Oil

Goldman Sachs commodity analysts expect Brent crude to slump to the low $50s next year, citing an expected oversupply of some 1.8 million barrels daily towards the end of the year. The surplus will swell as soon as this year, the analysts also said in a client note cited by …

Russia’s fuel oil shipments went mostly to Saudi Arabia and India in July as Asia and the Middle East remain the key outlets for Moscow’s fuel oil and vacuum gasoil (VGO) amid import bans and embargoes in the West. Russia’s oil products have been banned in the EU and other …

Kazakhstan insists that the international oil majors pay a hefty $4.4 billion fine for sulfur pollution despite a court win for Big Oil earlier this month. At the beginning of August, a Kazakh appellate court sided with the international oil majors operating the huge Kashagan oilfield, overturning the massive environmental …

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 …