Oil

Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned. The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a bid …

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 slid to 750 this week—275 rigs higher than the rig count this time in 2021. Oil rigs in the United …

The Organization of the Petroleum Exporting Countries (OPEC) said Wednesday, that Iraq possesses the fourth largest proven oil reserves in the world. National Iraqi news agency (NINA) reported OPEC stated in its annual report that proven crude oil reserves in the world amounted to 1,545,071 trillion barrels at the end …

Oil tankers owned by Russia’s state-backed fleet operator Sovcomflot are still delivering to ports in Europe, according to OCCRP, a global network of investigative journalists. The company disguised its ownership of the vessels by basing subsidiaries in Cyprus and the United Arab Emirates. Once the sanctions came into full effect, …

Oil prices were rising on Tuesday sparked by renewed supply fears as the G7 group of nations discussed a price cap on Russian crude imports. The front-month contract for Brent crude North Sea oil was last seen up USD 1.27 at USD 116.36/bbl, while the WTI equivalent was USD 1.07 …

Iraq may end up as one of the biggest losers from cheap Russian barrels flowing to Asia with lukewarm demand for its key grades. There have been no spot purchases of Iraq’s Basrah Medium or Basrah Heavy crude so far in the current Asia trading cycle, while a tender to …

Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by …

ExxonMobil CEO Darren Woods on Tuesday said it would take time for energy market volatility to end and that he expects three to five years of fairly tight oil markets. Speaking at a panel at the Bloomberg Qatar Economic Forum in Doha, Woods added that the company had asked the …

Oil prices rose 1% on Tuesday, clawing back more of last week’s losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand. Brent crude futures rose $1.08, or about 1%, to $115.21 a barrel at 4am GMT, adding to a …

China continued to snap up Russian energy products last month, including a record quantity of crude oil, lifting purchases to $7.47 billion — about $1 billion more than April and double the amount of a year ago. The increase in shipments came as the war in Ukraine entered a fourth …