Oil

Washington has been actively selling from its Strategic Petroleum Reserve (SPR) over the past year to keep energy prices from rising even higher, Bloomberg reported on Friday, noting that the government can’t keep tapping the reserves forever. According to the report, over the past year almost 115 million barrels were …

Oil demand growth is set to slow in the coming months, with consumers likely to endure high prices until consumption is brought back into line with supply that’s struggling to keep pace with the world’s thirst for fuels. The International Energy Agency, the US Energy Information Administration and the Organization …

The Energy Information Administration (EIA) Data showed that Iraq’s export oil to the United States increased to 555 thousand bpd in the last week. EIA stated in a report, “The United States oil exports recorded 6.144 bpd in the second week of June.” The top three source countries for U.S. …

World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy. Fuel use has rebounded from the 2020 pandemic-induced slump and is set to exceed 2019 levels this …

Russia rose to become India’s second biggest supplier of oil in May, pushing Saudi Arabia into third place but still behind Iraq which remains No. 1, data from trade sources showed. In May Indian refiners received about 819,000 barrels per day (bpd) Russian oil, the highest thus far in any …

Saudi Arabia will provide some Chinese buyers with less crude than they asked for next month, while fulfilling requests from many other customers in Asia after OPEC+ pledged to speed up production hikes. Japan, South Korea, Thailand, and India will get the oil volumes they had sought, with some even …

The Minister of Oil and Gas in the Government of National Unity, Mohammed Aoun, said that Libya is currently losing more than 1,100,000 barrels per day (bpd) of oil production due to the closures imposed on major export fields and ports. Aoun added that most of the oil fields are …

The number of total active drilling rigs in the United States rose by 6 this week, after drilling increases stalled out in the week prior, according to new data from Baker Hughes published on Friday. The total rig count rose to 733 this week—272 rigs higher than the rig count …

At a time when the global crude oil market is facing tight supplies, the revival of demand from China following the relaxation of Covid restrictions helped oil futures to trade higher on Tuesday morning. At 10.04 am on Tuesday, the August Brent oil futures were at $120.22, up by 0.41 …

Two oil companies could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, resuming oil-for-debt swaps halted two years ago when Washington stepped up sanctions on Venezuela. The volume of oil that Italian oil company Eni SpA and Spain’s Repsol Sare expected …