Oil

On July 18, OPEC+, which includes most members of OPEC and several non-OPEC members (including Russia), agreed to increase monthly crude oil production starting in August 2021. On July 19, after the new OPEC+ agreement was made public, the price of Brent crude oil fell 7% from the previous day …

Foreign sales of Russian crude dropped 8% in the first seven months of 2021 compared to the same period a year ago, according to the latest report by the Russian Energy Agency. The country exported 129.104 million tons of crude oil between January and July of 2021. Meanwhile, foreign shipments …

Oil analysts and economists believe that $70 a barrel is a more realistic outlook for Brent Crude prices for the rest of the year than $80 oil, as COVID variants and the geopolitics of oil will continue to be a source of volatility on the market, the monthly Reuters poll …

Russia produced an average of 10.36 million barrels of crude oil per day in January-May 2021, while the average U.S. production was 11.10 million barrels per day, fresh data from official Russia statistics agency Rosstat showed. Saudi Arabia slipped back to third place with an average daily production of 8.27 …

Oil prices climbed on Wednesday after industry data showed US crude and product inventories fell more sharply than expected last week, reinforcing the expectation that demand will outstrip supply growth even amid a surge in Covid-19 cases. US West Texas Intermediate (WTI) crude futures rose 43c, or 0.6%, to $72.08 …

Iraq’s Ministry of Oil has announced finalised oil exports for June of 86,765,589 barrels, giving an average for the month of 2.892 million barrels per day (bpd), slightly down from the 2.899 million bpd exported in May. The exports from the oilfields in central and southern Iraq amounted to approximately …

Oil prices fell nearly $1 on Monday as concerns about fuel demand from the spread of COVID-19 variants, as well as floods in China, offset expectations of tight supplies through the rest of the year. Brent crude futures for September fell 95 cents, or 1.3%, to $73.15 a barrel by …

India is negotiating investments of between two and three billion dollars in Russian oil and gas exploration and production projects with the Russian government, the Business Standard newspaper reports, citing unnamed officials. According to the paper, the Russian government has offered several oil and gas fields to India’s natural resources …

In a report, Reuters claimed that the US intends to avert sales of Iranian oil to China as a way to keep the Islamic Republic at the negotiating table. The United States is considering cracking down on Iranian oil sales to China as it braces for the possibility that Tehran …

Nigeria is to ramp up crude oil production following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase output. Nigeria is a long time member of OPEC, collaborating with the organisation for more than 50 years running. OPEC and its allies had agreed …