Oil

India’s imports of crude oil from Russia touched a new high of 1.64 million barrels per day in March and is now double of the purchases from Iraq – the nation’s traditional top oil supplier. But the purchases appear to have plateaued as growth has slowed. Russia continued to be …

Oil prices surged at the end of the week, with Basra Heavy crude leading the gains with a 9.09% increase, while Basra Intermediate, Brent, and West Texas Intermediate (WTI) crude also closed with gains. Basra Heavy crude closed at $80.63 per barrel, up by 9 cents. while Brent crude closed …

Oil prices decreased on Thursday after weak economic data in the US sparked recession fears. International benchmark Brent crude traded at $84.61 per barrel at 10.08 a.m. local time (0708 GMT), a 0.45% drop from the closing price of $84.99 a barrel in the previous trading session. At the same …

Middle East oil exporters are expected to continue to lose market share in some Asian countries, particularly in price-sensitive India, amid the 1.66 million b/d voluntary cuts by OPEC+, cheap Russian barrels and higher priced Dubai-linked cargoes. Although exports from seven major oil producers in the Middle East rose 0.6% …

Oil prices were stable on Wednesday as the market weighed gloomy economic prospects against expectations of US crude inventory declines and plans by OPEC+ producers to reduce output. Brent crude futures fell 22c, or 0.26%, to $84.72 a barrel by 10.53 an GMT. West Texas Intermediate was down 20c, or …

Oil prices climbed on Wednesday over rebounding demand in the US after data revealed that US crude stockpiles decreased by more than anticipated, coupled with supply side concerns driven by the recent output cut decision by OPEC and other oil-producing countries. International benchmark Brent crude traded at $85.36 per barrel …

When earlier this year, prices slumped following the series of bank collapses in the United States, their subsequent recovery was attributed to one factor: China. The world’s largest oil and gas importer and Asia’s biggest economy, China, has become a staple in analysts’ oil and gas price forecasts. It is …

Oil prices posted gains in Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors’ attention shifting to demand trends and the impact of higher prices on the global economy. Brent crude futures were up 41 cents, or 0.5 per cent, to …

After almost a two-month delay, on February 23, Kazakhstani company KazTransOil finally began exporting oil to Germany, sending the first shipment of 20,000 tons of Kazakhstani oil. In enabling this supply, Kazakhstan reached an agreement with Russian energy company Transneft to use the Druzhba pipeline to export oil via Russia …

OPEC+ on Sunday surprised oil markets with an announcement that it will reduce its output further, by some 1.16 million barrels daily. Reuters noted in a report that with the new cut, the total output reduction amount from OPEC+ will come in at 3.66 million barrels daily, or 3.7% of …