News
March 02, 2021
It’s not the first time India, one of the biggest buyers of the producer group’s crude, has urged the Organization of Exporting Petroleum Countries and its partners to pump more oil.
News
February 23, 2021
Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group predicting the crude rally will accelerate as demand outpaces global supply.
News
February 02, 2021
Asian-refiner demand has provided major support to U.S. oil as the market rebounds from its worst-ever crash last year. Asia has recovered faster from the pandemic than the rest of the world, helping revive demand for crude and boost U.S. benchmark prices 13% so far this year.
News
February 01, 2021
The transaction between Oxy and India's Reliance Industries is the energy industry’s first major petroleum shipment for which greenhouse gas emissions associated with the entire crude lifecycle, well head through combustion of end products, have been offset.
News
January 22, 2021
Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude.
News
January 20, 2021
Traders have piled into oil this year, with output cuts from Saudi Arabia helping drive prices to the highest since February.
News
January 19, 2021
Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that -- rather than restore halted production as planned -- it would slash supplies by a further 1 million barrels a day. On Tuesday, the International Energy Agency slashed forecasts for world oil demand in the first quarter as countries hunker down to contain new coronavirus outbreaks.
News
January 19, 2021
India's oil minister and the Organization of Petroleum Exporting Countries’ top official publicly jousted over the cartel’s policy shift at a conference hosted by the Atlantic Council on Tuesday.
News
January 13, 2021
Saudi Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors 20%-30% less than they had sought, according to company officials who received the notices but asked not to be identified as the information is private.
News
January 13, 2021
Global oil use dropped by 9 million barrels a day last year but should recoup more than 6 million in 2021, said Mike Muller, head of trader Vitol SA’s operations in Asia.
News
January 12, 2021
A “big chunk” of U.S. shale is profitable at current oil prices, but drillers should be aware of crude’s declining share in the future global energy mix, International Energy Agency Executive Director Fatih Birol said in an interview.
News
January 11, 2021
There have been signs across the oil market of traders expecting tighter supplies following the Saudi cuts. The shape of the Brent futures curve returned to backwardation earlier this week, meaning more immediate prices are trading at premiums.
News
January 11, 2021
Bullish factors have struck the LNG shipping market: robust Asian spot gas demand in a cold winter, record-high exports from U.S. projects and -- perhaps most importantly -- delays to traverse the Panama Canal.
News
January 11, 2021
“The market has now reached a price level that potentially doesn’t reflect current fundamentals,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Oil could be next in line” to suffer from a stronger dollar after other commodity prices came under pressure.
News
January 08, 2021
The second-largest OPEC member, Iraq increased Basrah Light crude to buyers in Asia by 70 cents a barrel, to a $1.10 premium over the regional benchmark, according to a price list from the state oil marketer.
News
January 07, 2021
State producer Saudi Aramco on Wednesday raised its flagship Arab Light oil to Asia, its biggest market, to $1 above the benchmark used by the company.
News
January 06, 2021
Even after Covid-19 has wreaked havoc on almost everything else, the new year begins with surging growth for renewable energy.
News
January 04, 2021
Pakistan has become one of the top emerging markets for the super-chilled fuel in recent years as domestic gas production has plateaued, forcing the nation to import cargoes.
News
December 07, 2020
If a Biden presidency leads to a resumption in Iranian and Venezuelan oil exports, the new supply will likely cause a further headache for the OPEC+ alliance and would also reshape crude flows to Asia.
News
September 03, 2020
An oil tanker loaded with two million barrels of Kuwati crude sailing toward India’s Paradip refinery caught fire Thursday morning off Sri Lanka’s coast, raising concerns about an oil spill.
News
June 29, 2020
India, the third-biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC.
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