Oil

India has become the world’s biggest importer of Russian oil, surpassing China, Reuters has reported. Data on Indian shipments from trade and industry showed that the country imported 2.07 million barrels per day (bpd) of Russian crude in July, good for a 4.2% M/M and 12% Y/Y increase. According to …

Iraq was the fourth-largest oil exporter to China in July 2024, according to data released by China’s General Administration of Customs on Wednesday. Iraq shipped 4.36 million metric tons of crude oil to China in July, equivalent to approximately 33.93 million barrels, marking a 12.1% decrease from June 2024, when …

Oil markets have turned decidedly bearish after U.S. Secretary of State Antony Blinken revealed that Israeli Prime Minister Benjamin Netanyahu has accepted a cease-fire proposal to stop the war in Gaza, and all that’s remaining is for “Hamas to say yes.” Blinken met on Monday with top Israeli officials in …

As many Russian refineries completed planned maintenance, Russia raised its seaborne exports of fuel oil in July, sending a large part of the volumes to China and Saudi Arabia, which were joint top buyers of the Russian oil product, Reuters reported on Friday, citing data from LSEG. Total Russian shipments …

The world’s third-largest oil importer, India, remained Russia’s number-two crude buyer in July, importing $2.8 billion worth of Russian crude, according to the latest monthly data of Russian fossil fuel exports by the Centre for Research on Energy and Clean Air (CREA). Last month, India was the second-largest buyer of …

Oil prices edged lower on Wednesday after U.S. crude inventories rose unexpectedly and as worries that a wider Middle East conflict could threaten production in one of the world’s major regions for crude production eased slightly. Brent crude futures slipped 41 cents, or 0.5%, to $80.28 a barrel by 10:36 …

Kazakhstan began to supply oil to Europe via Druzhba (Friendship) system. The Ministry of Energy of Kazakhstan confirmed the information. According to the ministry, Eni (Italian investor of Kashagan) began supplying oil to Europe via Druzhba system. It is specified that AGIP Caspian Sea (subsidiary organization of Eni in Kazakhstan) …

As uncertainty over global crude oil demand continues to hang over the market, even one of its most bullish forecasters – the Organization of Petroleum Exporting (OPEC) – has now lowered its demand growth forecasts for both 2024 and 2025. For nearly a year, both it and the think-tank International …

Brent and U.S. crude oil futures fell on Tuesday as traders grew less nervous about the potential for a wider war in the Middle East, with Iran yet to act on threats to retaliate on Israel for assassination of a Hamas official in Tehran. Benchmark Brent crude futures settled down …

On Monday, Basrah crude oil decreased despite a stability in global oil prices. Basrah Heavy crude edged lower by $0.14 to $73.60, while Basrah Medium also rose by $0.14 to $76.77. Global oil prices remained stable, maintaining most of their gains from the previous week, which had exceeded three percent. …