Oil

The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Data obtained from OPEC showed that the 13-member organisation increased Nigeria’s oil production quota …

OPEC+ agreed today, Aug. 3, to raise the production target for September by 100,000 barrels per day (bpd), Reuters reported, citing a member of the group. The decision came during the OPEC+ Joint Ministerial Monitoring Committee’s meeting today, headed by Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud. The …

U.S. crude oil imports from Iraq averaged 165,000 oil barrels per day (bpd) last week, the Energy Information Administration (EIA) revealed. According to the report, last week’s oil imports from Iraq amounted to 454,000 barrels (165,000 bpd). Iraq followed the United States’ top crude oil suppliers, Canada (3.308 million bpd), …

The number of total active drilling rigs in the United States rose by 9 this week, according to new data from Baker Hughes published on Friday. The total rig count rose to 767 this week—279 rigs higher than the rig count this time in 2021. Oil rigs in the United …

Oil prices increased on Thursday, supported by a drop in US crude oil inventories easing demand concerns. International benchmark Brent crude was trading at $102.71 per barrel at 08.45 a.m. local time (0545 GMT) for a 1.02% increase after closing at $101.67 a barrel in previous trade. American benchmark West …

Russia surpassed Saudi Arabia as the largest crude oil supplier to China over the past two months as Western sanctions due to Moscow’s war with Ukraine dragged down prices of its petroleum exports, boosting their appeal among Asian buyers. Last month, China imported 7.3 million tons of crude oil from …

Despite high international crude and POL prices, the country has imported record-high oil products and crude, both in volume and money terms, on the back of rising U.S dollar strength against the rupee and the government’s decision to raise local POL prices to revive stalled IMF’s program. Having a record …

Oil prices fell over $2 a barrel on Wednesday before recouping some losses, under pressure from global central bank efforts to limit inflation and ahead of an expected buildup in U.S. crude inventories as fuel demand weakens. Brent crude prices for September were down $1.81, or 1.69%, at $105.54 a …

Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the US dollar to insulate itself from the effects of Western sanctions. Russia has been hit by a slew of sanctions from …

China’s crude oil output saw a steady expansion, rising four percent year-on-year in the first six months, official data showed. The growth was bolstered by increased oil and gas production. Relevant enterprises continue to intensify oil and gas exploration and development, effectively promoting the production and stability of crude oil …