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Energy / Crude Oil

Oil Prices Retreat As OPEC+ Cuts Another 684KBPD, Brazil Joins OPEC+

Nov 30, 2023 at 12:25 | Julianne Geiger

Oil prices began to retreat on Thursday afternoon as it became clear that OPEC+ members were agreeing to voluntary cuts beginning in the new year, and that those cuts would…

Well Productivity Gains Clash with Cost Inflation in U.S. Oil Patch

Nov 29, 2023 at 14:02 | Irina Slav

Crude oil production in the United States is on course to break its previous record this year. That’s despite a federal government that is not the biggest…

Oil Ticks Down on Crude, Fuels Inventory Build

Nov 29, 2023 at 09:45 | Irina Slav

Crude oil prices moved lower today, after the Energy Information Administration reported an estimated inventory increase of 1.6 million barrels for the week to November 24. This 

Russia Takes Control of Iraq’s Biggest Oil Discovery for 20 Years

Nov 27, 2023 at 13:07 | Simon Watkins

Preliminary estimates suggested that Iraq’s Eridu oil field holds between 7-10 billion barrels of reserves. Senior Russian oil industry sources spoken to exclusively by OilPrice.com last week said the true figure may…

Russia Becomes EU’s 2nd-Largest Supplier of Refined Petroleum Via India

Nov 24, 2023 at 09:53 | Charles Kennedy

Russian media reports citing official Eurostat statistics report that India has become the European Union’s second-largest supplier of refined petroleum products in 2023, second only to Saudi Arabia.  The EU…

Brazil Eyes Major Oil Output Boost Despite Environmental Concerns

Nov 24, 2023 at 07:53 | Felicity Bradstock

Brazil’s Petrobras has high hopes for the country’s oil industry, even under socialist President Luiz Inácio Lula da Silva, as it makes moves that suggest it is in it for…

Gulf of Mexico Oil Spill Set to Be the Largest Since Deepwater Horizon

Nov 24, 2023 at 07:39 | ZeroHedge

Offshore production from major oil names like Occidental, W&T Offshore and Talos Energy has been shuttered following a spill that Bloomberg is calling…

Oil and Gas Discoveries Spark Debate in the Democratic Republic of Congo

Nov 23, 2023 at 08:57 | Felicity Bradstock

Recent oil and gas discoveries in the Democratic Republic of Congo (DRC) mean that the country has the second largest crude oil reserves in Central and Southern Africa, after Angola.…

Oil Inches Down On Inventory Build

Nov 22, 2023 at 09:48 | Irina Slav

Crude oil prices moved lower today, after the U.S. Energy Information Administration reported a sizeable inventory build of 8.7 million barrels for the week to November 17. This

China's Fuel Export Quota Could Spark Global Supply Challenges

Nov 22, 2023 at 08:36 | Tsvetana Paraskova

China saw its exports of gasoline drop in October from a year earlier and from September as Chinese refiners grapple with weaker domestic margins and limited remaining fuel export quotas.    …

The Battle for America's Energy Future: Oil, Gas, and National Security

Nov 21, 2023 at 08:41 | ZeroHedge

Fifty years ago this week, legislation authorizing construction of the Trans-Alaska Pipeline passed both houses of Congress and was signed into law by President Richard Nixon.  The whole…

The Oil Market Isn’t Buying The Bullish Demand Forecasts

Nov 17, 2023 at 13:59 | Tsvetana Paraskova

This week, both OPEC and the International Energy Agency (IEA) revised their oil demand forecasts higher, citing record Chinese consumption and resilient economies.   Oil market participants, however, focused on rising…

Russia, Iran Oil Sanction Talk Returns Amid Weaker Prices

Nov 17, 2023 at 12:25 | Irina Slav

Earlier this week, the Financial Times reported Denmark was considering the start of inspections and potential blocks of Russian oil tankers carrying crude…

US Drillers See Sharpest One-Week Increase In Oil Rigs Since February

Nov 17, 2023 at 12:16 | Julianne Geiger

The total number of active drilling rigs in the United States rose by 2 this week after falling by 2 last week, according to new data that Baker Hughes published…

What Caused the Recent Drop in Oil Prices? Goldman Trader Chimes In

Nov 17, 2023 at 08:20 | ZeroHedge

Tons of questions on the weakness in Crude – Thoughts from our trading desk: believe the move is more of a "catch-up" to weaker physical markets as we…

U.S. Sanctions U.A.E. Maritime Firms for Bypassing Russian Oil Price Cap

Nov 17, 2023 at 07:53 | RFE/RL staff

The U.S. Treasury Department has imposed sanctions on three maritime companies based in the United Arab Emirates (U.A.E.) and three vessels owned by the companies…

EU Weighs Options to Clamp Down on Russia's Baltic Oil Shipments

Nov 16, 2023 at 08:22 | Tsvetana Paraskova

As the European Union is considering ways to toughen up the sanction enforcement on Russia’s oil exports, Denmark could be asked to stop and check paperwork for oil tankers carrying…

Oil Prices Reverse Despite Crude Inventory Build

Nov 15, 2023 at 09:37 | Irina Slav

Crude prices saw a small jump this morning after the Energy Information Administration reported an estimated inventory increase of 3.6 million barrels for the week to November 10.…

The U.S. Just Recorded Its Highest Oil Production Month In History

Nov 14, 2023 at 08:00 | Robert Rapier

Recently a friend sent me a YouTube video from the Climate Town channel called Who Actually Controls Gas Prices?

Colombia’s Cocaine Boom Is Fueling An Unprecedented Spike In Oil Theft

Nov 13, 2023 at 08:55 | Matthew Smith

Colombia has a severe problem, cocaine. The South American country is the world’s largest producer of the narcotic, and it continues setting record highs for the cultivation…

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