Oil

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory decline of 5.1 million barrels for the week to November 29. The change compared with a build of 1.23 million barrels for the week, as estimated by the American Petroleum Institute a day earlier. It …

Top oil exporter Saudi Arabia is expected to slash crude prices for Asian buyers in January to the lowest in years, largely tracking a slump in Middle East benchmark prices last month, traders said on Monday. The January official selling price (OSP) for flagship Arab Light may fall by 70 …

An average of 13.4 MMbpd of crude oil was produced in the United States during August 2024, a new record according to data from the U.S. Energy Information Administration Petroleum Supply Monthly. More crude oil was produced in the United States during August 2024 than during December 2023, when the …

Offshore oil is back in a big way. After years of costly offshore oil contacts being put on ice due to lower-than-ideal oil prices and uncertain future demand, these projects have been roaring back to life around the world. But the future of the sector remains uncertain as a looming …

Global oil demand continues to surprise on the upside, BP Plc  Chief Executive Murray Auchincloss told the Energy Intelligence forum in London on Monday, saying that oil demand kept rising on average by more or less 1% each year, with BP predicting robust oil consumption for the next 5-10 years. …

Kazakhstan plans to produce 88.4 million tonnes of oil in 2024 instead of the previously announced 90.3 million tonnes, Energy Minister Almasadam Satkaliyev said. Oil production in the country totaled 73.5 million tonnes in the first ten months of 2024, Satkaliyev said during the government hour in the lower house …

The Czech Republic will phase out Russian oil imports by July 2025, Deputy chairman of the statement pipeline company MERO suggested on Friday. The move is part of the country’s energy diversification journey, although it hinges on the completion of a $60 million upgrade to the Trans Alpine (TAL) pipeline. …

Brent Crude oil prices are set to average $76 per barrel next year, down from an expected average of $80 a barrel in 2024, amid an expected surplus on the market, according to Goldman Sachs. “Our base case is that Brent stays in a $70-85 range, with high spare capacity …

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified at the weekend, though concern about fuel demand in China, the world’s second-largest consumer, and forecasts of a global oil surplus weighed on markets. Brent crude futures gained 29c, or 0.4%, to $71.33 a barrel by 5.02am …

Crude oil prices looked set for yet another weekly loss, pressured by the perception of softer-than-expected demand in China. The decline comes in spite of the International Energy Agency’s recent upward revision of oil demand growth for this year. That could be because the agency also revised its 2025 demand …