Oil

Saudi Arabia cut oil prices for customers in Asia and Europe as coronavirus lockdowns and sagging economies cool energy demand in the two regions. State-controlled Saudi Aramco lowered its key Arab Light grade for next month’s shipments to Asian refineries from a record to $5.85 a barrel above the Middle …

The OPEC+ oil cartel agreed on Monday to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears. The move could irk the United States as it has pressed the group to increase output in order …

Namibian offshore oil and gas discoveries by TotalEnergies and Shell are of commercial quantities, likely in the billions of barrels, the southern African nation’s mines and energy minister said on Friday. Both companies announced earlier this year that they had made “significant” discoveries offshore Namibia, and are currently making assessments. …

Offshore oil and gas drilling and projects are set for robust growth in the coming years thanks to the world’s clear need for continued large volumes of fossil fuels as evidenced by the ongoing energy crisis in Europe and tight markets. High-impact drilling is returning after the COVID-induced slump, while …

Oil fell for a third day as demand concerns continue to escalate and the dollar rose, joining a selloff of assets from equities to metals. West Texas Intermediate futures dropped below US$88 a barrel, after falling for a third consecutive month in August in the longest run since April 2020. …

Oil prices recovered slightly on Wednesday as data pointed to firm fuel demand in the US, providing respite after a 5% drop a day earlier on fear of demand suffering from increased China Covid-19 curbs and central bank interest rate hikes. A slightly weaker US dollar also shored up the …

Türkiye’s oil imports jumped, while natural gas purchases fell in June versus a year ago, the country’s energy watchdog said Tuesday. The total oil imports were up 4.9% to 4.19 million tons in June, the Energy Market Regulatory Authority (EPDK) said in its monthly report. Crude oil imports, the category …

Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand. Brent crude futures for October settlement dropped 81c, or 0.7%, to $104.28 a barrel …

Oil prices rose 1 percent on Monday, as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States. US West Texas Intermediate (WTI) crude futures jumped …

Despite rising costs, oil and gas producers globally are expected to book new records in cash flows and offer the best return on capital employed (ROCE) in 15 years, BMO Capital Markets said in a new report cited by Upstream. Stronger oil and gas prices will be the key driver …