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Oil dropped by about 2% on Friday, logging a second weekly decline, due to concern about weakened demand in China and further increases to U.S. interest rates. Brent crude settled at $87.62 a barrel, falling $2.16, or 2.4%. U.S. West …
A week ago, the U.S. Energy Information Administration cut its crude oil demand outlook for 2023 by 320,000 bpd, with supply also falling, by 300,000. This week, OPEC also revised down its oil demand forecast for next …
Russia’s oil export duty will go up by $0.6 to $43.3 per ton starting December 1, 2022, the Finance Ministry reported on Tuesday. The average price of the Urals crude oil amounted to $71.1 per barrel, or $519.2 per ton, in the …
The European Union is “ready to go” with an effort to impose a price cap on Russian oil, Ursula von der Leyen, the president of its executive arm, said Monday. “We have set all the tools necessary in place in the …
According to trading data on the London ICE exchange, today, Brent with delivery for January rose to above $99 per barrel for the first time since August 30. By 18:33 Moscow time, the price of Brent rose by 0.53%, reaching $99.09 per …
China’s crude oil import levels will continue to be one of the factors to watch in the oil market this winter, but the world’s top importer will have a relatively limited influence on an oil market buffeted by an energy crisis, …
Oil prices settled up by more than 5% on Friday amid uncertainty around future interest rate hikes by the U.S. Federal Reserve, while a looming EU ban on Russian oil and the possibility of China easing some COVID restrictions supported …
The Biden administration’s effort to roll out a price cap on Russian oil has hit delays, as the Treasury Department tries to ease industry concerns about the novel sanctions regime at the center of the West’s economic battle …
Oil steadied on Friday as investors weighed the impact of sharp interest rate rises on energy consumption, offsetting hopes of higher Chinese demand and output cuts by OPEC and its allies. Brent crude was down 2 cents at $92.36 a barrel …
Oil prices climbed on Wednesday, paring losses from the previous session, as investors jumped into more risky assets such as commodities amid gains in broader equity markets and on signs of renewed demand from top oil importer China. …
Russia will not supply oil to countries attempting to limit the cost of its raw materials through various caps, Deputy Prime Minister Alexander Novak said during the Russian Energy Week forum. "It is unclear where this figure has …
U.S. Treasury Secretary Janet Yellen said that a price cap on Russian oil exports in the $60-a-barrel range would likely be sufficient to reduce Moscow's energy revenues while allowing profitable production. Yellen told an event at …
Oil rose on Friday and was headed for a second consecutive weekly gain supported by OPEC+'s decision to make its largest supply cut since 2020 despite concern about recession and rising interest rates. Brent crude was up 0.61% to …
Saudi Arabia is raising oil prices for the US market again, while lowering them for Europe and leaving them largely unchanged for Asia. November shipments of Arab Light crude to Asia from state-run producer Saudi Aramco will remain …
Countries participating in the OPEC+ agreement extended the deal until the end of 2023 and agreed to reduce oil production by 2 mln barrels per day from November, according to the final communique posted on the OPEC’s website. …
Oil prices were little changed on Wednesday ahead of a meeting of OPEC+ producers to discuss a big cut in crude output after gaining more than 3% in the previous session. Brent crude was up 1 cent at $91.81 a barrel at 0628 GMT, after …
The European Union is aiming for a preliminary deal as soon as Monday on a new sanctions package against Russia. “I am hopeful in a couple of hours we can have a unanimous agreement on the sanctions package,” Polish …
OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said on Sunday, in what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness. The meeting …
Several major producers of the OPEC+ alliance have started talks about a potential oil production cut ahead of the regular monthly OPEC+
Imports of Russian oil totalled 8.342 million tonnes, up 28% Y/Y, the equivalent of 1.96 million barrels per day
