Oil

The loss of oil supplies due to the aftermath of Hurricane Ida, which hit the US oil-producing regions in the Gulf of Mexico at the end of August, is estimated at 30 mln barrels, according to the September report of the International Energy Agency (IEA). “Hurricane Ida is still causing …

Oil prices rose on Friday on growing signs of tightness in US markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of nearly 1% after China announced plans to sell crude from its strategic reserves. Brent crude futures for November rose 63 cents, or 0.9%, …

OPEC will likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in doubt. On Sept. 1, separate sources said the Organization of the Petroleum Exporting Countries and …

On Tuesday, oil prices were mixed following recent losses with some investors snatching up bargains. But concerns over slower demand grew after Saudi Arabia cut crude prices sharply for Asia. Demand woes grew after Saudi Aramco announced it would cut official selling prices (OSPs) by at least $1 per barrel …

Oil was down Monday morning in Asia. The black liquid extended its losses after Saudi Arabia cut crude prices for Asia over the weekend amid an uncertain fuel demand outlook. Brent oil futures slid 1.06% to $71.84 by 11:50 PM ET. Crude oil WTI futures fell 1.02% to $68.58, remaining …

Saudi Arabia cut oil prices for sales to Asia next month by more than twice the expected amount in a sign the world’s largest crude exporter wants to entice buyers to take more of its barrels. Saudi Arabia cut oil prices for sales to Asia next month by more than …

Oil prices declined on Friday as market sentiment was dented by a disappointing U.S. jobs report, Trend reports citing Xinhua. The West Texas Intermediate for October delivery lost 70 cents to settle at 69.29 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery decreased …

Oil prices fell today after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many US refiners, a key source of crude demand, remained offline. Brent crude was down by 15 cents, or 0.2%, …

Karbala’s oil refinery will be able to provide premium oil products once it functions in full capacity starting from early 2022, Iraq’s Minister of Oil Ihsan Abdul Jabar said. Abdul Jabar’s comments came in a press conference on the inauguration of the Karbala refinery building earlier today, Wednesday. “The Karbala …

Oil prices recovered on Wednesday, after a US industry report showed crude inventories fell more than expected last week, steadying after overnight losses from the impact of Hurricane Ida on US refineries. Prices rose ahead of the OPEC+ meeting at… Prices rose ahead of the OPEC+ meeting at 1500 GMT …