Oil

Demand for OPEC’s crude oil is set to bounce back next year at a historically quick pace, the global coalition said in its July report published Tuesday. OPEC expects demand for its product to spike roughly 25% to 29.8 million barrels per day in 2021, bringing it slightly above levels …

Russian energy giant Gazprom Neft has started supplying crude from its Novy Port Arctic oil field to China. The first batch amounting to 144,000 tons of crude was delivered to Yantai port, the company announced. The tanker route from Murmansk to Yantai crosses the Arctic seas and three oceans, and …

The United Arab Emirates wants Libya to “return to oil production” as soon as possible, a top Emirati official said Monday, after officials with Libya’s U.N.-supported government in Tripoli accused the UAE of ordering rival Libyan forces to block oil sales. Anwar Gargash, the Emirates’ minister of state for foreign …

Oil edged down in Asia ahead of a meeting of top producers this week, which could outline plans to begin scaling back the historic output cuts that helped to stabilize prices. Futures in New York slipped 1%, after gaining 2.4% on Friday. OPEC+ will review the state of the market …

The International Energy Agency bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus. A collapse in fuel consumption during the second quarter was slightly less severe than previously estimated, and demand should rebound sharply over the next three months …

Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption. Prices also found support after data showed U.S. energy firms cut the …

Headlines are currently screaming at readers: “Oil markets starved of essential Russian and Saudi barrels.” And yet, only a few weeks ago the world was awash with Saudi and Russian oil as global demand tanked because of the coronavirus disease (COVID-19) pandemic. The US president appealed to the two biggest …

It is estimated that Islamic Republic of Iran has exported 273,000 barrels of oil per day (bpd) in June 2020. All of Iran’s oil storage tankers are fully loaded, so that Iran’s export of crude in June 2020 hit 273,000 barrels per day (bpd). Iran’s crude oil production volume hit …

Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 54 cents, or 1.3%, to $40.09 a barrel at 0703 GMT, well off an earlier …

Eni SpA became the latest oil company to cut its long-term price assumptions, saying the coronavirus pandemic would have a lasting impact on the industry. Eni now sees benchmark Brent crude at $60 a barrel in 2023 real terms, down from a previous estimate of $70, the company said late …