Tag Archives: Oil Price

Oil prices slumped by 2% early on Wednesday as the market turns its attention to this weekend’s OPEC+ meeting, at which the group may decide to tap the last remaining production cuts and raise output from October even further. In the early morning ET on Wednesday, WTI Crude prices were …

Over the past decade, the Gulf Cooperation Council (GCC), comprising Saudi Arabia, Qatar, the UAE, Bahrain, Kuwait, and Oman, has advanced bold strategies to reshape its economies by reducing reliance on oil while developing new sectors like renewable energy, tourism, financial services, and digital innovation. Charting a course toward long-term …

Brazil wants a seat at the International Energy Agency’s table, filing a formal request this week to move from partner status to full membership. On Tuesday in Paris, Brazil’s ambassador delivered a letter from Foreign Affairs Minister Mauro Vieira and Mines and Energy Minister Alexandre Silveira to IEA chief Fatih …

Saudi Arabia’s budget deficit is growing this year as oil prices are down from last year’s levels and well below the $90 per-barrel price the Kingdom is estimated to need to balance its budget. Brent Crude oil prices have declined by about 8% since the beginning of the year, at …

India’s manufacturing activity, which consumes about half of the country’s power supply, surged in August to the highest level in 17 years, driving the fastest growth in electricity generation in five months. India saw a 4% rise in power generation in August, according to a Reuters analysis of data from …

Malaysia’s national energy giant Petronas booked lower revenues and profits amid falling oil prices and a challenging macro and operational environment, which also led to a 3% decline in first-half oil and gas production. Petronas reported a 24% decline in revenues and a 19% drop in profit after tax, due …

TotalEnergies has been awarded a massive new exploration permit offshore the Republic of Congo, which could ultimately boost oil and gas supply from West Africa. TotalEnergies and its minority partners QatarEnergy and Congo’s national company SNPC have been awarded the Nzombo exploration permit, close to the Moho production facilities operated …

Despite current challenges, Equinor still believes in the long-term prospects of offshore wind and will take part with $939 million in the $9.4-billion rights issue of the world’s offshore wind developer Ørsted, in which the Norwegian energy major holds 10%. Ørsted last month announced plans for a $9.4 billion (60 …

Russia kept its number-one spot as the biggest crude oil supplier to India in July, despite U.S. pressure on India over its continued imports of Russian crude. Amid difficult U.S.-India trade talks, the Trump Administration has singled out India to punish as a buyer of Russian crude. After weeks of …

The United States pumped an all-time high of 13.3 million barrels per day (bpd) of crude oil in 2024, the Energy Information Administration (EIA) said in its Petroleum Supply Annual released on Friday. That tops the previous record of 12.9 million bpd set in 2019, cementing the U.S. as the …