U.S. crude oil inventories unexpectedly fell by 4.6 million barrels last week. However, gasoline deliveries declined, resulting in a 1.3 million barrel increase in gasoline inventories.
U.S. crude oil inventories unexpectedly fell by 4.6 million barrels last week. However, gasoline deliveries declined, resulting in a 1.3 million barrel increase in gasoline inventories.
G7 maintains $60 price cap on Russian oil despite calls for a cut, but steps up monitoring and enforcement. The coalition believes that the price cap limits Russian revenues and keeps the energy market stable.
G7 maintains $60 price cap on Russian oil despite calls for a cut, but steps up monitoring and enforcement. The coalition believes that the price cap limits Russian revenues and keeps the energy market stable.
Fighting related to a power struggle between Sudan's military leaders has raised fears of disruptions to the country's oil production and exports. The main pipeline connecting the oil fields to the Red Sea port could be affected, which could have a significant impact on Sudan's oil revenues.
Fighting related to a power struggle between Sudan's military leaders has raised fears of disruptions to the country's oil production and exports. The main pipeline connecting the oil fields to the Red Sea port could be affected, which could have a significant impact on Sudan's oil revenues.
Johan Sverdrup crude from Norway is an effective replacement for Russian oil as the benchmark medium grade in Europe, due to its quality and low sulfur content. Imports of this crude increased in Europe while shipments to Asia fell.
Johan Sverdrup crude from Norway is an effective replacement for Russian oil as the benchmark medium grade in Europe, due to its quality and low sulfur content. Imports of this crude increased in Europe while shipments to Asia fell.
India and China are buying Russian oil above the Western price ceiling, boosting the Kremlin's revenues. Despite the cap, lower freight rates and rebates have allowed Urals oil prices to exceed the cap.
India and China are buying Russian oil above the Western price ceiling, boosting the Kremlin's revenues. Despite the cap, lower freight rates and rebates have allowed Urals oil prices to exceed the cap.
French ports are resuming their activities after the demonstrations against the pension reform, thus allowing an increase in the shipments of oil products to France and the reconstitution of national stocks. Traders are anticipating an increase in diesel flows.
French ports are resuming their activities after the demonstrations against the pension reform, thus allowing an increase in the shipments of oil products to France and the reconstitution of national stocks. Traders are anticipating an increase in diesel flows.
Bangladesh has imported about 9,000 tons of low-sulfur diesel from India through a new friendship pipeline between the two countries. This new pipeline will meet the energy needs of the northern regions of Bangladesh.
Bangladesh has imported about 9,000 tons of low-sulfur diesel from India through a new friendship pipeline between the two countries. This new pipeline will meet the energy needs of the northern regions of Bangladesh.
The IEA forecasts a potential supply deficit of up to 2 million barrels per day in the second half of 2023 due to recent OPEC+ production cuts. China's economic recovery continues to drive growth and could lead to higher oil prices.
The IEA forecasts a potential supply deficit of up to 2 million barrels per day in the second half of 2023 due to recent OPEC+ production cuts. China's economic recovery continues to drive growth and could lead to higher oil prices.
Opec expects global oil demand to rise in 2023 to a record 101.9 million barrels per day. Despite growing concerns about climate change, fossil fuel consumption continues to grow.
Opec expects global oil demand to rise in 2023 to a record 101.9 million barrels per day. Despite growing concerns about climate change, fossil fuel consumption continues to grow.
Commercial crude oil reserves unexpectedly rose slightly last week in the United States, according to the U.S. Energy Information Agency (EIA). This moderate increase follows two weeks of massive reductions in U.S. crude inventories.
Commercial crude oil reserves unexpectedly rose slightly last week in the United States, according to the U.S. Energy Information Agency (EIA). This moderate increase follows two weeks of massive reductions in U.S. crude inventories.
Oil prices were supported by a weaker dollar and the Fed's monetary policy outlook. However, investors remain cautious in the face of fears of slowing growth in the United States.
Oil prices were supported by a weaker dollar and the Fed's monetary policy outlook. However, investors remain cautious in the face of fears of slowing growth in the United States.
Kazakhstan has requested international arbitration proceedings to settle disputes over $16.5 billion in fees deducted by oil giants operating the Kachagan and Karachaganak fields. These disputes relate to the application of production allocation agreements.
Kazakhstan has requested international arbitration proceedings to settle disputes over $16.5 billion in fees deducted by oil giants operating the Kachagan and Karachaganak fields. These disputes relate to the application of production allocation agreements.
