …

Oil prices rose more than $1 on Tuesday, recouping some of the losses in the previous session, as rise of demand in Europe and the United States outweighed concerns over a rise of COVID cases in Asian countries. Brent crude was up $1.20, or 1.7%, at $70.24 a barrel by …

Oil prices dropped 2 percent on Monday, extending last week’s steep losses on the back of a rising US dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand. Brent crude futures slid $1.41, or 2 percent, to $69.29 a …

U.S. imports of crude oil from Iraq averaged 82,000 barrels per day (bpd) last, the Energy Information Administration (EIA) said on Saturday, despite a spurt in its appetite during the same period. In its weekly report on U.S. oil imports, EIA Said that the U.S. imports averaged 5.588 million barrels …

Oil prices continued their decline on Thursday amid a high inventory build-up in the US and rising numbers of Covid-19 Delta cases. Brent, the international benchmark, fell 0.11 per cent to trade at $70.30 per barrel at 11.19am UAE time. West Texas Intermediate, the main US gauge, was flat at …

Oil declined for a third day as the coronavirus spread in Asia, particularly China, continued to threaten demand. West Texas Intermediate futures slumped 1.9%, after retreating 4.6% in the previous two sessions. The delta strain of Covid-19 has been detected in almost half of China’s 32 provinces in just two …

On July 18, OPEC+, which includes most members of OPEC and several non-OPEC members (including Russia), agreed to increase monthly crude oil production starting in August 2021. On July 19, after the new OPEC+ agreement was made public, the price of Brent crude oil fell 7% from the previous day …