Oil

Oil prices dropped sharply on Thursday after reports that U.S. President Joe Biden is considering the release of up to 180 million barrels from the country’s strategic petroleum reserve (SPR). Biden is set to give remarks later on Thursday, with multiple outlets reporting that the plan to cool soaring crude …

OPEC and its allies remain in firm control of the oil market, key members Saudi Arabia and the UAE said March 29, as the group prepares to meet to decide on May production levels amid an outcry from crude importing countries over tight supplies and rising fuel prices. Market balances …

Japan’s 3 biggest banks are teaming up with major U.S. and European lenders to loan $1 billion to help Kuwait increase oil output, seeking to calm energy markets roiled by Russia’s invasion of Ukraine, Nikkei Asia has reported. Mizuho Bank, Sumitomo Mitsui Banking Corp. and MUFG Bank are making the …

Ukrainian President Volodymyr Zelenskyy called on energy producing countries on Saturday to increase output so that Russia cannot use its oil and gas wealth to “blackmail” other nations. Addressing the Doha Forum international conference by video link, Mr Zelenskyy said countries such as Qatar could make a contribution to the …

Global oil prices closed at more than 12% of weekly gains today, Saturday. Brent crude closed in its last session yesterday, Friday, with a rise of 1.62 dollars, to reach 120.65 dollars, and achieved a weekly profit of 12.72 dollars or 11.79%. US West Texas Intermediate crude also closed up …

Oil ticked higher ahead of a flurry of high-level diplomatic activity over the month-old war in Ukraine that may see fresh curbs on Russia. West Texas Intermediate climbed toward $110 a barrel after giving up early gains on Tuesday to end slightly lower. European Union and NATO leaders are set …

Oil prices will jump to $300 a barrel if the West abandons Russian oil, the country’s Deputy Prime Minister and former Energy Minister Alexander Novak said on Monday, adding that “some see it possibly reaching $500 a barrel”. The warning comes as the EU plans to discuss placing an embargo …

Oil was up on Thursday morning in Asia, with oil futures rising in early trading and recovering some of the prior day’s losses. Investors also digested the International Energy Agency (IEA)’s statement that a decline in oil demand due to higher prices would not offset a shut-in of Russian oil …

The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s crude oil production fell to 1.417 million barrels per day in the month of February compared to 1.427 for the month of January. OPEC revealed this in its Monthly Oil Market report, warning that disruption to global trade flows …

Oil prices tumbled more than 6 per cent, adding to Monday’s drop of more than 5 per cent, as both the New York- and London-traded benchmarks settled below the key USD 100 per barrel mark for the first time since the start of Russia’s “special military operation” in Ukraine. Crude …