U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices.
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Two multi-billion-dollar petrochemical plants are coming online in India in coming months at a time of weaker-than-expected demand, setting the stage for fierce price competition domestically and internationally, industry officials and analysts say.
prices jumped by nearly 1% on Tuesday, lifted by uncertainty over voluntary output cuts by the OPEC+ group of producers, tensions in the Middle East and some encouraging economic signals in Europe.
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U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices.
Brent crude futures were down $1.10, or 1.4%, at $77.78 a barrel by 0921 GMT. U.S. West Texas Intermediate crude futures fell $1.09, or 1.5%, to $72.98.
Iran’s 13th administration has given top priority to using oil revenues for making investment in different sectors instead of meeting executive expenses, said the government spokesman.
Fifty oil and gas companies representing 40 percent of global production pledged to decarbonise their operations by 2050 at the UN's COP28 climate talks in Dubai on Saturday.
Director-general of Khorramshahr Ports and Maritime Department said the first shipment of oil products to the United Arab Emirates (UAE) has been loaded and exported from the southwestern Iranian port.
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.
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.