Saudi -listed ADES Holding Company said a vacuum in attractive markets such as India and Southeast Asia could largely offset potential excess supply in Saudi Arabia.
OIL Feed Atom
Brent crude futures for May rose 70 cents, or 0.83%, to $84.73 a barrel by 1346 GMT. U.S. West Texas Intermediate (WTI) crude for April was up 88 cents, or 1.1%, at $80.60.
Brent crude futures for May rose $1.06, or 1.3%, to $82.98 a barrel by 1104 GMT. U.S. West Texas Intermediate crude for April gained $1.15, or 1.5%, to $78.71.
The Monthly Oil Market Report (MOMR) of the Organization of the Petroleum Exporting Countries (OPEC) showed that Iran has regained its position as the third-largest crude oil producer in February.
Brent futures for May delivery rose by 21 cents to $82.42 a barrel at 11:50 a.m. EDT (1550 GMT). The April U.S. West Texas Intermediate (WTI) crude contract rose 31 cents to $78.24.
OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement.
Brent futures for May delivery settled at $82.21 a barrel, gaining 13 cents. The U.S. crude April contract slipped 8 cents to end at $77.93 a barrel.
International organizations admitted that Iran’s oil exports have increased under the 13th administration, said Oil Minister Javad Owji on Sunday.
Saudi Aramco Chief Executive Amin Nasser said on Sunday the oil giant was looking at further opportunities to invest in China, where he said oil demand was robust and growing.
The global oil market is relatively well supplied with demand growth slowing, while supply is increasing from the Americas.
Iran’s oil minister said on Friday oil production in southwestern province of Khuzestan has jumped one million barrels per day (bpd) since the 13th (incumbent) administration took office in August 2021.
The National Iranian Oil Company (NIOC) managing director said on Friday West Karoun is home to 86 percent of the country’s shared oil reserves.
Sepehr and Jofeir oil fields became officially operational via videoconference in a ceremony attended by Iran’s President Seyyed Ebrahim Raeisi and Oil Minister Javad Owji in southwestern province of Khuzestan on Friday.
Canada's second-biggest oil producer, Suncor Energy, has signed a memorandum of understanding with Fort McKay First Nation to assess a potential oil sands lease on the Indigenous community's land, the First Nation and company said.
Brent crude futures were up 0.24%, or 20 cents, at $83.16 a barrel by 1018 GMT. U.S. West Texas Intermediate crude futures rose 0.28%, or 22 cents, to $79.15.
Chinese state-owned oil and gas giant CNOOC Ltd has discovered a new reserve in the South China Sea containing over 100 million tons of oil equivalent proved in-place, the company said in a statement on Friday.
Iran’s deputy oil minister said the country has succeeded in manufacturing 80 percent of oil parts and equipment domestically despite being under sanctions, Mehr news agency reported.
The National Iranian Oil Company (NIOC) managing director said on Thursday Sepehr and Jofeir fields will become officially operational soon.
China's imports of crude oil rose in the first two months of the year compared with the same period in 2023, but they were also weaker than the preceding months, continuing a trend of softening purchases by the world's biggest buyer.
Brent crude futures slipped 8 cents to $82.88 a barrel by 0736 GMT, while U.S. West Texas Intermediate crude futures inched down 7 cents to $79.06 a barrel.