Oil

Iraq produced 3.955 million barrels per day (bpd) of crude oil in May, up 17,000 bpd from April, a source at state-owned marketer SOMO told Reuters on Tuesday. The May production, according to SOMO, was 265,000 bpd below Iraq’s OPEC+ quota when including pledged additional voluntary cuts. Iraq’s production has …

The United States should not tell Saudi Arabia how to manage its crude oil production, Kremlin spokesman Dmitry Peskov said on Friday. “Saudi Arabia is a sovereign state, a responsible state, and a very important player in the international energy markets. Of course, this sovereign state is capable of making …

Saudi Crown Prince Mohammed bin Salman threatened the US with “major economic consequences” after President Joe Biden vowed “consequences” for the Kingdom after it slashed oil production last year, Azernews reports, citing Anadolu Agency. The allegation came in a report from the Washington Post newspaper on Thursday based on classified …

Several buyers in Asia are looking to buy spot oil cargoes from Russia, Africa, Brazil, or the United States after the world’s top crude exporter, Saudi Arabia, unexpectedly raised its official selling prices for its crude going to Asia in July. At least three refiners in Asia are looking to …

Oil prices edged lower early on Tuesday, coming off gains made the previous day as concerns about the global economic backdrop outweighed supply worries raised when Saudi Arabia announced its biggest output cut in years. Brent crude futures slipped 27c to $76.44 a barrel by 4.11am GMT. US West Texas …

China’s economic recovery is sputtering, prompting renewed concerns about crude oil and other commodities demand that could result in slower-than-expected global oil demand growth this year and weigh on oil prices. After the reopening from the Covid-related restrictions, China is expected to account for more than half of the world’s …

Crude oil prices rose by more than 1% in early trade today following the OPEC+ meeting that took place Sunday. At that meeting, Saudi Arabia said it would voluntarily cut its oil production by another 1 million barrels daily next month in a bid to prop up global oil prices. …

Oil prices were trading up on Friday afternoon as shorters got a little nervous heading into the OPEC+ weekend, with new rumors circulating about the group’s discussions about another 1 million bpd in production cuts. The OPEC+ group is scheduled for three separate meetings beginning this weekend and concluding on …

A Reuters survey on Wednesday shows a drop in OPEC oil output for May following voluntary production cuts by OPEC+ said to help support the market. According to the survey, OPEC production was down 460,000 barrels per day from April, and down more than 1.5 million bpd from September, though …

Oil prices fell on Tuesday over demand worries in the US due to the debt ceiling crisis, ambiguity about the US Federal Reserve’s (Fed) interest rate policy and recessionary fears. International benchmark Brent crude traded at $76.58 per barrel at 09.52 a.m. local time (0652GMT), a 0.67% fall from the …