Oil

Shipping rates for transporting Russian crude have surged since last week after the U.S. took a tougher stance on sanctions for vessels carrying Russia’s oil above the G7 price cap, traders have told Reuters. Last week, the United States took a tougher stance on the Western sanctions against Russia. The …

Crude oil prices began trading relatively flat on Monday after a hugely volatile week in which both WTI and Brent saw two significant drops before a massive rally on Friday. In morning trade in Asia, Brent crude and West Texas Intermediate were trading at a slight loss of between 0.3% …

Iran produced 3.058 million barrels per day (bpd) of crude oil in September, registering a 15,000-bpd increase compared to the previous month, according to OPEC’s latest monthly report. Based on secondary sources, Iran produced 3.043 million bpd of crude oil in August. The Islamic Republic’s average crude output for the …

Oil prices rose on Friday as investors fretted about worsening supply shortages for the remainder of the year. International benchmark crude Brent traded at $87.97 per barrel at 11.05 a.m. local time (0805 GMT), a 2.29% gain from the closing price of $86 a barrel in the previous trading session …

The American Petroleum Institute (API) has reported a major inventory build of 12.940 million barrels in U.S. crude inventories, compared to last week’s 4.210-million-barrel draw. Analysts were expecting a build for the week—although a much smaller one of 1.3 million barrels. The total number of barrels of crude oil moves …

U.S.-headquartered oil and gas exploration and production company Kosmos Energy has made a new oil discovery in the U.S. Gulf of Mexico. The oil discovery was made at the Tiberius exploration well, where Kosmos is the operator with a 33.34% working interest while its partners are Occidental and Equinor, each …

A new hub is emerging for ship-to-ship (STS) transfers of Russian oil. In the shadow tanker game of whac-a-mole where some areas make headlines and then fade from view, Israeli maritime artificial intelligence firm Windward has identified an area near the Suez Canal in Egyptian waters as a new spot …

Oil edged higher on Wednesday as investors grappled with the prospect of supply disruptions due to the Middle East turmoil. Brent crude rose 26c, or 0.3%, to $87.91 a barrel by 3.12am GMT. US West Texas Intermediate (WTI) crude rose 17c, or 0.2%, to $86.14 a barrel. Brent and WTI …

Oil prices were up more than $3 a barrel in Asian trade on Monday as military clashes between Israel and the Palestinian Islamist group Hamas deepened political uncertainty across the Middle East and raised concerns about supplies. Brent crude rose $3.10, or 3.67%, to $87.68 a barrel by 0400 GMT, …

In a joint statement released on Monday, Iraq, Saudi Arabia, the UAE, Kuwait, Oman, and Bahrain reaffirmed their commitment to “voluntary collective and individual production adjustments” for oil, according to the Reuters style news report. The statement followed a meeting of the oil ministers of the six countries on the …