Oil

Russia’s oil reserves will last until 2080 at the current pace of annual production, Natural Resources Minister Alexander Kozlov told Russian outlet RBC in an interview this week. Russia also has natural gas reserves for another 103 years of annual production at current output levels, the minister said. Russia’s actual …

The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day. In March, OPEC’s compliance with the production cuts deal was 124 per cent, at 25.04 million barrels per …

Kuwait’s national oil company has said it is battling a blaze at one of its operational sites in the Burgan oilfield, the second largest in the world. The company says there has been no impact on oil production. In a statement on Monday cited by state-run media, Kuwait Oil Company …

India’s state-owned refiners are ordering their regular volumes of Saudi crude oil for June after the Kingdom reduced its prices, Reuters has reported, citing unnamed sources familiar with the situation. Saudi Arabia cut its official selling price for Asian clients earlier this month by between $0.10 and $0.30 in response …

Oil prices rose on Wednesday, extending gains from the previous session after industry data indicated US crude stocks fell much more than expected last week, reinforcing bullish views on fuel demand in the world’s largest economy. US West Texas Intermediate (WTI) crude futures rose 48 US cents, or 0.7%, to …

OPEC’s share of India’s oil imports fell to the lowest in at least two decades in the year to the end of March as overall purchases by Asia’s third largest economy fell to a six-year low, data obtained from industry and trade sources showed. Total crude imports by the world’s …

Oil rose toward $67 a barrel as weaker demand from virus-ravaged India partially offset optimism over the global economic recovery. Brent crude edged higher after most-active prices rose almost 6% last month. April sales of gasoline in India fell to the lowest since August, while those for diesel were the …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq’s export oil to the United States climbed to 270 thousand bpd. EIA stated in a report, “The United States oil exports recorded 5,728 thousand bpd in the fourth week of April.” The top three source countries of U.S. import …

Oil prices extended gains on Thursday after rising 1% the previous session, as bullish forecasts on recovering demand this summer outweighed concerns about the impact of rising COVID-19 cases in India, Japan and Brazil. Brent crude for June rose 15 cents, or 0.22%, to $66.93 a barrel by 0528 GMT …

Oil prices rose Wednesday after the OPEC+ alliance made bullish predictions signaling a strong global oil demand recovery this year despite COVID-19 flare-ups in India and an expected build in U.S. crude stocks. International benchmark Brent crude was trading at $66.17 per barrel at 6:43 a.m. GMT for a 0.45% …