Oil

The Energy Information Administration (EIA) announced on Sunday that Iraq’s oil exports to the United States reached 7.5 million barrels in the previous month of June. A table published by the administration revealed that Iraq exported 7.5 million barrels of crude oil to the United States during the month of …

U.S. Energy Information Administration (EIA) has reported a dramatic upswing in its weekly crude oil imports from Iraq, with the volumes doubling over the last week. According to EIA’s compiled data, the average daily import of crude oil from nine primary exporting nations surged to 5.709 million barrels. This represents …

Crude oil inventories in the United States decreased this week by 2.408 million barrels, the American Petroleum Institute (API) data showed on Tuesday, after falling by 1.246 million barrels in the week prior. Analysts were expecting a smaller 1.467-million-barrel draw in U.S. crude-oil inventories. The total number of barrels of …

Oil and gas industry leaders are confident in the long-term resilience of oil demand despite challenges from the energy transition. This is the message coming out of the inaugural edition of the Energy Asia conference that took place this week in Malaysia. “Energy transition is going to take a lot …

Russia’s main crude grade is still selling well below international benchmarks — and a Group of Seven-imposed price cap — but a huge amount of money for delivering it continues to go into the hands of mystery middlemen. The country’s flagship Urals grade averaged about $52 a barrel so far …

The amount of oil being stored at sea globally climbed to the highest in more than two-and-a-half years, aided by an unusual stash of Saudi Arabian barrels in the Red Sea. About 129 million barrels of crude were sat stationary on oil tankers in the week to June 23, according …

At a time when global recession concerns have depressed global oil prices to pre-Ukraine war levels, prices of Middle Eastern oil have skyrocketed on soaring demand from Asian refiners in China to Japan as the market takes stock of heavy trading by the industry’s biggest names this month. According to …

Chinese imports of Russian oil last month hit their highest level since Moscow’s February 2022 invasion of Ukraine, customs data showed Tuesday, as Beijing offers an economic lifeline to an increasingly isolated Kremlin. China is Russia’s largest economic partner, with trade between them reaching a record $190 billion last year. …

Russian refineries processed 5.49 million b/d of crude in the week spanning June 8-14, a 2-month high, Bloomberg has reported. That’s close to 200,000 barrels a day more than the previous week’s clip as serious questions continue being asked about the country’s commitment to production cuts agreed on by OPEC+. …

Oil prices were mixed in early trade on Tuesday as investors gauged the risks associated with China’s less-than-expected interest rate cut decision, which prompted doubts about the country’s post-COVID recovery. International benchmark Brent crude traded at $76.33 per barrel at 10.37 a.m. local time (0737 GMT), a 0.31% gain from …