Oil

Saudi Arabia’s foreign minister said there’s nothing more the kingdom can do to tame oil markets, implying that the world’s biggest crude exporter has no plan to accelerate its gradual production increases. “As far as we are aware there is no shortfall of oil,” Prince Faisal bin Farhan said, speaking …

Oil prices fell by more than $1 on Tuesday as concerns over a possible recession and China’s COVID-19 curbs outweighed an expectation of tight global supply and a pick-up in fuel demand with the U.S. summer driving season. Brent crude futures for July fell $1.34, or 1.2 per cent, to …

Oil was up on Monday morning in Asia as the U.S. peak driving season sees higher demand. Brent oil futures gained 0.63% to $110.71 by 12:26 AM ET (4:26 AM GMT) and crude oil WTI futures jumped 0.54% to $110.88. “Oil prices are supported as gasoline markets remain tight amid …

Managing Director of the National Iranian Oil Company (NIOC) Mohsen Khojasteh Mehr said on Sunday that the government of President Seyed Ebrahim Rayeesi has managed to restore 1mln bpd of crude production which had been lost due to the US sanctions. Iran produced 3.838 million bpd before the US pulled …

Iraq’s efforts to control revenue collected by the Kurdistan Regional Government (KRG) have extended to requests for oil and gas firms operating in the semi-autonomous region to sign new contracts with state-owned marketer SOMO rather than the KRG. Oil Minister Ihsan Ismael on May 7 said Iraq’s oil ministry would …

Oil prices extended gains on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict COVID-19 containment measures. Brent crude futures were up 48 cents, or 0.4%, at $112.41 a barrel at 0410 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed …

Oil prices eased on Tuesday as Hungary resisted a EU push for a ban on Russian oil imports, a move that would tighten global supply, and as investors took profits following a recent rally. Brent crude futures fell 22c, or 0.2%, to $114.02 a barrel by 3.27am GMT, while US …

Oil prices fell on Monday, paring early gains as investors took profit from a surge in the previous session, albeit in the shadow of supply fear as the European Union prepares an import ban on Russian crude and with limited increase in OPEC output. Brent crude futures were down $1.66, …

Russia’s oil export revenue has jumped some 50% since the beginning of 2022, Bloomberg reports, citing data from the International Energy Agency (IEA). According to the agency’s monthly market report, Moscow has earned some $20 billion each month this year from sales of crude oil and oil-related products. The earnings …

Oil prices rose by about 4 percent on Friday as U.S. gasoline prices jumped to a record high and investors worried supplies will tighten on the tit-for-tat sanctions between European Union and Russia. Brent futures rose by $4.10, or 3.8 percent, to settle at $111.55 a barrel. U.S. West Texas …