Oil

China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom’s position as the top oil supplier to China. Imports from Saudi Arabia rose to 8.88 million …

Benchmark Brent crude prices have risen by 128% from their April low, remaining above $40 a barrel since the middle of June. But rising supply and faltering demand bode ill for those who want oil prices to keep climbing. The OPEC+ group of oil producers, who have implemented unprecedented output …

Oil prices fell on Friday, pressured by tensions between the United States and China, but some supportive economic data in Europe tempered losses. Brent crude futures fell 34 cents to $42.97 a barrel by 1:11 p.m. EDT (1711 GMT). US West Texas Intermediate (WTI) crude futures slipped 18 cents to …

Oil prices edged lower on Wednesday as government data showed a surprise rise in U.S. crude inventories and as tensions escalated between the United States and China. Brent crude futures settled down 3 cents at $44.29 a barrel, while U.S. West Texas Intermediate crude settled down 2 cents at $41.90 …

OPEC and allies such as Russia will ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic, Saudi energy minister Prince Abdulaziz bin Salman said on Wednesday. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting …

Oil prices fell on Wednesday as industry data showed a bigger than expected inventory build in the United States, where a surge in coronavirus cases could further dent fuel demand in the world’s biggest oil consumer. Brent crude fell 60 cents, or 1.4%, to $43.72 a barrel by 0912 GMT. …

While the rest of the world continues to struggle with fuel demand recovery in fits and starts, China has been a key factor in supporting oil prices as it breaks crude oil import records. Record Chinese crude oil imports over the past few months have supported still weak global oil …

US demand for petroleum and liquid fuels is expected to remain below the 2019 average from before the COVID-crisis until August 2021, according to the US Energy Information Administration (EIA). Total demand for motor gasoline, distillate fuel oil, and jet fuel crashed in March and April due to the stay-at-home …

It was purely a coincidence but, simultaneously on Monday, Providence Resources announced progress with its latest bid to develop its Barryroe oil discovery off the south coast while the EU Commission approved the latest price support scheme for renewable energy. Alan Linn, Providence’s new chief executive, pointed out that Barryroe, …

The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after the weakening of the OPEC+ production restrictions, Energy Minister Alexander Novak told reporters. “No, we do not expect it, because the market is already conscious …