Oil

Iraq, OPEC’s second largest exporter, has had its crude oil supplies to the US, the world’s second largest importer, increased, data by the Energy Information Administration (EIA) showed this weekend. In the span of a week, the volume rose from 100,000 barrels daily to a 248,000 barrels — a jump …

Oil prices have soared to a 10-month high on Wednesday, with a surprise build in U.S. crude inventories failing to dampen expectations of tight supplies for the rest of the year. Front-month November Brent crude closed +1.5% at $92.06/bbl, its best settlement since November 16 while U.S. front-month Nymex crude …

Oil prices rebounded on Thursday as concerns over tightening oil supply gained ground over heightened demand fears caused by a rise in US crude stockpiles. International benchmark crude Brent traded at $92.48 per barrel at 9.50 a.m. local time (0650 GMT), a 0.65% gain from the closing price of $91.88 …

Czechia has dramatically increased its reliance on Russian oil, with imports via the Druzhba pipeline reaching 65% this year, up from 56% in the previous year, Barbora Putzová, the spokesperson for the state-owned firm Mero, told the Czech News Agency. Even with the EU’s significant sanctions on Russia, Czechia recorded …

Brent crude futures held above $90 a barrel on Tuesday, while investors awaited macroeconomic data that could indicate whether interest rates will rise further in the U.S. and Europe and the repercussions that would have for oil demand. November Brent crude futures rose 28 cents to $90.92 a barrel at …

Oil prices eased in early Asian trade on Monday as economic concerns in China weighed on fuel demand outlook although Brent stayed perched above $90 a barrel, supported by tightening supplies after Saudi Arabia and Russia extended supply cuts. Brent crude fell 49 cents, or 0.5%, to $90.16 a barrel …

Russia is still expecting its oil export revenues to continue to increase through the next three years—even in the face of Western price caps and embargos, according to a government created forecast that was submitted to Prime Minister Mikhail Mishustin and seen by Bloomberg. The forecast, which covers the years …

OPEC+ member countries saw a collective increase of 120,000 barrels per day (bpd) in crude oil production during August, driven by rises in Iraq, Iran, and Nigeria, which partially offset additional cuts by Saudi Arabia and Russia. According to the latest Platts survey by S&P Global Commodity Insights, OPEC+ production …

Oil prices fell on Friday as the rising value of the US dollar and pessimism over China’s economic revival blunted gains from Saudi Arabia and Russia’s supply curbs. International benchmark crude Brent traded at $89.64 per barrel at 10.01 a.m. local time (0701 GMT), a 0.31% loss from the closing …

Saudi Arabia and Russia moved with determination to support oil prices, extending their respective ongoing production and export cuts through the end of the year. In an initial response to Tuesday’s news, oil prices jumped and hit the highest level so far this year, with Brent Crude prices exceeding the …