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Energy / Crude Oil

Kuwait Announces Massive Offshore Oil and Gas Discovery

Jul 15, 2024 at 01:31 | Tsvetana Paraskova

One of the Middle East’s largest oil producers, Kuwait, announced on Sunday a “huge” discovery of oil and associated gas in an offshore field east of Failaka Island.  Preliminary…

Europe Increasingly Reliant on American Diesel

Jul 12, 2024 at 09:49 | Editorial Dept

Numbers Report – July 12, 2024 In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week…

Brent Tops $86 on Hopes of Fed Cut in September

Jul 12, 2024 at 08:58 | Tom Kool

Brent crude soared to $86 per barrel as better-than-expected U.S. inflation data stirred hopes of a September Fed rate cut.

Oil and Gas Are Here To Stay

Jul 12, 2024 at 08:57 | Irina Slav

The energy transition is showing signs of losing momentum over the past few months. EV sales are slowing, wind and solar capacity additions are not expanding fast enough,…

Russian Oil Product Shipments Slipped in June

Jul 12, 2024 at 08:45 | Michael Kern

Russian shipments of oil products dropped by 4.2% in June compared to May, on the back of stronger domestic fuel consumption and unplanned maintenance at refineries, according to 

FTC Requests More Info On $22.5 Billion ConocoPhillips-Marathon Oil Deal

Jul 12, 2024 at 08:33 | Tsvetana Paraskova

The U.S. Federal Trade Commission (FTC) has sent a second request for additional information to ConocoPhillips and Marathon Oil while reviewing their proposed $22.5 billion merger, ConocoPhillips said on…

International Oil Companies Caught in Kurdish Smuggling Web

Jul 12, 2024 at 06:14 | Tsvetana Paraskova

Kurdistan hasn’t been able to export its oil via a pipeline for more than a year now, but crude continues to flow out of the semi-autonomous Iraqi region—on tank trucks…

Banks Still Play a Major Role in Oil and Gas Funding

Jul 12, 2024 at 06:11 | Felicity Bradstock

Despite increasing pressure to defund oil and gas firms in support of international decarbonisation efforts, many major banks are continuing to provide financing to fossil fuel companies. A recent

China's Crude Oil Imports Slump 11% in June

Jul 12, 2024 at 06:02 | Tsvetana Paraskova

China’s imports of crude oil slumped by 11% in June from a record-high in the same month of 2023, amid tepid fuel demand and lower run rates at independent refiners. …

Economic Data is Driving Oil Price Movements

Jul 12, 2024 at 01:17 | Irina Slav

Crude oil prices were set for a weekly decline despite earlier gains made largely on the back of economic data. The latest update that caused the…

Sanctions Strand Over 50 Russian Oil Tankers

Jul 11, 2024 at 13:05 | Tsvetana Paraskova

More than 50 oil tankers that have previously transported Russian oil are now sitting empty and idle in the Baltic Sea, the Black Sea, offshore Russia's Far East, China, South…

The Future May Not Be As Electric as We Think

Jul 11, 2024 at 07:55 | Irina Slav

Virtually every single forecast about the future of transport focuses on its electrification—on the idea that EVs will take over roads, displacing the internal combustion engine and making it history.…

Will Sluggish Chinese Oil Demand Derail OPEC's Optimistic Forecasts?

Jul 11, 2024 at 06:31 | Tsvetana Paraskova

Global oil demand growth continues to slow down amid underwhelming Chinese consumption, the International Energy Agency (IEA) said on Thursday, keeping its growth forecast at more than half of OPEC’s…

Extreme Temperatures Threaten Oil Refinery Operations in Europe

Jul 11, 2024 at 04:48 | Irina Slav

Peak summer temperatures in some parts of Europe are threatening the normal operation of refineries, Bloomberg has reported, citing the situation in Greece…

Aramco Secures $31 Billion in Orders for Bond Offering

Jul 11, 2024 at 02:14 | Irina Slav

 Saudi Aramco has attracted orders worth a total $31 billion for a fresh bond the company said it would place on international markets. The size of the bond…

Oil Bulls See Light at the End of the Tunnel

Jul 10, 2024 at 12:02 | Irina Slav

Oil prices have been climbing for the last four weeks, though the climb has been hesitant, uneven, and has failed to convince traders of a stable trend. But with the…

Oil Prices Perk Up on Crude Draw

Jul 10, 2024 at 09:37 | Irina Slav

Crude oil prices went higher today, after the U.S. Energy Information Administration reported an inventory draw of 3.4 million barrels for the week to July 5. This 

Global Oil Consumption Hits Historic 100 Million Barrels Per Day Milestone

Jul 10, 2024 at 08:02 | Robert Rapier

In June, the Energy Institute released the 2024 Statistical Review of World Energy. The Review provides a comprehensive picture of supply and demand…

Suriname’s Mega Oil Boom Is Back on Track

Jul 10, 2024 at 07:52 | Matthew Smith

A fiscal crisis, near economic collapse, and civil unrest have the government of Suriname, one of South America’s poorest countries, hungrily eyeing neighboring Guyana’s oil boom, which made that…

Could China Deliver a Bearish Shock to Oil Markets?

Jul 09, 2024 at 09:27 | Irina Slav

When Reuters reported earlier this month that Asian oil imports had declined moderately during the first half of the year, many, if not most, traders immediately turned their attention to…

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