Oil

Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) declined last month, as the United Arab Emirates (UAE) intensified supply cutbacks aimed at stabilizing global oil markets. According to a Bloomberg survey, OPEC’s output fell by 120,000 barrels per day (bpd) to 27.05 million bpd, with the …

Kazakhstan maintained its reliance on Russian infrastructure to deliver oil to international customers in 2024, despite calls from the central Asian country’s president to seek alternative export routes. State run oil pipeline operator KazTransoil, which operates the country’s second largest export route for Kazakh oil, said on Monday that shipments …

Oil steadied near its highest level in almost three months, after some Middle Eastern oil grades strengthened on robust demand from Asian refiners. Brent traded near $76 a barrel after earlier Monday hitting its highest since Oct. 14. West Texas Intermediate was around $74. Traders will be looking out for …

After hitting record highs this year, Norway’s oil and gas investment is expected to grow even higher in 2025. Greater development activity on new projects and the cost of inflation have contributed heavily to the increase in Norway’s oil and gas investment in 2024. Norway’s oil and gas investment is …

Oil prices continued their upward trajectory on Friday, building on gains from the previous session when they closed at their highest levels in more than two months. This surge comes amid optimism that governments worldwide will intensify policy support to stimulate economic growth, thereby boosting fuel demand. Brent crude futures …

China has just given a potential boost to its crude oil imports as it has issued a second batch of import quotas for 2025 to its independent refiners, trade sources told Reuters on Monday. Unlike the state refiners, private refiners in China need to be granted import quotas to be …

The total number of active drilling rigs for oil and gas in the United States stayed the same again this week, according to new data that Baker Hughes published on Friday, after seeing no change in the two weeks prior. The total rig count remained flat at 589 total rigs, …

Crude oil prices were heading towards a weekly gain earlier today following an update from the World Bank on the growth prospects of the Chinese economy next year. Brent crude was trading at $73.18 per barrel at the time of writing, with West Texas Intermediate at $69.58 per barrel, after …

Official figures showed that Iraq’s oil exports decreased last month by over 31,000 barrels per day. Oil exports from Iraq during November reached approximately 3.29 million barrels per day compared to 3.32 million barrels per day in October, according to Attaqa News. Iraq exported 3.31 million barrels of oil per …

Oil prices rose more than 1% on Tuesday, reversing the prior session’s losses on a brightening short-term outlook tied to the prospect of slightly tightening supplies as trade thinned ahead of the Christmas and Hanukkah holidays. Brent crude futures settled at $73.58, rising 95 cents, or 1.3%. U.S. West Texas …