Oil

OPEC’s crude oil production slumped by 604,000 barrels per day (bpd) in September compared to August, as Libya’s output was largely halted amid a political standoff and Iraq moved to improve compliance with the OPEC+ cuts. All 12 OPEC producers pumped on average 26.04 million bpd of crude last month, …

Libya’s oil production experienced a significant decline due to a political crisis that lasted for a month. The crisis involved tensions between rival factions and led to the closure of important oil fields and ports. Output dropped by over 80%, from 1.2 million barrels per day (bpd) to approximately 500,000 …

Kazakhstan has been one of the “rogue” members of OPEC+, regularly producing more oil than it was supposed to under the bloc’s output cap agreement. Now, it seems that Kazakhstan has done it again, potentially heightening internal tensions within OPEC+. Reuters reported this week that Kazakhstan’s largest field, Tengiz, had …

A global company that monitors oil supply and shipment volumes announced, on Wednesday, that Iraq ranked second in crude oil exports to India over the past nine months. According to Commodities at Sea, “Russia topped the list with crude oil exports to India, supplying an average of 1.7 million bpd …

For the first time since the end of August, Libya’s oil production exceeded 1 million barrels per day (bpd) on Sunday, after the warring factions reached a deal on how to elect the new leadership of the African OPEC member’s central bank. Libya’s oil output stood at 1.067 million bpd …

Oil prices fell on Monday after posting their steepest weekly rise in over a year last week as oversupply concerns amid softer demand countered the worries of a wider Middle East war disrupting exports in the key producing region. Brent crude futures fell 31 cents, or 0.4%, to $77.74 per …

The US Energy Information Administration (EIA) announced on Sunday that Iraqi oil exports to the US had dropped during the past week. “In a span of a week, the US imports of crude oil from 10 major countries amounted to 5.744 million bpd, up by 343,000 bpd from the previous …

Crude oil prices were set to end the week with substantial gains pushed higher by the latest events in the Middle East. Both Brent crude and West Texas Intermediate were about 8% higher on Friday morning in Asian trade than they were at the start of the week. The jump …

Oil prices jumped by over a dollar on Wednesday due to rising concerns Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran’s biggest ever military blow against Israel. Brent futures leapt $1, or 1.36%, to $74.56 a barrel, while U.S. West Texas Intermediate (WTI) crude …

After last week’s deal on the leadership of the Central Bank, Libya is set to resume crude oil production on October 1, Italian news agency Agenzia Nova reported on Monday, citing Libyan parliamentary sources. Crude production at most Libyan oilfields has been suspended for over a month after the country’s …