Japan’s imports of Saudi crude oil for October reached 30.37 million barrels (42.4 percent of its total), according to Japanese government data.
OIL Feed Atom
Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country, people familiar with the matter said.
Brent crude futures for February settled down $1.98, or 2.45%, at $78.88 a barrel. U.S. West Texas Intermediate crude futures (WTI) dropped $1.89, or 2.49%, to $74.07 a barrel.
The Biden administration on Saturday unveiled final rules aimed at cracking down on U.S. oil and gas industry releases of methane, part of a global plan to rein in emissions that contribute to climate change.
The global demand for crude oil is expected to see its peak in 2030 at 112 million barrels a day mark with India and Africa to be major contributors, according to S&P Global Commodity Insights.
Brent crude rose 22 cents, or 0.27%, to $81.08 a barrel by 10:58 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 31 cents, or 0.41%, to $76.27.
OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.
Iranian Oil Minister Javad Owji on Thursday praised ‘favorable’ cooperation and understanding between OPEC+ producers.
India's Russian oil imports rebounded in November after several plants came back online from planned maintenance and as fuel consumption rose during the Diwali festive season, preliminary data from ship-tracking firms Kpler and Vortexa showed.
Brent crude futures for January climbed 70 cents to $83.80 a barrel by 0935 GMT, on subdued volumes given the contract is meant to expire today. The more active February contract was up 58 cents at $83.46 a barrel.
OPEC+ oil producers are likely to agree output cuts of at least 1 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its voluntary additional cut and smaller curbs by others, two delegates told Reuters ahead of a virtual OPEC+ meeting on Thursday.
A member of Iran’s Parliament said the effects of the government’s policies to neutralize sanctions and increase oil revenues and economic growth are “noticeable”.
Brent crude futures climbed 86 cents, or 1.1%, to $82.54 a barrel at 1031 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 93 cents, or 1.2%, at $77.34 a barrel.
OPEC+ is continuing to hold talks on 2024 oil policy, with no delay to a meeting scheduled for Thursday currently expected, two sources from the producer group said on Wednesday.
The U.S. Energy Information Administration (EIA) in a report put Iran’s oil output at 3.1 million barrels per day (bpd).
Canadian oil sands producers will start making final investment decisions on their proposed C$16.5 billion ($12.03 billion) carbon capture and storage project from mid-2025 onwards, the president of the Pathways Alliance said.
Brent crude futures were up 79 cents, or 1%, at $80.77 a barrel by 1131 GMT. U.S. West Texas Intermediate (WTI) crude gained 76 cents, or 1%, to $75.62.
OPEC Secretary-General, Haitham Al Ghais, on Monday accused the International Energy Agency of vilifying the oil and gas industry, in the latest clash between the groups over climate policy, Reuters reports.
Turkey signals readiness to resume oil exports from Iraqi Kurdistan, with negotiations underway to restart the flow through Ceyhan port.
Russia’s oil trading with Asia has boomed since the Ukraine conflict, but one of its lucrative routes faces a challenge because of difficulties paying for fuel in currency other than dollars.