Oil

Demand for Russian Crude Rises in India, China

Vessel tracking data suggest that the demand for Russian crude oil seems to be picking up, especially among India, China, and Turkey, according to media reports. The three countries have been Russia’s most reliable buyers of its crude during its ongoing conflict with Ukraine amid sanctions threat, reports said. Shipments …

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Biden to Release 15 Million Barrels from Oil Reserve

President Joe Biden will announce the release of 15 million barrels of oil from the US strategic reserve on Wednesday as part of a response to recent production cuts announced by the Organization of the Petroleum Exporting Countries (OPEC+) nations. As per Washington Post, he will say more oil sales …

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IEA: OPEC+ Cuts Risk Oil-Price Spike and World Recession

The OPEC+ decision to sharply curtail oil production threatens to push prices to levels that tip the global economy into recession, the International Energy Agency warned. “The massive cut in OPEC+ oil supply increases energy security risks worldwide,” with “resulting higher price levels exacerbating market volatility,” the IEA said in …

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Oil Prices Shaky amid Worsening Demand Outlook

Oil prices struggled to find their footing in early Asian trade on Thursday after a weakening global demand outlook depressed the market in the last session. Brent crude futures dropped 7 cents, or 0.1 percent, to $92.38 a barrel by 0310 GMT. U.S. West Texas Intermediate crude was down 21 …

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U.S. Rig Count Slides amid Jump in Crude Prices

The number of total active drilling rigs in the United States fell by 3 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 762 this week—229 rigs higher than the rig count this time in 2021. Oil rigs in the United …

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