Oil

Saudi Arabia left the official selling price of its crude oil selling in Asia in November unchanged from the October prices as OPEC+ continues to lift production amid a market concerned about an imminent oversupply. Saudi Aramco, the Kingdom’s oil giant and the world’s single largest crude exporter, set the …

Nigeria is pumping more crude and drilling harder than it has in years, thanks to reforms under President Bola Tinubu that are finally coaxing cash back into the upstream. Daily output has climbed to between 1.7 and 1.83 million barrels, while active rigs surged from 31 in January to 50 …

OPEC’s second largest producer, Iraq, plans to increase its oil production capacity to 5.5 million barrels per day (bpd) by the end of the year, up from about 4.4 million bpd now, Iraqi Oil Minister Hayyan Abdul Ghani told the Rudaw news outlet on Wednesday. “The plan is to reach …

The U.S. Energy Information Administration just delivered a statistical shock: July’s monthly data shows U.S. total liquids output hitting a record 21.218 million barrels per day, nearly 500,000 bpd higher than the agency’s weekly estimates had implied. Crude production came in at 13.642 million bpd, with natural gas liquids at …

The export availability of crude oil from Iraq’s semi-autonomous region of Kurdistan continues to increase after the pipeline from northern Iraq to the Turkish Mediterranean coast resumed flows on Saturday, one of the foreign companies operating in Kurdistan said on Monday. UK-listed Gulf Keystone Petroleum confirmed that crude oil exports …

Saudi Arabia is expected to raise slightly the price of its flagship crude grade loading for Asia in November, to reflect stronger Middle Eastern oil benchmarks, refining sources told Reuters in a survey released on Monday. The world’s top crude exporter will be tempted to increase its prices amid stronger …

While the world is watching the UN General Assembly discussions on Gaza-Israel, hybrid warfare in Europe (drones) and Trump, global oil markets are showing increased instability, as Ukrainian drones are destroying key oil and gas infrastructure inside of Russia. Over the last few weeks, a tsunami of reports has been …

Hungary has no intention of suspending Russian oil imports despite pressure on the whole of the European Union from U.S. President Donald Trump and EU pressure on Hungary specifically. “We can’t ensure the safe supply [of energy products] for our country without Russian oil or gas sources,” Foreign Minister Peter …

Turkey and the federal Iraqi government have agreed to resume oil exports from Iraq’s semi-autonomous region of Kurdistan via a pipeline to the Turkish coast, Shakhwan Abdullah, Deputy Speaker of the Iraqi Parliament, said this weekend. Oil exports from Kurdistan have been halted for two and a half years, after …

OPEC+’s decision last week to increase its collective oil production has surprised many, given the soft outlook for oil prices for the remainder of this year and into next. It is true that the 137,000 barrels per day (bpd) rise from October is much lower than the 411,000 bpd and …