Oil

The Director-General of Basra Oil Company, Basem Abdul Kareem, announced on Thursday that Iraq and the US oil services company, Halliburton, are nearing the finalisation of an agreement to develop the Nahr Bin Omar oil field. Abdul Kareem added that Iraq’s Ministry of Oil and Halliburton are expected to sign …

The new expansive U.S. sanctions on the Russian oil industry and exports could affect global oil flows, complicating trade logistics for producers using shadow fleets such as Russia, Iran, and Venezuela, the International Energy Agency (IEA) said on Wednesday. Despite the prospect of declining supply from Russia and Iran, with …

On Tuesday, Norway awarded stakes in 53 offshore oil and gas exploration licenses to 20 companies in its latest annual licensing round, with Energy Minister Terje Aasland revealing plans for increased drilling in its offshore Arctic region. “If we are to uphold a stable production in the years to come, …

Crude oil prices started the week with a gain that pushed Brent crude to the highest in four months following the introduction of a fresh package of sanctions against Russia by the Biden administration. The sanctions focused on Russia’s oil industry. At the time of writing, Brent crude was trading …

The US Energy Information Administration (EIA) announced, on Sunday, that Iraqi oil exports to the US had dropped during the past week. “In a span of a week, the US imports of crude oil from 10 major countries amounted to 6.016 million bpd, up by 251,000 bpd from the previous …

Oil prices rallied nearly 3% to their highest in three months on Friday as traders braced for supply disruptions from the broadest US sanctions package directed at Russian oil and gas revenue. President Joe Biden’s administration imposed fresh sanctions targeting Russian oil producers, tankers, intermediaries, traders and ports, aiming to …

The top buyers of Russian and Iranian crude in Asia, China, and India, have been buying more crude from the Middle East and Africa, expecting fresh sanctions on Iran and Russia to cripple supply from these two exporters, traders have told Bloomberg. In the past few weeks, supply of Russian …

Oil prices declined for a second day on Thursday after large builds in fuel inventories in the U.S., the world’s biggest oil user, though expectations for increasing winter fuel demand and concerns over tighter supply limited the drop. Brent crude futures fell 8 cents to $76.08 a barrel by 0409 …

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 …