Oil production in US Gulf of Mexico recovers post Hurricane Helene
Only 3% of crude oil and 1% of natural gas production in the Gulf of Mexico remained shut down in the aftermath of Hurricane Helene, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said...
View ArticleIndia’s latest oil, gas auctions signal growing private appetite, foreign...
India’s latest round of oil and gas block auction has witnessed significant interest from state-run and private players, with Vedanta Ltd. bidding on all 28 available blocks, highlighting the growing...
View ArticleDeflation risks rise as OPEC aims to regain market share and cut oil prices
Sometimes a headline says it all. And that was certainly the case with Thursday’s Financial Times headline. It shouldn’t have been a surprise to anyone who has been following the oil market. But it...
View ArticleAlgiers Accord turns eight: Historic testament to OPEC’s unwavering...
The historic Algiers Accord, signed by OPEC Member Countries in 2016 in Algiers, Algeria, reached eight years today. On 28 September 2016, the OPEC Conference convened for its 170th (Extraordinary)...
View ArticleRussia’s Novak sees oil price volatility easing despite Middle East turmoil
Russian Deputy Prime Minister Alexander Novak expects oil prices’ fluctuations will subside following volatility spurred by the tensions in the Middle East as geopolitical risks are already factored...
View ArticleBrent crude oil expected to average $81.52/bbl in 2024
Analysts have cut their 2024 oil price forecasts for a fifth consecutive month, citing weaker demand and uncertainty over OPEC’s plans, with prices expected to remain under pressure despite...
View ArticleUS oil demand grew to highest seasonal level since 2019 in July, EIA data shows
U.S. oil demand rose in July to the highest seasonal level since 2019 while output declined for the second time in three months, data from the U.S. Energy Information Administration showed on Monday....
View ArticleRussia’s Gazprom raises first-half natural gas output by 16%
Russia’s Gazprom said on Monday that the group’s gas output increased 16% year on year to 208.14 billion cubic metres (bcm) in the first six months of 2024, continuing its recovery from last year’s...
View ArticleOil alliance OPEC+ zeroes in on group compliance after postponing output hike
The OPEC+ alliance is once more cracking down on group compliance with oil output cuts, as it presses ahead with a three-pronged plan of formal and voluntary production trims. Two OPEC+ delegates, who...
View ArticleBlack Sea CPC Blend oil firmed to 7-year record premium on tight supply in Oct
Black Sea CPC Blend oil BFO-CPC firmed to 7-year record premium against dated Brent amid a fall in October supply due to maintenance on the giant Kazakh Kashagan oilfield, traders said. October CPC...
View ArticleOil prices drop as prospect of additional supply offset Mideast fears
Oil prices slid by more than 2% on Tuesday as a stronger supply outlook and tepid global demand growth outweighed fears over escalating conflict in the Middle East and its impact on crude exports from...
View ArticleUS buys 6 million barrels of oil for Strategic Petroleum Reserve
The U.S. has bought 6 million barrels of oil for the Strategic Petroleum Reserve for delivery through May 2025, the Department of Energy said on Monday. The purchases are part of an effort to replenish...
View ArticleRussian oil and gas revenue seen falling in 2025-2027 as tax burden on...
Russia’s state revenue from oil and gas is expected to decline in 2025-2027 mainly because the tax burden on the country’s largest gas producer Gazprom GAZP.MM is set to ease, a draft budget published...
View ArticleMiddle East Crude-Dubai and Murban premiums ease while Oman gains
Spot premiums for Middle East crude benchmarks Dubai and Murban eased on Tuesday while Oman premiums edged up after a previous decline. INVENTORIES: – U.S. crude oil and fuel stockpiles were expected...
View ArticleOil prices jump 3% on reports Iran preparing attack on Israel
Oil prices turned positive to climb about 3% on Tuesday following reports Iran was preparing to launch a missile attack on Israel. Brent futures rose $1.84, or 2.6%, to $73.54 a barrel by 10:14 a.m....
View ArticleUS crude, product inventories likely fell last week
U.S. crude oil and fuel stockpiles were expected to have fallen last week, a preliminary Reuters poll showed on Monday. Seven analysts polled by Reuters estimated on average that crude inventories fell...
View ArticleOPEC+ unlikely to change output policy at Oct. 2 panel meeting
An OPEC+ panel is unlikely this week to recommend any changes to its current deal to reduce production and to start unwinding some cuts from December, despite recent sharp declines in oil prices, five...
View ArticleRussia sees Middle East tensions largely factored into oil price: Novak
Russian Deputy Prime Minister Alexander Novak said that events in the Middle East are affecting oil markets, but added that this has mainly been factored already into prices, which have not reacted...
View ArticleUS oil demand grew to highest seasonal level since 2019 in July, EIA data shows
U.S. oil demand rose in July to the highest seasonal level since 2019 while output declined for the second time in three months, data from the U.S. Energy Information Administration showed on Monday....
View ArticleBrent oil traders use little known rule to reroute US cargoes
Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises doubts over whether...
View Article