OPEC’S daily oil price has risen consistently since 3rd June, a day after it fell considerably after holding 188th OPEC and 37th OPEC+ Ministerial Meetings on June 2.
OIL Feed Atom
Canada-headquartered oil and natural gas exploration player Sintana Energy has wrapped up its acquisition of a stake in Giraffe Energy Investments, which enabled it to get a hold of a new license in the Orange Basin off the coast of Namibia.
Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024.
Brent crude futures fell 13 cents, or 0.16%, to $81.50 per barrel by 0613 GMT and U.S. West Texas Intermediate crude futures slipped 7 cents, or 0.04%, to $77.67.
Managing director of the National Iranian Oil Company (NIOC), Mohsen Khojastemehr, has said that the Changuleh oil field development contract will be signed soon.
India's end-use energy consumption is set to grow by 90 per cent by 2050 -- one of the fastest growth rates in the world, Russian oil giant Rosneft CEO Igor Sechin said.
Brent crude futures gained 15 cents, or 0.2%, to $79.77 a barrel by 0644 GMT and U.S. West Texas Intermediate crude futures was up 0.1%, or 10 cents, at $75.63 a barrel.
Residents of Calgary, the largest city in Canada's main oil-producing province of Alberta, face running out of water and need to urgently cut their use after a critical water main break, city officials said on Friday.
Saudi Aramco's shares gained on Sunday, the first trading day after a secondary share offering expected to raise at least $11.2 billion.
OPEC’s weekly basket price fell by 3.79 dollars during the week ending on June 6.
President Joe Biden's administration said on Friday it has increased purchasing of crude oil to replenish the Strategic Petroleum Reserve following its historic sale from the stockpile in 2022.
India's refining capacity is expected to reach 276.1 MMT by 2024, reflecting its strategic focus on enhancing its energy infrastructure to meet increasing domestic and global demand.
Canada's biggest oil sands producers support a paying a tax on carbon but see a proposed federal oil and gas emissions cap as unnecessary legislation, the companies' CEOs told lawmakers in Ottawa on Thursday.
Brent crude futures were down 11 cents, or 0.1%, to $79.76 a barrel while U.S. West Texas Intermediate crude futures rose 13 cents, or 0.2% to $75.68 as of 0824 GMT.
China’s imports of Iranian crude in May surged to the highest level in seven months after a recovery in refining margins.
OPEC Secretariat announced the price of OPEC basket of twelve crudes stood at $87.17 a barrel on 3 June, compared with $81.30 the previous day.
Brent crude futures traded up 57 cents or 0.7% at $78.98 a barrel by 0815 GMT. U.S. West Texas Intermediate crude futures were up 62 cents or 0.8% at $74.69.
Brent crude futures were up 26 cents, or 0.3%, at $77.78 a barrel by 0825 GMT. U.S. West Texas Intermediate crude futures rose 24 cents, or 0.3%, to $73.49.
While Nigeria, Africa’s largest oil producer, continues to grapple with production and export challenges, Iran is experiencing a significant rebound in its oil exports.
Brent crude futures fell 1.5% to $77.22 a barrel, closing below $80 for the first time since Feb. 7, while U.S. West Texas Intermediate crude futures eased 1.7% to $72.99 a barrel.