Oil

Despite the geopolitical risk premium, oil prices are set to remain under pressure, weighed down by slower-than-expected demand and uncertainty about OPEC+’s unwinding of the production cuts, according to the analysts in the monthly Reuters poll who cut their price forecasts for a fifth consecutive month. In last month’s poll, …

Despite recent rumors, sources within OPEC+ have confirmed there’s no specific price target for crude oil, including the oft-discussed $100 per barrel. This comes in response to speculation that Saudi Arabia, a key player in the group, may allow lower prices to reclaim market share by boosting production. Anonymous OPEC+ …

Germany, the European Union’s biggest economy, is also the most vocal advocate of a transition away from oil and gas. Despite this policy, Germany is one of the biggest importers of liquefied natural gas. Now, it also wants to significantly boost its crude oil imports—from Kazakhstan. Media reported this week …

Crude oil exports from Libya have crumbled to around 400,000 barrels per day (bpd) this month from 1 million bpd in August as the political standoff in OPEC’s North African producer continues, Reuters reported on Tuesday, citing data from ports and ship-tracking services. Most of Libya’s oil exports this month …

OPEC’s latest World Oil Outlook (WOO) 2024 makes it clear: peak oil demand is not on the horizon. Despite ongoing discussions around transitioning to renewable energy, OPEC forecasts global oil demand to grow significantly, reaching over 120 million barrels per day (mb/d) by 2050. This projection is driven by strong …

China’s crude oil imports from Russia jumped by 25.6% month-on-month in August as Beijing last month welcomed the highest monthly crude arrivals so far this year, taking advantage of cheaper supplies. China imported 2.21 million barrels per day (bpd) of crude from Russia in August, according to data from the …

Iraqi oil exports to the United States decreased last week, according to the US Energy Information Administration (EIA) on Sunday. The EIA reported that the average US crude oil imports from eight key countries reached 5.645 million barrels per day (bpd) last week, decreased by 142.000 bpd from the previous …

Itay will no longer grant concessions for oil and condensate exploration and production, a draft of a new government decree shows. The decree, seen by Reuters, specifies that the oil exploration and production ban will only apply to new concessions—not existing ones that have already secured government approval. The ban …

Iraq’s oil exports to the United States increased last week, according to data released by the US Energy Information Administration (EIA) on Sunday. The EIA’s report showed that average US crude oil imports from nine major suppliers reached 5.787 million barrels per day (bpd) last week, an increase of 911,000 …

Saudi Arabia is expected to increase its crude oil supply to China in October after the world’s top crude exporter cut the prices of the oil it sells in Asia, trade sources told Reuters on Thursday. The Kingdom is set to ship a total of 46 million barrels of its …