Oil

Oil prices rose on Friday, extending the previous session’s gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected. Still, prices gave up some of their earlier gains as the month …

Russian Energy Minister Alexander Novak expressed hope on Wednesday about a balance in the demand for oil in May and June, although he said that there is no point in predicting future prices. Novak noted that in May or June, several nations are expected to lift the restrictions imposed by …

OPEC oil supply in April is at its highest since December 2018, a company that tracks oil shipments said on April 28, as producers pump at will before a new supply-limiting pact takes effect in May. The month-on-month increase is more than 2 MMbbl/d, Daniel Gerber, CEO of Geneva-based Petro-Logistics, …

The oil market is getting so glutted that tiny barges that would normally be busily moving fuels around Europe’s petroleum-trading hub are suddenly storing traders’ cargoes instead.

Oil dropped back below $15 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output.

China imported 31 percent more oil from Russia last month while its intake of Saudi crude slipped by 1.8 percent compared to March 2019, Reuters reported, citing calculations based on official customs data. Overall crude oil imports rose by 4.5 percent on the year to 9.68 million bpd. Of the …

Shipments of Russian crude oil to China increased more than 30 percent in March compared to a year earlier while Saudi imports of the commodity sank, Reuters reported, citing Chinese customs data. As crumbling demand for crude and lack of storage space have been wreaking havoc on the oil market, …

The world economy will improve after the end of Corona crisis in East Asia, especially as the Republic of China which is the largest importer of crude oil in the world,” The Prime Minister’s Advisor for Economic Affairs, Mathehar Mohammad Salih revealed on Sunday. ” 80% Iraqi oil exports goes …

The National Iranian Drilling Company (NIDC) has successfully spudded 15 oil and gas wells in oil-rich regions of the country in the first month of the Iranian calendar year (March 20-April 20, 2020).

Construction of the Goreh-Jask oil pipeline is under way in all sectors of the strategic project in full compliance with health protocols.