Oil

The Chinese reopening and new refineries coming online are set to raise the crude oil imports in the world’s top importer to a record-high this year, industry consultants told Reuters. Chinese crude oil imports could increase to average as high as 11.8 million barrels per day (bpd) this year, rising …

Brent Crude prices are not expected to reach $100 per barrel in 2023 unless a major geopolitical event rattles markets again, according to JPMorgan. The OPEC+ alliance could add 400,000 barrels per day (bpd) to supply this year, and Russian exports could recover by the middle of 2023, JPMorgan said …

Oil prices posted weekly losses as strong US economic data sparked concerns of further interest rate increases, which in turn could further slow the economy and lead to a slump in crude demand. Brent, the benchmark for two thirds of the world’s oil, shed $2.14 to settle 2.51 per cent …

The number of active drilling rigs in the United States stands at 760 this week, down by one from the previous week but up by 115 from a year ago, according to the weekly data released Friday by Houston-based oilfield services company Baker Hughes, Trend reports citing Xinhua. These active …

India’s Iraqi oil imports in January rose to a seven-month high of 983,000 barrels per day (bpd), up 11% from December, data from trade sources showed. However, it only comes second to Moscow as India’s oil imports from Russia climbed to a record 1.4 million bpd in January, up 9.2% …

Oil prices increased on Thursday on expectations of a surge in oil demand in China, the world’s largest oil importer. International benchmark Brent crude traded at $85.85 per barrel at 09.46 a.m. local time (0646 GMT), up 0.55% from the closing price of $85.38 a barrel in the previous trading …

The International Energy Agency has raised its estimate of global oil demand growth for this year by 100,000 b/d to 2 million b/d on the back of a “resurgent” China and an aviation recovery. In its latest monthly oil market report published Feb. 15, the IEA raised its demand growth …

Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, defying expectations from some traders that the release could be cancelled or delayed. Brent crude futures fell by 70 cents, or 0.81%, to $85.91 per …

Goldman Sachs still expects Brent Crude prices to hit $100 per barrel this year, but only in December, compared to earlier expectations of $100 oil as soon as mid-2023, the bank said in a new note in which it cut its average Brent price to $92 a barrel this year …

Oil prices fell on Monday ahead of the release of critical US inflation data due later this week, sparking recession fears in the country. International benchmark Brent crude traded at $85.56 per barrel at 09.55 a.m. local time (0655 GMT), down 0.96% from the closing price of $86.39 a barrel …