Oil

The refinery in Schwedt, Germany, near the Polish border, refines 12 million tons of oil every year. It was built in the 1960s and received its supplies from the Druzhba pipeline, which pumped oil from Russia through Belarus and Poland onward to Germany. The plant in Schwedt was an object …

Oil switched between gains and losses, as the market remains caught between the outlook for global growth and China’s easing of COVID restrictions. West Texas Intermediate futures traded near US$89 a barrel and have been in a range of just over US$10 for the last month. The dollar rose for …

Kazakhstan hopes to deliver up to 1.5 million tons of oil through the Baku-Tbilisi-Ceyhan pipeline in 2023 as part of growing efforts to find export routes bypassing Russia. Prime Minister Alikhan Smailov told reporters on November 10 that the government’s expectation is that annual shipments via the Baku-Tbilisi-Ceyhan pipeline will …

Oil prices rose, on Nov. 11, fueled by optimism about crude demand recovery in China and continued decline in the US dollar. China reduced the quarantine time for international travelers by two days, which would boost economic recovery in the country, CNBC reported. The US drilling rig count rose nine …

The European Union’s impending sanctions on oil imports from Russia aren’t quite as exclusionary as they might seem at first sight. While almost all direct seaborne imports of crude and refined petroleum products will both be banned by early next year, it will still be possible for what are arguably …

Russia’s oil production could drop to as low as 9 million barrels per day (bpd) in December when the EU embargo on imports of Russian crude oil enters into force, Russian news agency TASS reported on Wednesday, citing analysts at the Energy Development Center. “We expect that production in December …

Oil prices were lower early on Wednesday in Europe as the United States continues to count votes in the midterm elections, which turned out to be more contested than predicted with both the House and Senate races too close to call as of 3 a.m. ET. “Definitely not a Republican …

Oil fell for a third day on a challenged Chinese demand outlook and after an industry report pointed to rising US inventories. West Texas Intermediate sank toward $88 a barrel after sliding 4 per cent over the first two days of the week. Swelling virus outbreaks in China show the …

Oil prices fell on Tuesday as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries. Brent crude fell 31 cents, or 0.3 per cent, to $97.61 a barrel by 0434 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or …

U.S. imports of crude oil from Iraq averaged 148 thousand barrels per day (bpd) in October, the Energy Information Administration (EIA) said. According to EIA’s monthly report, October imports from Iraq reached 4.588 million bpd (daily average 148 bpd). Iraq oil exports to the U.S. averaged 109 thousand bpd in …