Oil

India, the world’s third largest oil importer and consumer, has emerged as the top buyer of the discounted Russian seaborne oil after Western nations stopped buying from Moscow following its invasion of Ukraine. Middle Eastern supplies are also likely to tighten further following Saudi Arabia’s decision to extend its voluntary …

Oil prices experienced a decline towards the end of the week following the release of two American detainees by Hamas in Gaza, raising hopes that the Israeli-Palestinian crisis might not escalate further, averting potential disruptions in oil supplies across the Middle East. Brent crude futures dipped by 22 cents, or …

Oil prices surged on Wednesday as tension escalated in the Middle East after hundreds were killed in a blast at a Gaza hospital, sparking concerns about potential oil supply disruptions from the region. Brent crude futures advanced $1.69, or 1.9 per cent, to $91.59 a barrel at 0347 GMT. West …

Shipping rates for transporting Russian crude have surged since last week after the U.S. took a tougher stance on sanctions for vessels carrying Russia’s oil above the G7 price cap, traders have told Reuters. Last week, the United States took a tougher stance on the Western sanctions against Russia. The …

Crude oil prices began trading relatively flat on Monday after a hugely volatile week in which both WTI and Brent saw two significant drops before a massive rally on Friday. In morning trade in Asia, Brent crude and West Texas Intermediate were trading at a slight loss of between 0.3% …

Iran produced 3.058 million barrels per day (bpd) of crude oil in September, registering a 15,000-bpd increase compared to the previous month, according to OPEC’s latest monthly report. Based on secondary sources, Iran produced 3.043 million bpd of crude oil in August. The Islamic Republic’s average crude output for the …

Oil prices rose on Friday as investors fretted about worsening supply shortages for the remainder of the year. International benchmark crude Brent traded at $87.97 per barrel at 11.05 a.m. local time (0805 GMT), a 2.29% gain from the closing price of $86 a barrel in the previous trading session …

The American Petroleum Institute (API) has reported a major inventory build of 12.940 million barrels in U.S. crude inventories, compared to last week’s 4.210-million-barrel draw. Analysts were expecting a build for the week—although a much smaller one of 1.3 million barrels. The total number of barrels of crude oil moves …

U.S.-headquartered oil and gas exploration and production company Kosmos Energy has made a new oil discovery in the U.S. Gulf of Mexico. The oil discovery was made at the Tiberius exploration well, where Kosmos is the operator with a 33.34% working interest while its partners are Occidental and Equinor, each …

A new hub is emerging for ship-to-ship (STS) transfers of Russian oil. In the shadow tanker game of whac-a-mole where some areas make headlines and then fade from view, Israeli maritime artificial intelligence firm Windward has identified an area near the Suez Canal in Egyptian waters as a new spot …