Oil

Oil prices fell in early Monday trading, after Israel withdrew some soldiers from Gaza amid renewed ceasefire talks, defusing some tension in the Middle East ahead of the Eid Al Fitr holiday. Brent, the benchmark for two thirds of the world’s oil, was down 1.16 per cent at $90.11 a …

African and Western officials are concerned that the conflicts and coups in the Sahel region could spill over to the coast of West Africa, which hosts several major oil production projects and export terminals. Since 2020, there have been military coups in Burkina Faso, Mali, and Niger, while violence from …

Saudi oil giant Aramco, the world’s top crude oil exporter, hiked on Friday the prices of most of its crude grades for May, as Middle Eastern benchmarks are strengthening in a market that looks increasingly tight. For a second consecutive month, Saudi Arabia raised the price of Arab Light, its …

The oil industry will need cumulative investments of $11.1 trillion in exploration and production by 2045 to keep pace with growing energy demand and ensure stable supply, OPEC Secretary General Haitham Al Ghais has told Emirati news agency WAM in an interview. “Allocating more investments in the oil industry will …

The United States and the European Union are at odds over how far a ban on fossil fuel loans and guarantees would extend and haven’t reached an agreement at the latest round of talks within the OECD organization of the most developed nations, sources with knowledge of the discussions have …

On Sunday, The US Energy Information Administration (EIA) reported that Iraq’s oil exports to the United States increased by 510,000 barrels per day last week. According to the EIA’s weekly petroleum status report, US crude oil imports from eight major exporters averaged 5.201 million bpd, up roughly 510,000 bpd compared …

Libya recorded the biggest monthly increase in oil production in Africa, surpassing Nigeria, the continent’s largest producer. Libya’s production increase on a monthly basis to 1,167 million barrels of oil per day in February, compared to 1,023 million barrels per day last January, a daily increase of 144.000 barrels per …

The Energy Information Administration lifted its outlook for Brent crude oil prices for this year and next, the agency said in a Tuesday report. The EIA now sees the spot price for Brent crude oil averaging $87 per barrel, according to the latest edition of the Short-Term Energy Outlook published …

Oil production in the US this year will increase faster than previously expected, helping cushion global supplies as OPEC and its allies restrict output, according to government forecasts. US crude oil production is set to increase to 13.19 million barrels per day this year, up from from a previous projection …

The United States produced more crude oil than any other country in 2023, for the sixth year in a row, with production averaging 12.9 million barrels per day, up from 12.3 million bpd in 2019, which set a global record at the time, according to the Energy Information Administration (EIA). …