Oil prices rose slightly on Tuesday after sliding in the previous session, as markets weighed Middle East tensions against demand worries and rising OPEC supply. Brent crude futures rose 18 cents, or 0.2%, to $76.30 a barrel at 0445 GMT, while U.S. West Texas Intermediate crude futures inched up 0.1%, …
Read More »IEA: Saudi Arabia and Iraq Top the List of Arab World Oil Reserves in 2023
The International Energy Agency (IAE) reported that Iraq ranks second in the Arab world for oil reserves. According to the IEA’s latest report, Saudi Arabia ranked first in oil reserves with 267.19 billion barrels. In comparison, Iraq maintained its position (second) with 145.01 billion barrels, and the UAE showed an …
Read More »Iran Expands Production Capacity in South Azadegan Oil Field
On Saturday, Iran decided to add 60 new wells to boost production capacity in the South Azadegan oil field, Iran’s largest field, shared with its neighbor Iraq. The head of the National Iranian Oil Company (NIOC), Mohsen Khojasteh-Mehr, announced the news, adding that the southern Azadegan field’s production capacity has …
Read More »EIA: Iraqi Oil Exports to the US Declined Last Week
Iraqi oil exports to the United States declined during the week of December 16-22, according to the U.S. Energy Information Administration (EIA). The EIA’s latest weekly data showed that U.S. imports of crude oil from Iraq averaged 22,000 barrels per day (b/d) during the week, down by 63,000 b/d from …
Read More »Oil Surges amid Global Escalating Geopolitical Tensions
Oil prices ticked higher on Wednesday after rising more than 1% in the previous session on jitters over global trade disruption and geopolitical tensions in the Middle East following Houthi attacks on ships in the Red Sea. Brent crude futures edged up 6 cents, or 0.1%, to $79.29 a barrel …
Read More »Oil Heads for Seven-Week Decline for First Time in Half a Decade
Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures were up $1.46, or 2%, …
Read More »Oil Heads for Seven-Week Decline for First Time in Half a Decade
Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures were up $1.46, or 2%, …
Read More »Iraq’s Oil Exports to the US Exceed 5 mn Barrels in a Month
The US Energy Information Administration (EIA) announced on Sunday that Iraq’s oil exports to the United States exceeded five million barrels during last November. According to a table provided by EIA, “Iraq exported 5.13 million barrels of crude oil to the US in November, averaging 171,000 bpd. This is lower …
Read More »Basra Crude Sees Weekly Declines amid Continuing Global Oil Losses
Basra crude oil reported weekly losses following a prolonged decline in global oil prices, marking the sixth consecutive week of downturn. During its last trading session on Friday, Basra Heavy crude concluded with a $2.84 drop, settling at $77.52, resulting in weekly losses of $1.08, representing a 1.37% decrease. Basra …
Read More »Oil Prices Little Changed ahead of U.S. Stocks Data, Potential OPEC+ Cuts
Oil prices were largely unchanged in Asian trade on Wednesday as a potentially big build-up of U.S. crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group. Brent crude futures rose 11 cents, or 0.1%, to $82.56 a barrel by 0004 GMT. U.S. West Texas Intermediate …
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