Oil

The State Oil Marketing Organization (SOMO) has reported that Iraq exported more than one billion dollars’ worth of three petroleum products during the first quarter of 2023. According to a table released by SOMO, Iraq exported three petroleum derivatives totaling $1,113,220,043, with a quantity of two million, six hundred thirty-six …

Asian refiners have booked near-record volumes of U.S. crude to be shipped in August, replacing Middle Eastern oil, as competitive prices and ample supplies attracted heavy buying, according to trade sources. The jump in U.S. imports comes on the back of strong Chinese demand for Brazilian oil in the third …

China is importing record volumes of oil despite a weak economy as it takes advantage of cheap Russian crude to build stockpiles and export refined products. The rise in oil imports to record levels this year comes against the backdrop of a faltering recovery in the world’s second-largest economy. It …

The price of Basra crudes has experienced a slight increase as the week concluded with Saudi Arabia and Russia, the world’s leading oil suppliers, announcing further cutbacks in their oil production. Basra Heavy crude witnessed a marginal rise as the final session closed yesterday, up by 48 cents, to settle …

Oil steadied as persistent demand concerns and dollar strength were offset by declines in crude stockpiles in the US. West Texas Intermediate traded above $75 a barrel, after declining by 0.5 per cent on Wednesday. Nationwide inventories fell with stockpiles at the Cushing, Oklahoma, storage hub shrinking by the most …

The US Energy Information Administration announced on Tuesday that Iraq’s oil exports to the United States had reached approximately 46 million barrels during the first quarter of 2023. According to a table published by the administration, “Iraq’s exports of crude oil and its products to the United States during the …

Oil prices fell by around 1% in early Asian trade on Monday after major Libyan oilfields resumed production over the weekend following a brief shutdown and after China reported second-quarter economic growth below expectations. In the morning in Europe, the U.S. benchmark WTI Crude was trading down by 0.98% at …

The world oil demand will grow by a healthy 2.2 million to 104.25 million barrel per day (mb/d), in 2024, said the Organisation of the Petroleum Exporting Countries (OPEC) in its review, thus raising its 2023 forecast to 2.4 mb/d, following an upward revision of about 0.1 mbn/d from last …

Russia could deliver on at least part of its pledge to reduce oil exports next month as its western ports are planned to ship up to 200,000 barrels per day (bpd) lower crude volumes in August compared to July, Reuters reported exclusively on Friday, quoting sources with knowledge of the …

The International Energy Agency has revised down its forecast for oil demand growth this year, due to “persistent macroeconomic headwinds”, but it still expects global consumption to reach a record 102.1m bbl/day. The Paris-based intergovernmental organisation estimated global oil demand would grow by 2.2m bbl/day in 2023, down from its …