Oil

Saudi crude oil exports to China are set to fall in September to about 43 million barrels, several trade sources said on Monday, citing monthly allocations for term buyers. September exports from the world’s top exporter to China are estimated to slip by about 3 million barrels from a revised …

Oil prices rose for a fifth consecutive session on Monday, holding on to last week’s more than 3% gains, as US recession fears eased while geopolitical tensions in the Middle East supported prices. Brent crude futures climbed 22 cents, or 0.3%, to $79.88 a barrel by 0458 GMT, while US …

OPEC+ oil production experienced its largest increase in nearly a year in July, with Iraq and Kazakhstan raising their outputs despite deeper cut commitments, while Russia remained significantly above its quota. According to a survey by Platts OPEC+ from S&P Global Commodity Insights on August 10, the group’s total production …

The US EIA has forecast that US oil markets will experience a closer balance between supply and demand this year. At the same time, the EIA has revised its forecast for 2025 crude prices downwards compared with its Short-Term Energy Outlook (STEO), published in July. Despite recent drops in crude …

The US government’s energy-tracking agency added to a chorus of concerns about falling demand for oil next year caused by an economic slowdown in China, the world’s largest crude importer. Global crude consumption will be about 104.5mn barrels a day in 2025, down 200,000 barrels a day from a previous …

The U.S. Energy Information Administration (EIA) has raised its forecast for crude oil demand in the United States, according to the agency’s Short-Term Energy Outlook released today—although its price outlook for this year and next has been revised down. The EIA now sees U.S. petroleum and other liquid fuels consumption …

Oil prices slipped in early Asian trading on Wednesday following a brief rebound in the previous session after industry data showed an unexpected build in US crude oil and gasoline inventories, offsetting global oil supply concerns. Brent crude futures fell 21 cents, or 0.27%, to $76.27 a barrel by 0020 …

Goldman Sachs expects a $75 per barrel floor under Brent Crude prices that is unlikely to be breached due to the current macroeconomic fears of a U.S. recession. Oil prices slumped by 6% in the past few days, dragged down by weaker-than-expected jobs data in the U.S. on Friday, which …

Nigeria is losing $1,000 on every barrel of crude oil it exports, due to a lack of the added value from refining, Nigerian media quoted energy policy expert Henry Adigun as saying at a conference. This loss is no longer sustainable, Adigun said. The Nigerian federal government is supporting local …

Oil futures extended losses in a volatile session on Monday as fears of a recession in top oil consumer the United States offset supply worries stemming from mounting tensions in the Middle East, the world’s largest oil producing region. Share markets also tumbled across Asia as U.S. recession worries sent …