Oil

Last week, eight OPEC+ countries unveiled plans to advance their planned phase-out of voluntary oil output cuts by ramping up output by 411,000 barrels per day in May–equivalent to three monthly increments. The announcement of the accelerated unwinding clip comes at a time when U.S. President Donald Trump announced tariffs …

Last year, oil overtook soy as Brazil’s main export for the first time since 2012. According to trade data published by the government, foreign oil sales totalled almost USD 45 billion in 2024, passing soy’s USD 43 billion. The value of Brazil’s crude oil exports has more than doubled in …

Oil prices retreated on Thursday as U.S. President Donald Trump ramped up a trade war with China, even as he announced a 90-day pause on tariffs aimed at other countries. Brent futures fell 77 cents, or 1.18%, to $64.71 a barrel by 0320 GMT, while U.S. West Texas Intermediate crude …

Saudi Arabia cut the official selling prices for its oil sharply ahead of a production boost set for next month. The sharpest cut was made for the price of oil sold in Asia, with flagship Arab Light set to be $2.30 per barrel cheaper in May, at a premium of …

The Iraqi Oil Ministry is calling for an urgent meeting to discuss the long-awaited and delayed resumption of oil exports from the semi-autonomous region of Kurdistan, state media reported on Friday. In February, Iraq and Kurdistan appeared to be close to agreeing on all technical and financial details about resuming …

Global seaborne crude oil flows rose in March from February, just ahead of the supply increase coming from OPEC+ in April, oil flows tracking data by Bloomberg showed on Wednesday. Global crude exports averaged 39.92 million barrels per day (bpd) in March, up by 119,000 bpd from February levels, according …

Shell, Chevron, and Exxon have warned the Australian government a proposal aimed at curbing natural gas shortages on the domestic market might end up making them worse instead. “The fact that the easiest lever the federal government now has to solve the southern gas problem is export controls, is not …

Saudi Arabia, the world’s top crude oil exporter, is expected to slash the price of its oil loading for Asia in May to the lowest level in three months amid a slide in regional benchmarks, a Reuters survey of Asian refining and trading sources showed on Friday. Saudi oil giant …

British Oil & Gas giant BP Plc (NYSE:BP) has received final approval by the Iraqi government for the redevelopment of the giant Kirkuk oil fields, with an initial plan to produce 3B boe. BP will develop Iraq’s Kirkuk oil and gas fields based on a profit-sharing model, Iraqi oil ministry …

Indian state-owned Oil and Natural Gas Corporation Limited (ONGC), the biggest oil and gas explorer and producer in the country, plans to diversify in refining, petrochemicals, LNG trading, and renewable energy as it expects lower oil prices amid a looming crude supply glut. “Globally, we are heading to a glut …