Oil

Russia plans to voluntarily reduce oil production by 500,000 barrels per day, or around 5 percent of output, in March, Deputy Prime Minister Alexander Novak said on Friday, following the introduction of Western price caps. The G7 economies, the European Union and Australia agreed to ban the use of Western-supplied …

Oil prices rose in morning trade on Tuesday amid signs that China’s economic recovery is boosting crude demand. Brent, the benchmark for two thirds of the world’s oil, was 1.46 per cent higher at $82.17 a barrel at 10.39am UAE time while West Texas Intermediate, the gauge that tracks US …

OPEC Secretary General Haitham Al Ghais said on Monday the collective decision to cut output in October was the right move and added that credit should be given to the OPEC+ alliance for its constructive role in supporting global market stability. “Due recognition should be given for our constructive and …

Saudi energy minister Prince Abdulaziz bin Salman said Feb. 4 the kingdom was waiting for clearer signs of rising oil demand before committing to hike crude production with its OPEC+ counterparts, while also warning that western sanctions on Russia would lead to supply shortages. China’s reopening and encouraging economic data …

Russia’s budget revenues from oil and gas plunged in January by 46% compared to the same month last year due to the sanctions on Russian oil exports, which led to a slump in the price of Russia’s flagship crude grade. Russian budget revenues from energy sales – including taxes and …

Oil prices rose on Thursday as the US dollar fell and OPEC+ decided to maintain its current production policy. International benchmark Brent crude traded at $83.38 per barrel at 9.08 a.m. local time (0608 GMT), a 0.65% increase from the closing price of $82.84 a barrel in the previous trading …

OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained robust compliance with an OPEC+ deal on production cuts to support the market. The survey found that the Organization of the Petroleum Exporting …

Oil prices extended losses on Tuesday as the threat of further interest rate increases and continued Russian crude flows cancelled out demand recovery expectations from China. March Brent crude futures fell 5 cents to $84.85 per barrel by 0415 GMT, while the more heavily traded April contracts fell by 32 …

Oil prices fell on Monday, giving up earlier gains, as global producers this week will likely keep output unchanged during a meeting this week and investors are cautious ahead of a U.S. Federal Reserve meeting that may spur market volatility. Brent crude futures fell 20 cents, or 0.2 per cent, …

Windfall taxes, price caps, and calls for more oil and gas production marked 2022 in oil and gas. It looks like we’re in for a lot more of the same this year, especially with Western governments doubling down on their emission-reduction ambitions. The record profits that oil and gas majors …