Oil

Oil prices rose more than 1 per cent on Monday as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports. Brent crude futures were up 46 cents, or 0.6 per cent, …

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the impact of European sanctions on Russian crude oil and the cap that the Group of Seven nations has imposed on the price of Russian barrels is not clear yet. “In terms of sanctions and price caps, these have not yielded …

The oil tanker traffic jam in the Bosphorus and Dardanelles Straits is growing, the Tribeca shipping agency told Reuters on Friday. The number of oil tankers idling in the Bosphorus and Dardanelles Straits waiting to enter Turkish waters has swelled to 28 as of Friday, compared to 20 on Monday. …

China National Offshore Oil Corp (CNOOC) announced on Wednesday that the Enping 15-1 platform, Asia’s largest offshore oil production platform, was put into operation in the Pearl River Mouth Basin in south China’s Guangdong Province. The platform, about 160 meters tall and weighing over 30,000 tonnes, is the largest offshore …

Global oil prices will remain high for all of the year 2023, the U.S. Energy Information Administration (EIA) forecast on Tuesday. Despite the recent drop in crude oil prices due to market concerns about global economic growth, the Brent crude oil price is expected to average 92 U.S. dollars per …

US oil may drop more into a range of $70.72-$72.04 per barrel, driven by a wave C. This wave is capable of travelling into a wide range of $63.20-$70.89, formed by its 100% and 61.8% projection levels. In addition to this set of projection levels, the wave C is well …

Oil prices have edged higher after a G7 price cap on Russian seaborne oil came into force on top of a European Union embargo on imports of Russian crude by sea. Brent crude futures LCOc1 rose 66 cents to $83.34 a barrel by 0108 GMT on Tuesday. West Texas Intermediate …

Crude oil prices climbed on Monday morning as Chinese cities continue to relax Covid restrictions now in their third year under the government’s zero-Covid policy. However, reports of two Covid-related deaths in two different cities have emerged over the weekend and they may give authorities cause for being cautious about …

Kuwait’s state energy company said customers are reluctant to increase oil imports next year, signaling that the market’s being suppressed by global economic weakness. “We’re really nervous about where demand is going over the next few months and the next year, especially if there is a recession,” Sheikh Nawaf Al-Sabah, …

Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force. The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including Russia, …