Oil prices hover near 4-month highs as Russia sanctions stay in focus
Oil prices eased on Tuesday but remained near four-month highs as the impact of fresh U.S. sanctions on Russian oil remained the market’s main focus, ahead of U.S. inflation data this week. Brent...
View ArticleThe Commodities Feed: Sanctions rattle energy markets
Energy – Sanctions see prices spike Energy prices spiked higher yesterday as the market digested the latest US sanctions against the Russian energy sector, which targets not only production but also...
View ArticleIEA: Supply Risks Could Reduce Oil Surplus in 2025
About this report The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics...
View ArticleEIA extends five key energy forecasts through December 2026
In our January 2024 Short-Term Energy Outlook, which includes data and forecasts through December 2026, we forecast five key energy trends that we expect will help shape markets over the next two...
View ArticleRussia’s oil exports fell in 2024, but revenue rose $3.8 billion, IEA says
Russia’s crude oil and oil products exports fell 350,000 barrels per day last year, though revenue from its exports rose 2% or $3.8 billion, the International Energy Agency said on Wednesday. In a...
View ArticleOPEC Keeps 2025 Oil Demand Growth Estimates Unchanged
Crude Oil Price Movements In December, the OPEC Reference Basket (ORB) rose by 9¢, or 0.1%, m-o-m, to average $73.07/b. The ICE Brent front-month contract fell by 27¢, or 0.4%, to average $73.13/b,...
View ArticleS&P Global Commodity Insights Predicts a Transformative Shift as Investments...
S&P Global Commodity Insights, the leading independent provider of information, analysis, data, and benchmark prices for the commodities, energy, and energy transition markets, has released its...
View ArticleOPEC+ trims crude output in Dec as new sanctions push prices above $80/b
OPEC+ crude production fell by 60,000 b/d month on month in December, with countries subject to quotas edging closer toward full compliance, according to the latest Platts OPEC+ Survey from S&P...
View ArticleUS Crude oil stocks excluding SPR fall to 2-year low, EIA says
U.S. crude oil stocks excluding the Strategic Petroleum Reserve (SPR) fell last week to their lowest since April 2022 as exports rose and imports fell, the Energy Information Administration (EIA) said...
View ArticleThe Commodities Feed: Crude continues its rally
Energy – US crude stocks fall Oil prices continued their move higher yesterday with ICE Brent breaking above US$82/bbl and trading to its highest level since August 2024. This is despite Israel and...
View ArticleOil steadies after boost from US crude draw, Russia sanctions
Oil prices steadied on Thursday a day after settling at multi-month highs on the latest U.S. sanctions on Russia and a larger-than-forecast fall in U.S. crude stocks. Brent crude futures were down 23...
View ArticleNigerian oil reserves rise, output up 26% as theft declines
Nigeria’s oil and gas reserves edged up in 2024, the industry regulator said on Thursday, while crude oil production surged 26% between April 2023 and late 2024 as incidents of theft declined. Nigeria,...
View ArticleMiddle East Crude – Oman and Dubai soar to highest since Nov 2022
Middle East crude benchmarks posted strong gains on Thursday, with Oman and Dubai hitting their highest since November 2022. The gains came after QatarEnergy more than doubled its term price for...
View ArticleOil retreats slightly after boost from US crude draw, Russia sanctions
Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden’s latest sanctions targeting Russia and a larger than forecast fall in U.S. crude...
View ArticleOil is no longer an energy security challenge as critical minerals take...
The energy minister of Saudi Arabia – the Gulf kingdom whose wealth and power rests disproportionately on its vast petroleum reserves – believes that oil is no longer an energy security challenge....
View ArticleMiddle East premium hits over 2-year high on strong demand from China, India
Spot premiums for Middle East crude rose to their highest in more than two years as strong demand from top importers China and India to replace sanctioned supply drove up prices, traders said. The...
View ArticleBrent prices could hit $90/barrel on Russian oil disruption, Deutsche Bank says
Deutsche Bank on Wednesday indicated Brent crude prices could potentially rise to $87-$90 per barrel (bbl) if Russian oil production is disrupted by 1 million barrels per day (mmb/d) over Q2 to Q4,...
View ArticleBP cuts over 5% of workforce to reduce costs
BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence in the energy giant. Around 4,700 employees...
View ArticleREFINERY NEWS ROUNDUP: Upgrades, new plants in focus in Africa
Refinery upgrades in Africa have been reporting progress with the recent restart of Nigeria’s Warri, following the restart of the Old Port Harcourt and ahead of the anticipated restart of Kaduna and...
View ArticleEIA expects oil prices to be under pressure from oversupply in 2025, 2026
Oil prices will be under pressure over the next two years as global production growth outpaces demand, the U.S. Energy Information Administration said in its Short-Term Energy Outlook report. Many...
View Article