Iraq is waiting on a final answer from turkey to resume its northern oil exports through the Mediterranean port of Ceyhan, the country’s oil minister said Tuesday. Hayan Abdel-Ghani’s remarks come as oil production in Iraq’s semi-autonomous Kurdistan Regional Government (KRG)-ruled region continues to drop as export flows to Turkey’s …
Read More »Oil Steady as US Default Risk Offsets Demand Outlook
Oil prices were steady on Monday as caution relating to U.S. debt ceiling talks dragged on optimism over demand later in the year and offset support from lower supplies from Canada and OPEC+ producers. Brent crude futures rose 13 cents, or 0.2 per cent, to $75.71 a barrel by 0850 …
Read More »Signs of Strong U.S. Fuel Demand should Boost Oil Prices
U.S. gasoline and diesel inventories are drawing down and sitting below the five-year average for this time of the year, pointing to resilient fuel demand and supporting both crude oil prices and U.S. refining margins. Although global refining margins have halved since February as Russian oil supply remains elevated despite …
Read More »IEA: China’s Economic Recovery Boosts Global Oil Demand
Amidst an ongoing global shift towards greener forms of energy, the International Energy Agency (IEA) has predicted that global oil demand will rise more than previously anticipated, partly due to China’s economic rebound. World fuel consumption will increase by 2.2 million barrels a day in 2023 — about 200,000 a …
Read More »Oil Prices Rise amid Expectations of a Tightening Market
Oil prices reversed losses and edged higher early on Wednesday as analysts expect an increasingly tighter market balance later this year. As of 7:20 a.m. EDT on Wednesday, ahead of the EIA’s weekly petroleum status report on inventories in the United States, the U.S. benchmark, WTI Crude, was up by …
Read More »Global Oil Industry Requires $12.1 Trillion in Investments up to 2045
Haitham Al Ghais, Secretary General of OPEC, said there may be no one-size-fits-all solution to a sustainable energy future, but collaboration and inclusive action will be “essential in achieving a just and permanent transition.” In press statements on the sustainability-centric efforts made by the international organisation, Al Ghaith said, “The …
Read More »Iraq Expects no Further Oil Output Cuts at OPEC+ Meeting in June
According to Iraq’s oil minister, Hayan Abdel-Ghani, Iraq does not anticipate further oil output cuts by OPEC+ at its next meeting in June. In an interview with Reuters, Abdel-Ghani stated that Iraq could not reduce its oil production further and expects no additional reduction during the upcoming meeting. Iraq is …
Read More »450,000 Bpd Flow of Kurdish Crude Unlikely to Restart this Weekend
While the Iraqi oil minister has said that 450,000 barrels per day of shut-in oil exports from Iraqi Kurdistan would restart exports on Saturday, Kurdish and Turkish officials both said on Friday that it is unlikely the pipeline would be turned back on in that timeframe. The pipeline was closed …
Read More »US Crude Oil Inventories up 0.6% for Week Ending May 5
US commercial crude oil inventories increased 0.6% during the week ending May 5, according to data released by the Energy Information Administration (EIA) late Wednesday. Inventories rose by around 3 million barrels to 462.6 million barrels, lower than the American Petroleum Institute’s expectation of a rise of 3.6 million barrels. …
Read More »Pakistan Keen to Pay for Russian Oil Imports with Chinese Yuan
Pakistan has placed an order for a single cargo of Russian oil, but is keen for a long-term deal to buy the crude in Chinese currency, according to the country’s power minister. The payment for the first shipment has been made in US dollars but Pakistan would like further purchases …
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