Shell U.K. Ltd. has restarted gas production at the Pierce field in the U.K. North Sea, after a major upgrade that allowed gas production after years of oil-only production. This investment is part of Shell's clean energy strategy.
Shell U.K. Ltd. has restarted gas production at the Pierce field in the U.K. North Sea, after a major upgrade that allowed gas production after years of oil-only production. This investment is part of Shell's clean energy strategy.
Asian crude oil imports were strong in March, driven by China and India, but with daily imports down from February. With irregular imports, the impact of these trends on world oil prices remains uncertain.
Asian crude oil imports were strong in March, driven by China and India, but with daily imports down from February. With irregular imports, the impact of these trends on world oil prices remains uncertain.
Commercial crude oil supplies continue to fall in the U.S. due to strong demand for refined products, dropping 3.7 million barrels last week, while demand for gasoline and distillates remains strong.
Commercial crude oil supplies continue to fall in the U.S. due to strong demand for refined products, dropping 3.7 million barrels last week, while demand for gasoline and distillates remains strong.
Esso-ExxonMobil announced the restart of its Port-Jérôme-Gravenchon refinery, which was shut down due to a lack of crude oil during the strike in Le Havre. It will take several days to restore normal production, while TotalEnergies is shipping fuel to the Ile-de-France region to make up for the shortages.
Esso-ExxonMobil announced the restart of its Port-Jérôme-Gravenchon refinery, which was shut down due to a lack of crude oil during the strike in Le Havre. It will take several days to restore normal production, while TotalEnergies is shipping fuel to the Ile-de-France region to make up for the shortages.
The oil market is catching its breath after prices rose following the surprise decision by some Opec+ members to cut production. The cut in production could have an impact on prices in the coming months, especially as the market expects Chinese demand to recover strongly.
The oil market is catching its breath after prices rose following the surprise decision by some Opec+ members to cut production. The cut in production could have an impact on prices in the coming months, especially as the market expects Chinese demand to recover strongly.
Eight Opec+ members announced cuts in oil production as early as May, which sent oil prices soaring. This decision aims to bring prices back up after the recent fall, and shows that Opec+ is ready to defend a floor price well above $80 a barrel.
Eight Opec+ members announced cuts in oil production as early as May, which sent oil prices soaring. This decision aims to bring prices back up after the recent fall, and shows that Opec+ is ready to defend a floor price well above $80 a barrel.
Crude Oil reserves unexpectedly fell in the U.S. last week, due in part to increased refinery activity, while demand for oil strengthened with a 2.2% week-over-week increase and record gasoline demand.
Crude Oil reserves unexpectedly fell in the U.S. last week, due in part to increased refinery activity, while demand for oil strengthened with a 2.2% week-over-week increase and record gasoline demand.
The cessation of oil exports through the Northern Export Pipeline in Iraqi Kurdistan has led to a reduction in oil production in the region. Companies such as DNO and Genel Energy have had to cut back on production, while oil prices have risen.
The cessation of oil exports through the Northern Export Pipeline in Iraqi Kurdistan has led to a reduction in oil production in the region. Companies such as DNO and Genel Energy have had to cut back on production, while oil prices have risen.
Rosneft has signed an agreement with the Indian Oil Company to increase oil supplies to India. This announcement comes at a time when Russia is seeking to reduce its dependence on Europe by turning to Asia.
Rosneft has signed an agreement with the Indian Oil Company to increase oil supplies to India. This announcement comes at a time when Russia is seeking to reduce its dependence on Europe by turning to Asia.
DNO announced on Wednesday that it had been forced to shut down its fields in the region because of the export freeze imposed by Turkey. This situation is likely to disrupt global financial markets and impact oil prices.
DNO announced on Wednesday that it had been forced to shut down its fields in the region because of the export freeze imposed by Turkey. This situation is likely to disrupt global financial markets and impact oil prices.
Saudi oil giant Aramco and its Chinese partners NORINCO Group and Panjin Xincheng Industrial Group have announced a new refinery and petrochemical project in China.
Saudi oil giant Aramco and its Chinese partners NORINCO Group and Panjin Xincheng Industrial Group have announced a new refinery and petrochemical project in China.
Aramco is strengthening its presence in China by signing a long-term sales agreement with Rongsheng Petrochemical and acquiring a 10% stake in the petrochemical company.
Aramco is strengthening its presence in China by signing a long-term sales agreement with Rongsheng Petrochemical and acquiring a 10% stake in the petrochemical company.
