Oil prices backed off on Monday, reversing their Friday rally, as renewed concerns over waning demand in the United States and China dented market sentiment. Brent crude futures for January were down 71 cents, or 0.87%, at $80.72 a barrel at 0400 GMT, while the U.S. West Texas Intermediate (WTI) …
Read More »Iraq Signs Agreement with ExxonMobil for Exit from West Qurna 1 Field, PetroChina to Take over
The Iraqi Ministry of Oil confirmed on Saturday the finalization of a settlement agreement with ExxonMobil, paving the way for the American energy giant’s departure from the West Qurna 1 oil field. Simultaneously, the ministry announced that Chinese company PetroChina would assume the field’s leading operator role. Hassan Muhammad, deputy …
Read More »Iraq Backs more OPEC+ Output Cuts as Basra Crudes Post Heavy Losses this Week
Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+’s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty. Still, prices settled with weekly losses of 4%, their third straight weekly decline. Despite gaining $0.41 …
Read More »Lukoil Seeks to Double Output at Iraq’s West Qurna 2 Oilfield
Lukoil signed a supplementary agreement with state-owned Basra Oil Co. to extend the oil service contract for West Qurna 2 field in Iraq by 10 years to 2045 and to double oil production to 800,000 b/d, Lukoil said in a release. The field development plan envisages bringing new multi-well pads …
Read More »Oil Drops on Higher U.S. Stockpiles and ME Tension
Oil prices fell on Thursday after a rise in U.S. crude stockpiles and a climb in the dollar index, giving up some ground gained a day earlier when prices jumped on Middle East tensions. Brent crude futures declined by 28 cents or 0.3% to $89.95 a barrel at 0340 GMT, …
Read More »Oil Prices Drop as Hopes of a De-Escalation in the Middle East Rise
Oil prices experienced a decline towards the end of the week following the release of two American detainees by Hamas in Gaza, raising hopes that the Israeli-Palestinian crisis might not escalate further, averting potential disruptions in oil supplies across the Middle East. Brent crude futures dipped by 22 cents, or …
Read More »Middle East Tension Boosts Oil Prices
Oil prices were up more than $3 a barrel in Asian trade on Monday as military clashes between Israel and the Palestinian Islamist group Hamas deepened political uncertainty across the Middle East and raised concerns about supplies. Brent crude rose $3.10, or 3.67%, to $87.68 a barrel by 0400 GMT, …
Read More »Iraq and 5 Countries Renew Commitment to Supporting Oil Stability
In a joint statement released on Monday, Iraq, Saudi Arabia, the UAE, Kuwait, Oman, and Bahrain reaffirmed their commitment to “voluntary collective and individual production adjustments” for oil, according to the Reuters style news report. The statement followed a meeting of the oil ministers of the six countries on the …
Read More »Talks Ongoing to Restart Iraq Oil Exports via Turkish Pipeline
Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters, one day after Turkey said operations would start again this week following a near six-month stoppage. “We have further meetings soon and things will be more …
Read More »Oil Falls ahead of Fed Rate Policy Announcement
Oil prices retreated further from 10-month highs on Wednesday ahead of the U.S. Federal Reserve’s interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand. Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and …
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