Oil

The rates for chartering supertankers have surged to a nearly three-year high this month as more crude is moving out of the Middle East and the U.S. to Asia, Reuters reports, citing sources in the shipping industry and data from LSEG. As OPEC+ continues to raise production, shipments out of …

Crude oil prices began the week with a rise, building on gains made last week, as Ukrainian drone attacks on Russian energy infrastructure continued, notably on a major oil export terminal in Primorsk, Russia’s second-largest Baltic port and largest oil export hub on the Baltic. At the time of writing, …

China is set to continue its crude stockpiling throughout next year, but even the buying spree from the world’s top crude importer would not be sufficient to support oil prices into the $60s per barrel as a major glut looms over the market in the coming months. Lower oil prices …

Japan joins the EU in cutting the price cap on purchases of Russian oil to $47.60 per barrel, in a move effective Friday and aimed at punishing Russia over the war in Ukraine, yet unlikely to affect any Japanese purchases. Japan lowered the price cap from the $60 per barrel …

Kurdistan has lost some $28 billion from a dispute between the government of the semi-autonomous region, the central Iraqi government, and Turkey that has been running for over two years now. “From March 25, 2023, until now, Iraq and the Kurdistan Region have suffered losses of more than 28bn dollars …

Oil prices rose on Monday despite OPEC+ confirming at its Sunday meeting that it will wind down more than 1 million barrels per day of extra voluntary cuts over the next two months. At 9:34 a.m. ET on Monday, West Texas Intermediate (WTI) was trading up 1.65% at $62.89 per …

Oil prices slid on Thursday, extending a decline of more than 2% in the previous session, as investors and traders look ahead to a weekend meeting of OPEC+ where producers are expected to consider another increase in output targets. Brent crude fell 46 cents, or 0.7%, to $67.14 a barrel …

Oil prices slumped by 2% early on Wednesday as the market turns its attention to this weekend’s OPEC+ meeting, at which the group may decide to tap the last remaining production cuts and raise output from October even further. In the early morning ET on Wednesday, WTI Crude prices were …

Saudi Arabia’s budget deficit is growing this year as oil prices are down from last year’s levels and well below the $90 per-barrel price the Kingdom is estimated to need to balance its budget. Brent Crude oil prices have declined by about 8% since the beginning of the year, at …

The United States pumped an all-time high of 13.3 million barrels per day (bpd) of crude oil in 2024, the Energy Information Administration (EIA) said in its Petroleum Supply Annual released on Friday. That tops the previous record of 12.9 million bpd set in 2019, cementing the U.S. as the …