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Tag: oil

Iran aims to replace Russian oil in the European market

Iran aims to replace Russian oil in the European market Iran aims to replace Russian oil in the European market

Iran aims to fill the gap left behind by Russia in the European oil market if the country can secure an agreement with world powers over its nuclear program, Bloomberg reports. Iran’s state oil producer will try to win back customers in countries including Greece, Italy, Spain and Turkey if sanctions targeting the country’s energy […]

New worries about oil supply are driving prices higher

New worries about oil supply are driving prices higher New worries about oil supply are driving prices higher

Oil prices rose on Thursday on rising supply concerns amid disruptions in Russian exports, the possibility of output cuts by major producers and a partial shutdown of a US refinery. Brent was up 59 cents, or 0.6%, at $101.81 a barrel, while West Texas Intermediate was up 42 cents, or 0.4%, at $95.31 a barrel. […]

Saudis are running out of patience with Biden – What’s behind the threat to cut oil production

Saudis are running out of patience with Biden – What’s behind the threat to cut oil production Saudis are running out of patience with Biden – What’s behind the threat to cut oil production

By Dan Eberhart This week Saudi Arabia threatened to cut production and prop up oil prices. OPEC+’s informal leadership has cited various reasons to justify its position, but the reasoning behind the move has a political underpinning – specifically, the Saudis’ distrust of the Biden administration. It is no coincidence that the threat to cut […]

The German government expects problems with coal and oil supplies

The German government expects problems with coal and oil supplies The German government expects problems with coal and oil supplies

Germany’s government is worried about possible problems with coal supplies for power plants in the fall and winter due to low water levels in the Rhine River and oil supplies in eastern parts of the country, according to a document seen by Reuters. Europe’s largest economy is trying to reduce its dependence on Russian energy. […]

Oil closed at a high of more than three weeks

Oil closed at a high of more than three weeks Oil closed at a high of more than three weeks

Oil closed at its highest price in more than three weeks after a volatile session on Wednesday, as traders weighed reports of developments linked to the European Union’s draft Iran nuclear deal. The news suggests some progress in the negotiations, which may ultimately lead to an increase in oil on the global market. But that […]

Oil lost gains after plunge in US demand

Oil lost gains after plunge in US demand Oil lost gains after plunge in US demand

US oil inventories showed a significant decrease again, with those of gasoline remaining unchanged to the surprise of the market, causing new pressures on crude prices. In particular, as informed by the US Energy Information Administration (EIA), in the week ended August 19, US crude inventories fell by 3.3 million barrels, falling to 421.7 million. […]

Over $100 oil again despite plunge in US demand

Over $100 oil again despite plunge in US demand Oil lost gains after plunge in US demand

LAST UPDATE 19:55 A significant reduction was again presented in US oil stocks, but those of gasoline remained unchanged to the surprise of analysts, even though the development did not particularly “scare” the market. In particular, as informed by the US Energy Information Administration (EIA), in the week ended August 19, US crude inventories fell […]

India will tell the US that a broader consensus is needed to impose a ceiling on Russian oil

India will tell the US that a broader consensus is needed to impose a ceiling on Russian oil India will tell the US that a broader consensus is needed to impose a ceiling on Russian oil

India will seek a broader consensus before backing US-led efforts to cap the price of Russian oil, something US officials are expected to push for this week when they travel to Mumbai and New Delhi, according to the Bloomberg agency. India, which has emerged as one of the biggest buyers of Russian oil after the […]

Small fluctuations in oil prices

Small fluctuations in oil prices Small fluctuations in oil prices

Oil was flat after an industry report signaled a fresh rise in crude inventories, bolstering prospects for a supply tightening as Saudi Arabia hinted at possible output cuts. West Texas Intermediate settled near $93 a barrel after rising nearly 4% in the previous session. According to sources familiar with the data, American Petroleum Institute crude […]

Turkey doubled its oil imports from Russia

Turkey doubled its oil imports from Russia Turkey doubled its oil imports from Russia

Turkey has increased its oil imports from Russia to over 200,000 barrels per day (bpd) on average so far this year, from 98,000 bpd in the same period last year, media reported citing data. Reuters reported on Monday, citing Refinitiv Eikon data, that Turkey has increased its oil imports from Russia to over 200,000 barrels […]