Oil

International Energy Agency (IEA) member countries have committed to release 61.7 million barrels of oil reserves as of Friday as part of the emergency stock release announced by the agency on Tuesday. The amount exceeds the 60 million barrels of oil that IEA countries had pledged to release from emergency …

The United States and other member states of the International Energy Agency (IEA) on Tuesday agreed to release 60 million barrels of oil reserves to compensate for supply disruptions following Russia’s invasion of Ukraine. Russian oil trade is in disarray after many nations imposed sanctions on Russian companies, banks and …

The number of active drilling rigs in the United States rose by 5 this week—the 18th straight weekly increase to the number of oil and gas rigs in the United States. The total rig count now has now reached 650, as the world watches for any signs of increased output …

Oil prices surged by nearly $6 per barrel Thursday after President Vladimir Putin launched Russian military action in Ukraine. Brent crude oil jumped to over $100 per barrel on unease about possible disruption of Russian supplies. The price of US benchmark crude briefly surpassed $98 per barrel. The ruble sank …

Higher net crude oil imports are set to make the United States a net petroleum importer this year again, as in 2021, after a historic shift of being a net petroleum exporter in 2020, the U.S. Energy Information Administration (EIA) said on Friday. A net petroleum importer is a country …

Oil prices slumped early on Tuesday after Russia said some troops are returning to bases, which the market interpreted as a possible sign of de-escalation of the tension following several days of warnings that Russia would invade Ukraine “any day now.” Profit-taking also pushed oil prices lower as investors and …

U.S. imports of crude oil from Iraq last week averaged 226 thousand barrels per day (bpd), the Energy Information Administration (EIA) said this weekend. In its weekly report on U.S. oil imports, EIA said that the U.S. imports averaged 5.910 million bpd last week, down by 77 thousand bpd from …

The number of active drilling rigs in the United States rose by 22 this week—the 16th straight weekly increase to the number of oil and gas rigs in the United States, and the largest single-week rise since February 2018. The total rig count now sits at 635 as the price …

Oil prices rose for an eighth straight week amid growing concerns about supply disruptions as a result of intensifying geopolitical tensions in eastern Europe and a rise in demand. Brent, the global benchmark for two thirds of the world’s oil, jumped 3.31 per cent to trade at $94.44 per barrel …

Wall Street stocks tumbled and oil prices surged as White House warnings of a possibly imminent Russian invasion of Ukraine reverberated through financial markets. Markets lurched on Friday during a briefing by US National Security Advisor Jake Sullivan, who said a Russian invasion could “begin at any time,” including during …