Oil

Oil prices fell on Monday, declining around 1% on concerns about decrease in demand for fuel products due to more European lockdowns. Brent crude was down 60 cents, or 0.9%, at $63.93 a barrel by 01:36 GMT while US oil was off by 68 cents, or 1.1%, at $60.74 a …

Oil prices have increased on the world markets. On London ICE (InterContinental Exchange Futures) cost of the Brent crude oil rose $0.29 to trade at $68.68, while the price of Light crude oil at the NYMEX (New York Mercantile Exchange) increased $0.37 to stand at $64.17.

The Organization of the Petroleum Exporting Countries (OPEC), in its Monthly Oil Market Report (MOMR) for Feb-2021, recently released, showed that oil demand has continued to recover from the Q2-2020 slump, climbing to 92.1mb/d and 94.0mb/d in Q3-2020 and Q4-2020, respectively from 82.8mb/d in Q2-2020. The forecast is said to …

Iraq ranked second in the list of OPEC countries that rose their oil production in February, OPEC report said today, Saturday. The organization stated in its monthly report, “the production of the 13 member states of the Organization of Petroleum Exporting Countries” OPEC “decreased last February, reaching an average of …

Azerbaijani Minister of Energy Parviz Shahbazov received US Extraordinary and Plenipotentiary Ambassador to Azerbaijan Lee Litzenberger, the Azerbaijani Ministry of Energy told Trend. The sides discussed cooperation between Azerbaijan and the US in the energy sector. The importance of the exchange of practices between the two countries in the field …

The U.S. Department of Energy has awarded contracts for the sale of 10.1 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) as part of a recent Congressionally-directed SPR crude oil sale. The Department of Energy’s Office of Fossil Energy issued in early February 2021 a notice of …

Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States, Reuters reported. But a stronger dollar and receding fears of oil supply disruption …

Saudi oil giant Aramco will benefit from the oil prices and demand recovery according to Bank of America Merrill Lynch (BoAML). “We believe that Aramco is uniquely positioned in the global oil world to meet potential resurgence of oil demand. Should bullish oil price demand assumptions materialize, we would expect …

The international rig count, except for the US and Canada, increased by 24 units month-on-month (MoM) in February 2021, bringing the total count to 701, data of energy services firm Baker Hughes showed. The oil rigs in the Middle East rose by nine MoM to 260 in February but declined …

OPEC+’s surprise move to keep a lid on crude exports is hitting oil tanker owners afresh. Shares of owners giant supertankers including Frontline Ltd., International Seaways Inc. and DHT Holdings Inc. all fell late Thursday and into Friday. The Organization of Petroleum Exporting Countries and its allies wrong-footed oil traders …