Oil

OPEC+ members are expected to stick with their decision to pause oil production increases when the group meets online this Sunday, signaling a cautious approach amid growing signs of oversupply and persistent weakness in prices. Delegates told reporters the meeting is likely to be “straightforward,” with ministers simply reaffirming the …

Oil prices saw a modest decline on Tuesday amid persistent concerns about oversupply and heightened market caution as investors closely monitored ongoing peace talks between Russia and Ukraine. Brent crude oil traded at $62.42 per barrel, showing a 0.49 percent dip from recent levels, pressured primarily by a growing glut …

U.S. sanctions on the global operations of Russian oil heavyweights Rosneft and Lukoil enter into effect today, with some 48 million barrels of Rosneft and Lukoil crude on tankers that will now have to look for new destinations. Bloomberg reported the figures, citing Kpler data and noting that the cargoes—mostly …

China’s crude oil imports last month remained elevated, with purchases from some countries hitting all-time highs, according to customs data cited by Reuters. Imports from the UAE, for instance, rose from 2.05 tons a year ago to 3.82 million tons last month, while purchases from Kuwait went up from 970,000 …

Saudi Arabia’s crude oil exports hit a seven-month high in September as its production jumped to a 29-month high, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday. Even as Saudi refinery runs rose by 38,000 barrels per day (bpd) in September from August, crude oil …

Oil prices are set to further drop into next year from current levels amid a large surplus on the market, with the U.S. benchmark WTI Crude expected to average $53 per barrel in 2026, according to Goldman Sachs. Early on Tuesday, WTI Crude was trading just above $60 per barrel, …

China stockpiled crude oil at elevated rates in October, at a daily rate of some 690,000 barrels, up from 570,000 barrels daily in September, Reuters’ Clyde Russell reported today, citing calculations derived from official Beijing data. Refinery throughput in October averaged 14.94 million barrels daily, the official data showed, while …

The US Energy Information Administration (EIA) revealed on Sunday that Iraq’s weekly oil exports to the United States declined during the last week. The United States imported an average of 4.67 million barrels of crude oil per day from seven major countries last week, according to the EIA. This is …

The surplus on the oil market next year will be even higher than previously expected, the International Energy Agency (IEA) said on Thursday, as it raised both its demand and supply growth estimates. “Global oil market balances are looking increasingly lopsided, as world oil supply is forging ahead while oil …

Two Indian refiners bought a total of 5 million barrels of crude oil from the United States, Iraq, and the UAE on the spot market as they seek alternatives to Russian crude. Reuters reported, citing unnamed industry sources, that Hindustan Petroleum Corp. had bought 2 million barrels of West Texas …