Oil

Kazakhstan’s state oil firm Kazmunaygas (KMG) is reportedly in advanced discussions with the trading arm of Azerbaijan’s state firm SOCAR to allow 1.5 million tons per year of Kazakh crude to be sold through the Azeri pipeline that delivers oil to Turkey’s Mediterranean port of Ceyhan. Kazakh oil is expected …

Oman’s total oil exports saw an increase of 16.2 percent untill the end of June 2022 according to the latest statistics of the National Centre for Statistics and Information (NCSI). The report said that China topped the list of the Sultanate’s oil importing countries till the end of June 2022 …

Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency has said. Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and …

Oil shipments from Russia through a critical pipeline to Czechia resumed on Aug. 12 after more than a week, the Czech pipeline operator Mero said.Czechia became the last central European country after Slovakia and Hungary to receive deliveries from the southern branch of the Druzhba pipeline after a problem over …

OPEC+ is unlikely to increase output in the coming months because of limited spare capacity, according to the International Energy Agency. Furthermore, the “largely symbolic” 100,000 barrel-a-day hike promised for September may actually turn into a cut as Russian production declines, the IEA said. “Comparatively low levels of operational spare …

Goldman Sachs revised down its Brent price forecast for this quarter to $110 a barrel, down from a previous projection of $140 per barrel, but the investment bank still believes the case for higher oil prices remains strong. In recent weeks, oil prices have been driven down by low trading …

U.S. shale oil drillers continue to show little sign of responding to high global prices with more production, only now it’s not just their focus on rewarding shareholders that’s holding them back, but also a preoccupation with soaring costs. The combined oil and gas production forecasts from a dozen companies …

Oil headed for the biggest weekly decline since early April on increasing evidence that a global economic slowdown is curbing demand, with prices near the lowest level in six months. West Texas Intermediate was little changed below $89 (€87.50) a barrel on Friday, and was about 10pc lower for the …

The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Data obtained from OPEC showed that the 13-member organisation increased Nigeria’s oil production quota …

OPEC+ agreed today, Aug. 3, to raise the production target for September by 100,000 barrels per day (bpd), Reuters reported, citing a member of the group. The decision came during the OPEC+ Joint Ministerial Monitoring Committee’s meeting today, headed by Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud. The …