Oil

Pakistan is looking to buy Russian oil at $50 per barrel, media reported on Sunday, as the South Asian country is grappling with an economic and foreign reserves liquidity crisis. Pakistan is desperate to import energy at low costs, after it was outspent on the market last year when oil …

India will not breach Western sanctions on Russia including the price cap of $60 imposed on purchases of oil from Moscow, according to people familiar with the matter. Government authorities have asked banks and traders to adhere to the rules, the people said, declining to be identified as the information …

PetroChina announced on Friday that it has completed drilling a well at a depth of 9,396 meters in Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region, making it the deepest horizontal well in Asia. It marks the Tarim Oilfield entering a new phase of oil and gas exploration at a …

Astana is upbeat about boosting oil exports, despite caveats over how the war in Ukraine may impact markets and questions about its recently launched shipments to Europe. Kazakhstan plans to increase oil supplies via its main export pipeline to Russia by over a third by the end of next year, …

Saudi Arabia’s oil giant Aramco will supply next month the full contracted volumes of crude to at least four refiners in North Asia, sources familiar with the plans told Reuters on Friday. Earlier this week, Saudi Arabia raised the official selling prices (OSPs) for most of its crude going to …

Chinese energy commodity imports were underwhelming in the first two months of 2023, but they are expected to pick up later this year with potentially record-high crude oil purchases, even though Beijing has set its lowest annual economic growth target in decades. In January and February, months in which China …

U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies. The dollar’s pre-eminence has periodically been called into question and yet it has continued …

The United States wants to see a hike in oil production, including from OPEC countries, said a senior State Department official Monday. “As world economies recover, we’ll see more consumption. And therefore we’d like to see supply meet demand,” said Jose Fernandez, the US Undersecretary of State for Economic Affairs, …

Oil declined as China’s modest new growth ambitions and the prospect of tighter U.S. monetary policy posed headwinds for global fuel consumption. West Texas Intermediate traded below US$79 a barrel after gaining more than four per cent last week. China’s Premier Li Keqiang announced a goal for gross domestic product …

Oil prices fell in morning trading on Monday after China’s set a modest target for economic growth for this year. Brent, the benchmark for two thirds of the world’s oil, was trading 0.71 per cent lower at $85.26 a barrel at 9.58am UAE time while West Texas Intermediate, the gauge …