Oil

Oil trading giants and the national oil companies of some of the Middle East’s biggest oil producers are in the race to buy Shell’s South African service stations as they look to expand their access to downstream assets. The world’s largest oil firm and oil exporter, Saudi Aramco, the national …

Oil posted its biggest weekly drop in 11 months as a weak US jobs report added to concerns about tepid demand in the world’s largest consumer of crude. West Texas Intermediate fell 2.1% to settle at $67.67 a barrel, cementing the biggest weekly plunge since October 2023. While the US …

The secretary general of the Organization of Petroleum Exporting Countries (OPEC) has thanked Iran’s former Oil Minister Javad Oji for his positive contribution to the organization, Tasnim News Agency reported. In a message to Oji, Haitham al-Ghais said: “I have received the news of the change in the oil ministry …

South Sudan and China National Petroleum Corporation (CNPC) are discussing the idea to build an alternative oil pipeline from the landlocked African country to Djibouti via Ethiopia to boost export capabilities, the presidency has said. The statement came during the visit of South Sudan’s President Salva Kiir to China and …

A report issued on Friday by S&P Global Commodity Insights revealed that oil companies operating in the Kurdistan region of Iraq increased their oil production despite the closure of the Iraq-Turkey oil pipeline. Financial statements of five oil firms operating in Iraqi Kurdistan demonstrate that their combined crude oil output …

Worsening refining margins in China and the wider Asian region and weaker Dubai benchmark prices could make the world’s top crude oil exporter, Saudi Arabia, reduce the price of its crude loading for Asia in October, a Reuters survey of refining industry sources showed on Monday. Saudi Aramco, the world’s …

Libya’s National Oil Corporation said on Friday that recent oilfield closures have caused the loss of approximately 63% of the country’s total oil production, as a conflict between rival eastern and western factions continues. The North African country’s oil blockade has widened, with eastern leaders demanding western authorities back down …

Oil prices paused recent advances to trade in a range on Tuesday, after a surge of more than 7 per cent in the previous three sessions, on supply concerns prompted by fears of a wider Middle East conflict and the potential shutdown of Libyan oil fields. Brent crude futures was …

As the rivalry over global oil demand projections continues to intensify, supergiant Exxon Mobil on Monday chimed in to forecast that crude demand will continue to be over 100 million barrels per day through 2050, contradicting other forecasts that come in much lower, Reuters reported. The forecast from Exxon, which …

Oil prices rose 2% on Monday on news of fresh production outages in Libya, adding to earlier gains on concerns that an escalating Gaza conflict could disrupt regional oil supplies. Brent crude futures climbed $1.64, or 2.08%, to $80.66 a barrel by 1041 GMT, while U.S. crude futures were at …