Oil

Oil prices rose by around $1 on Tuesday as tension simmered following Iran’s seizure of a South Korean vessel and as the OPEC+ group studied a possible production cut in February. Brent crude futures for March rose 96 cents to $52.05 a barrel by 1206 GMT, while U.S. West Texas …

Global oil prices fell on Monday after OPEC+ members failed to reach agreement on output levels. A majority of members of the producers’ alliance led by Saudi Arabia and Russia rejected proposals to increase supply amid new fears of the economic impact of the COVID-19 pandemic. Brent crude, the global …

Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated. Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest …

Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and …

OPEC+ countries are beginning to gradually increase oil production after nine months of tough restrictions. The rate of production increase will not exceed 0.5 mln barrels per day (bpd). By setting such a small rate, the oil exporters, which account for 40% of the global oil market, will be able …

Little-known shipping companies registered in the United Arab Emirates (UAE) have been shipping Venezuelan crude oil in breach of the U.S. sanctions on Nicolas Maduro’s regime, Reuters says in a special report on Tuesday. The companies Muhit Maritime, Issa Shipping FZE, and Asia Charm Ltd, all registered in two free …

Crude inventories in the United States fell by 4.78 million barrels in the week ending Dec. 25, private data from the American Petroleum Institute (API) reportedly showed Tuesday. Meanwhile, oil reserves in Cushing, Oklahoma, rose by 131,000 barrels in the same seven-day period. Gasoline stockpiles in the U.S. declined by …

Oil gained more ground on Wednesday as a U.S. COVID-19 fiscal aid package and a decline in crude oil inventories lifted prices, Reuters reported. Brent crude futures rose 19 cents, or 0.4%, to $51.28 a barrel, by 0255 GMT and U.S. West Texas Intermediate (WTI) crude rose 29 cents, or …

China’s crude oil imports from the U.S. soared 13 fold in November from a year earlier to the third highest on record, customs data showed on Dec. 25, as companies accelerated energy purchases set out under a trade deal with Washington. China’s U.S. oil imports hit 3.61 million tonnes, about …

Iranian President Hassan Rouhani announced here on Sunday that the government not only pursues daily production of 2.3 million barrels of oil but also expects the Ministry of Petroleum to prepare the ground for rising the volume even further. All international and domestic capacities should be used to help Iran …