Oil

The US Energy Information Administration (EIA) said on Sunday that Iraqi crude oil exports to the US declined to 77,000 barrels per day (bpd) during the past week. According to a report released by the EIA, “The United States imported crude oil from Iraq at a rate of 77,000 bpd, …

The price of Brent Crude has hovered around the $70 per barrel mark for about three months. In July 2021, the price averaged $75, while in July 2020 it was $43 per barrel, meaning it saw a 60 percent increase in just one year. As oil demand is recovering sooner …

OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount of crude production halted during the pandemic, …

The international oil benchmark, Brent crude, against which Nigeria’s crude oil is priced sustained its recovery as price rose by 3.5 percent, or $2.44, to $71.11 per barrel on Tuesday, after days of weak sales. While the United States West Texas Intermediate (WTI) also rose by $2.08 or 3.17 percent …

The Bavenit on the 22nd of August set out from Murmansk with course for remote east Arctic waters. The ship, one of Russia’s most advanced vessels of the kind, is due to drill the first ever wells in the Laptev Sea. According to Rosneft, there has never before been drilled …

Oil prices rose on Monday, recovering from a seven-day losing streak as investors hunted for bargains and a softer dollar lent support, though persistent anxiety over surging cases of the Delta coronavirus variant kept sentiment cautious. Brent crude futures climbed $1.16, or 1.8%, to $66.34 a barrel by 6.30am, after …

Norway has long been one of the world’s leaders in exports of energy resources. While over the decades, the oil and gas revenues have been the foundation for the so-called Oil Fund, the world’s largest sovereign wealth fund, demands for a complete halt in oil and gas exploration have of …

The sovereign wealth fund of Norway, which manages $1.4 trillion (€1.2tn) in assets, has said there are oil companies in its portfolio that “absolutely” aren’t doing enough to cut emissions, as the guidelines under which it operates are reviewed, potentially giving the investor more scope to act. Norges Bank Investment …

Russian oil company Lukoil on Monday announced that it has started drilling the first exploration well at Block 12, in Mexico, at a depth of 207 meters. ‘After drilling, the geological and geophysical data will be analyzed to make a decision on further exploration at Block 12,’ the company stated …

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 …