Oil

The sovereign wealth fund of Norway, which manages $1.4 trillion (€1.2tn) in assets, has said there are oil companies in its portfolio that “absolutely” aren’t doing enough to cut emissions, as the guidelines under which it operates are reviewed, potentially giving the investor more scope to act. Norges Bank Investment …

Russian oil company Lukoil on Monday announced that it has started drilling the first exploration well at Block 12, in Mexico, at a depth of 207 meters. ‘After drilling, the geological and geophysical data will be analyzed to make a decision on further exploration at Block 12,’ the company stated …

Russia may reach a record-high level of crude and condensate production in summer 2022, with output expected to reach its peak in 2023, Norway’s Rystad Energy consulting company said in a statement on Friday. “The OPEC+ coalition’s recent agreement to steadily raise oil production is paving the way for Russia …

The Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast on global oil demand growth for 2021 and 2022, and raised its estimates for the growth of the global economy. Global oil demand is estimated to increase by around 6 million barrels per day (bpd) to average 96.6 million …

President Joe Biden’s top aides are calling on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices that they see as a threat to the global economic recovery. Biden’s national security adviser Jake Sullivan criticised the world’s major oil producers for what he …

U.S. crude stockpiles fell by less than expected last week at time when investors are fraught with worry about the demand outlook as surging Covid-19 cases, particularly in China, have dented travel demand. West Texas Intermediate, the benchmark gained 3% to $68.50 a barrel on the news, after settling up …

Oil prices rose more than $1 on Tuesday, recouping some of the losses in the previous session, as rise of demand in Europe and the United States outweighed concerns over a rise of COVID cases in Asian countries. Brent crude was up $1.20, or 1.7%, at $70.24 a barrel by …

Oil prices dropped 2 percent on Monday, extending last week’s steep losses on the back of a rising US dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand. Brent crude futures slid $1.41, or 2 percent, to $69.29 a …

U.S. imports of crude oil from Iraq averaged 82,000 barrels per day (bpd) last, the Energy Information Administration (EIA) said on Saturday, despite a spurt in its appetite during the same period. In its weekly report on U.S. oil imports, EIA Said that the U.S. imports averaged 5.588 million barrels …

Oil prices continued their decline on Thursday amid a high inventory build-up in the US and rising numbers of Covid-19 Delta cases. Brent, the international benchmark, fell 0.11 per cent to trade at $70.30 per barrel at 11.19am UAE time. West Texas Intermediate, the main US gauge, was flat at …