Oil

Oil flows via the Druzhba pipeline from Russia to Hungary have been halted, following a Ukrainian attack on a transformer station, Hungarian Foreign Minister Peter Szijjarto said on Monday. “Ukraine has attacked again the oil pipeline to Hungary, which has halted petroleum transportation to our country,” Szijjarto posted on Facebook. …

Chinese oil refining throughput jumped by 9% in July from a year earlier amid higher utilization capacity at state-owned refiners, according to official data released on Friday. Chinese refiners processed 14.85 million barrels per day (bpd) of crude oil last month, per the data from the National Bureau of Statistics …

The OPEC+ producers raised their combined crude oil production by 335,000 barrels per day (bpd) in July, below the 411,000 bpd output hike eight of the 22 producers have pledged for last month. OPEC-only production from the 12-member cartel increased by 263,000 bpd—and most of the rise came from two …

Syrian Energy Minister Mohammed al-Bashir announced that he will soon travel to Baghdad, the capital of Iraq, to discuss reviving a significant project with the Iraqi government. In a televised interview, al-Bashir said that he will soon visit Iraq to discuss the rehabilitation of the oil pipeline linking the northern …

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 …