Oil

China’s Foreign Ministry justified its imports of Russian oil on Aug. 8, suggesting Beijing will continue to purchase oil from Moscow despite U.S. President Donald Trump’s tariff threats. “It is legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including …

Venezuela’s crude and fuel exports fell in July by some 10% from June to average 727,000 barrels per day (bpd), as Chevron and other partners of state oil firm PDVSA were waiting for U.S. authorizations to resume operations and exports that were prohibited in May. Venezuela also exported about 227,000 …

Goldman Sachs has maintained its oil price forecast for Brent crude, seeing the benchmark averaging $64 over the fourth quarter of the year despite recent developments that have pushed both Brent and West Texas Intermediate higher. “Increasing pressure on Russia and Iran sanctioned oil supply poses an upside risk to …

OPEC+ is inching toward a pivotal decision this weekend: whether to greenlight another 548,000 bpd in production hikes for September, effectively fast-tracking the return of 2.2 million bpd in voluntary cuts a year ahead of schedule. The Joint Ministerial Monitoring Committee (JMMC) already met last week and stopped short of …

Pakistani refiner Cnergyico will import Pakistan’s first U.S. crude oil cargo in October following the trade and energy cooperation deal the two countries signed earlier this week. Cnergyico will import on October 1 million barrels of American crude via top commodity trader Vitol, Usama Qureshi, vice chairman of the biggest …

Brazil’s crude oil exports to the U.S. are facing an uncertain future as Washington prepares to impose sweeping 50% tariffs on Brazilian imports starting August 1—up from the current 10%. While it remains unclear whether crude oil will be included in the list, analysts and industry groups are already warning …

Saudi Arabia is expected to raise the official selling price (OSP) of Arab Light crude to Asia for September-loading cargoes, according to trading sources cited Monday by Reuters. The anticipated hike would mark a second consecutive monthly increase as regional refining margins strengthen and domestic crude burn limits outbound volumes. …

The United States and European Union officially reached a tariff agreement on Sunday, averting a potentially crippling transatlantic trade war. Following months of contentious negotiations, U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the deal at Trump’s Turnberry golf resort in Scotland. The announcement sent …

Iraq emerged as the second-largest supplier of crude oil to the United States last week, according to data released Sunday by the US Energy Information Administration (EIA). The EIA report showed that total US crude oil imports from nine key countries averaged 5.351 million barrels per day (bpd) during the …

Lower demand for crude oil from refiners at home gave a boost to U.S. exports of the commodity, turning it into a net exporter to OPEC member Nigeria in two of the seven months since the start of this year. The news comes from the U.S. Energy Information Administration, which …