Oil

China imported a record-high volume of crude oil last year, beating the previous annual record from 2020, as fuel demand rebounded after the Covid restrictions were abandoned in early 2023. Chinese crude oil imports jumped by 11% year-on-year to 11.28 million barrels per day (bpd) in 2023, according to data …

Russia was on pace for a second year of record oil drilling in 2023, further evidence of the nation’s resilience to Western sanctions. The boom in activity came alongside a recovery in the both volume and value of Russia’s oil exports, a stark illustration of how the country’s fossil fuel …

Despite missile and drone attacks on container ships in the Red Sea from the Yemeni Houthis, tanker traffic remained stable in December, Reuters has reported, citing vessel tracking data. On a daily basis, the data showed there were 76 tankers carrying crude oil and fuels in the Red Sea. This, …

Oil prices rose slightly on Tuesday after sliding in the previous session, as markets weighed Middle East tensions against demand worries and rising OPEC supply. Brent crude futures rose 18 cents, or 0.2%, to $76.30 a barrel at 0445 GMT, while U.S. West Texas Intermediate crude futures inched up 0.1%, …

Oil prices plunged by nearly 4% early on Monday after Saudi Arabia signaled potentially weaker demand ahead by cutting the price of its oil across the board. As of 9:22 a.m. ET on Monday, the U.S. benchmark, WTI Crude, was down by 3.75% to $70.83. The international benchmark, Brent Crude, …

Saudi Arabia will cut key crude oil prices for buyers in all regions, including its main Asia market, for February amid persistent weakness in the market, Bloomberg reported. State producer Saudi Aramco reduced its flagship Arab Light price to Asia by $2 to $1.50 a barrel above the benchmark. Oil …

Canada’s oil producers plan higher output for this year and expect to earn more from their heavy crude once the long-delayed expanded Trans Mountain Pipeline enters into service. The start date of the Trans Mountain Pipeline Expansion (TMX) is the key uncertainty this year for the Canadian oil industry, the …

India’s crude oil imports from its largest supplier Russia plunged in December to their lowest since January 2023, as six tankers carrying Sokol grade oil could not deliver due to payment issues amid tightening sanctions, according to data intelligence company Kpler. After rising to an all time record of 2.15 …

The International Energy Agency (IAE) reported that Iraq ranks second in the Arab world for oil reserves. According to the IEA’s latest report, Saudi Arabia ranked first in oil reserves with 267.19 billion barrels. In comparison, Iraq maintained its position (second) with 145.01 billion barrels, and the UAE showed an …

Concerns about economies and oil demand amid rising interest rates have pushed oil prices down to a 10% decline this year, the first annual drop since 2020, despite the OPEC+ production cuts and a new war breaking out in the Middle East. On Friday, the last trading day of 2023, …