Oil

The global oil market is looking increasingly local as militant attacks in the Red Sea and surging freight rates make supplies from closer to home more attractive. A slump in tanker traffic through the Suez Canal is spurring the beginnings of a split, with one trading region centered around the …

Last month, OPEC reduced oil production as the group and its allies made fresh efforts to support prices and prevent a global surplus. According to a Bloomberg survey, OPEC decreased its daily oil production by 490,000 barrels last month to reach 26.57 million bpd. About half of the reduction came …

Oil prices edged up on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market. Brent crude futures inched up 5 cents to $80.60 a barrel and U.S. West Texas Intermediate crude …

A Reuters survey shows OPEC’s oil production plunging for the month of January, registering the biggest drop in output since July last year. The survey lists new voluntary production cuts by some cartel members along with shut-in oil in Libya due to protests earlier in the month as the causes …

As many as 100 tankers carrying some 56 million barrels of crude oil and fuels have been diverted from the Red Sea since Yemen’s Houthis began targeting ships there with drones and missiles. These are 56 million barrels of crude and fuels that will take from two weeks to more …

Crude oil inventories at Cushing have dropped to their lowest level for this time of year in over a decade, suggesting that a short squeeze could be coming for the bearish portfolio managers who have amassed a lot of short positions in U.S. crude oil futures. The falling stocks at …

Oil prices surged by 1% on Monday due to concerns over fuel supply following a missile attack on a Trafigura-operated fuel tanker in the Red Sea. Additionally, worries about a decline in Russian refined products intensified as several refineries are undergoing repairs following drone attacks. Brent crude futures experienced an …

The Ministry of Oil announced on Sunday that the total oil exports and achieved financial revenues for last December surpassed $8 billion, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO). In a statement today, the ministry reported that the quantity of crude oil exports reached …

The Saudi Arabian Oil Group (Aramco), the world’s largest oil company, will continue to ship oil and fuel through the southern Red Sea, Trend reports. “We are navigating through the Red Sea with our oil and oil product cargoes, we find the associated risks manageable,” the company’s spokesman said. Aramco’s …

Basra crude experienced weekly gains as global oil prices increased for the fourth consecutive week. Basra Heavy crude closed its last session with a rise of 1.45 cents, reaching $77.61. It recorded weekly gains of $4.3, equivalent to 5.87%. Basra Intermediate crude closed its last session with an increase of …