Oil

Oil prices slumped by 2% early on Wednesday as the market turns its attention to this weekend’s OPEC+ meeting, at which the group may decide to tap the last remaining production cuts and raise output from October even further. In the early morning ET on Wednesday, WTI Crude prices were …

Saudi Arabia’s budget deficit is growing this year as oil prices are down from last year’s levels and well below the $90 per-barrel price the Kingdom is estimated to need to balance its budget. Brent Crude oil prices have declined by about 8% since the beginning of the year, at …

The United States pumped an all-time high of 13.3 million barrels per day (bpd) of crude oil in 2024, the Energy Information Administration (EIA) said in its Petroleum Supply Annual released on Friday. That tops the previous record of 12.9 million bpd set in 2019, cementing the U.S. as the …

Goldman Sachs commodity analysts expect Brent crude to slump to the low $50s next year, citing an expected oversupply of some 1.8 million barrels daily towards the end of the year. The surplus will swell as soon as this year, the analysts also said in a client note cited by …

Russia’s fuel oil shipments went mostly to Saudi Arabia and India in July as Asia and the Middle East remain the key outlets for Moscow’s fuel oil and vacuum gasoil (VGO) amid import bans and embargoes in the West. Russia’s oil products have been banned in the EU and other …

Kazakhstan insists that the international oil majors pay a hefty $4.4 billion fine for sulfur pollution despite a court win for Big Oil earlier this month. At the beginning of August, a Kazakh appellate court sided with the international oil majors operating the huge Kashagan oilfield, overturning the massive environmental …

Oil flows via the Druzhba pipeline from Russia to Hungary have been halted, following a Ukrainian attack on a transformer station, Hungarian Foreign Minister Peter Szijjarto said on Monday. “Ukraine has attacked again the oil pipeline to Hungary, which has halted petroleum transportation to our country,” Szijjarto posted on Facebook. …

Chinese oil refining throughput jumped by 9% in July from a year earlier amid higher utilization capacity at state-owned refiners, according to official data released on Friday. Chinese refiners processed 14.85 million barrels per day (bpd) of crude oil last month, per the data from the National Bureau of Statistics …

The OPEC+ producers raised their combined crude oil production by 335,000 barrels per day (bpd) in July, below the 411,000 bpd output hike eight of the 22 producers have pledged for last month. OPEC-only production from the 12-member cartel increased by 263,000 bpd—and most of the rise came from two …

Syrian Energy Minister Mohammed al-Bashir announced that he will soon travel to Baghdad, the capital of Iraq, to discuss reviving a significant project with the Iraqi government. In a televised interview, al-Bashir said that he will soon visit Iraq to discuss the rehabilitation of the oil pipeline linking the northern …