Oil

Figures by the European Union’s statistics agency, Eurostat, have shown that Ankara resumed importing oil from Tehran in March 2024 nearly four years after it cut shipments to zero to comply with US sanctions on Iran. Eurostat data cited in a Sunday report by IRNA news agency found that Turkey …

Oil prices climbed on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains. Brent crude futures rose 33 cents, or 0.4%, to $85.33 a barrel by 0439 GMT, …

Iraq’s oil production has decreased by approximately 4% in 2024, according to statistics published by the Energy Institute (EI). The EI report, obtained by Shafaq News Agency, indicates that the total global production of crude oil and condensates reached 82.636 million barrels per day, marking a 1.4% growth compared to …

Oil prices inched down on Monday as concerns of higher-for-longer interest rates resurfaced and lifted the dollar, offsetting support for oil markets from geopolitical tensions and OPEC+ supply cuts. Brent crude futures slipped 5 cents to $85.19 a barrel by 04:17 GMT, after settling down 0.6% on Friday. US West …

The US Energy Information Administration (EIA) announced on Sunday that Iraqi oil exports to the US had dropped during the past week. “In a span of a week, the US imports of crude oil from eight major countries amounted to 6.028 million bpd, down by 21,000 bpd from the previous …

India’s oil imports from Russia rose to a record of about 2.1 million barrels per day (bpd) in May as discounts for Russian oil widened on lower demand from China, according to trade sources and shipping data. That boosted Russia’s share in the world’s third largest importer and consumer to …

Rystad Energy on Monday projected that global oil supply growth would slow in 2024 and potentially the following year, due to the extension of OPEC+ voluntary cuts and the cartel’s demand forecast. Based on the most recent OPEC+ guidance, total global oil supply growth will be near zero in 2024, …

Oil prices rallied on Monday, extending their biggest weekly gain since early April, supported by improving risk sentiment in broader markets and ongoing short-covering. According to Bloomberg, West Texas Intermediate (WTI) crude futures settled above $80 a barrel for the first time in a month, accelerating gains after prices breached …

US oil imports from Iraq increased last week, according to data released by the US Energy Information Administration (EIA) this weekend. The EIA’s weekly petroleum status report showed that US crude oil imports from nine major suppliers averaged 6.120 million barrels per day (bpd) last week, up by 363 thousand …

China’s decades-long boom in oil processing could falter this year in a blow to global demand and the aspirations of OPEC+ producers seeking to return supply to the market, reports Bloomberg. Oil refining in the world’s top crude importer is expected to be flat or fall for the first time …