Oil

Oil prices paused recent advances to trade in a range on Tuesday, after a surge of more than 7 per cent in the previous three sessions, on supply concerns prompted by fears of a wider Middle East conflict and the potential shutdown of Libyan oil fields. Brent crude futures was …

As the rivalry over global oil demand projections continues to intensify, supergiant Exxon Mobil on Monday chimed in to forecast that crude demand will continue to be over 100 million barrels per day through 2050, contradicting other forecasts that come in much lower, Reuters reported. The forecast from Exxon, which …

Oil prices rose 2% on Monday on news of fresh production outages in Libya, adding to earlier gains on concerns that an escalating Gaza conflict could disrupt regional oil supplies. Brent crude futures climbed $1.64, or 2.08%, to $80.66 a barrel by 1041 GMT, while U.S. crude futures were at …

As OPEC+ gears up for its next meeting, the group finds itself at a crossroads that has the potential to sway global oil markets. With the autumn months approaching, key decisions loom regarding whether to proceed with planned production increases or to maintain current output levels. The backdrop to this …

Uncertainty about Chinese oil demand has become the single most important bearish factor for oil. Every time analysts cite lower prices it is because of uncertainty about Chinese demand—or the potential certainty that this demand is not going higher. As the world’s largest importer of oil, the Asian powerhouse has …

Iraq retained its position as the second-largest supplier of oil to India in July, according to recent data from Indian industry and trade sources. The data, reviewed by Shafaq News, indicated “a 4% increase in India’s crude oil purchases from the Middle East in July, lifting the region’s share of …

India has become the world’s biggest importer of Russian oil, surpassing China, Reuters has reported. Data on Indian shipments from trade and industry showed that the country imported 2.07 million barrels per day (bpd) of Russian crude in July, good for a 4.2% M/M and 12% Y/Y increase. According to …

Iraq was the fourth-largest oil exporter to China in July 2024, according to data released by China’s General Administration of Customs on Wednesday. Iraq shipped 4.36 million metric tons of crude oil to China in July, equivalent to approximately 33.93 million barrels, marking a 12.1% decrease from June 2024, when …

Oil markets have turned decidedly bearish after U.S. Secretary of State Antony Blinken revealed that Israeli Prime Minister Benjamin Netanyahu has accepted a cease-fire proposal to stop the war in Gaza, and all that’s remaining is for “Hamas to say yes.” Blinken met on Monday with top Israeli officials in …

As many Russian refineries completed planned maintenance, Russia raised its seaborne exports of fuel oil in July, sending a large part of the volumes to China and Saudi Arabia, which were joint top buyers of the Russian oil product, Reuters reported on Friday, citing data from LSEG. Total Russian shipments …