Oil

Global oil demand growth is slowing down sharply as economic activity weakens in key countries, the International Energy Agency said as it slashed estimates for this quarter. The IEA sliced nearly 400,000 barrels a day from assessments of consumption growth for the final three months of 2023, and continues to …

Crude oil demand growth in India is projected to slow down next year as the post-pandemic rebound begins to lose momentum both in China and India. This is according to Rystad Energy, whose head of oil trading Mukesh Sahdev predicts India’s oil demand growth will fall to 150,000 bpd in …

The Brent crude oil spot price will average $83 per barrel next year, the Energy Information Administration (EIA) said in its monthly Short Term Energy Outlook (STEO) published on Tuesday. In last month’s STEO, the EIA had forecast 2024 forecast for the Brent crude oil benchmark at $93 per barrel. …

India’s purchases of Russian crude oil averaged $84.20 per barrel in October—the highest price the world’s third-largest crude importer has paid since the $60 price cap came into force at the end of last year, according to preliminary data from the Indian government cited by Reuters. The price India paid …

Oil steadied after a steep drop as rising Russian flows and higher US output added to concerns that supply is running ahead of demand. Global benchmark Brent traded near $73 a barrel after shedding almost 4% on Tuesday, while West Texas Intermediate was above $68. The weekly average of Russia’s …

Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures were up $1.46, or 2%, …

Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures were up $1.46, or 2%, …

Oil prices were mixed in early trade on Wednesday as markets sought direction amid uncertainties over OPEC+ supply cuts and a surprise build in US crude oil inventories that cast doubts on the country’s demand outlook. International benchmark crude Brent traded at $77.28 per barrel at 9.23 a.m. local time …

Oil futures reversed course after rising briefly on Monday amid persistent pressure from the OPEC+ decision and uncertainty over global fuel demand growth, although the risk of supply disruptions from the Middle East conflict limited the losses. Brent crude futures were down 0.9 percent, or 73 cents, to $78.15 a …

The US Energy Information Administration (EIA) announced on Sunday that Iraq’s oil exports to the United States exceeded five million barrels during last November. According to a table provided by EIA, “Iraq exported 5.13 million barrels of crude oil to the US in November, averaging 171,000 bpd. This is lower …