Results for
Oil
Explainer: Why is OPEC+ cutting oil output?
The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40 percent of the world’s crude, agreed on a new oil output deal on ...
Ahead of OPEC+ meet, Kremlin says ties with Saudi Arabia are constructive, trusting
The Kremlin said on Thursday that relations with Saudi Arabia were constructive and based on mutual understanding and respect ahead of an OPEC+ meeting.Asked about relations with Saudi Arabia ahead of ...
Saudi energy minister warns oil speculators to ‘watch out’
Saudi Arabia’s top energy official issued another warning to oil short-sellers, just over a week before the OPEC+ alliance is due to meet.“I keep advising them that they will be ouching — they did ...
Qatar Energy cuts July al-Shaheen oil price to 27-month low: Report
Qatar Energy set the term price for cargoes of al-Shaheen oil loading in July at the lowest level since April 2021, as refining margins remained sluggish and crude supplies were ample despite an ...
Iraq did not get reply from Turkey on restarting northern oil export: Minister
Iraq is still waiting for a formal response from Turkey to resume oil exports from the autonomous Kurdish region, Kurdish officials said Friday, a day after Baghdad announced they were to resume ...
Oil revenue lifts Oman to $1.2 bln budget surplus in first quarter
An increase in net oil revenue of 9 percent in the first quarter on higher oil prices and increased production helped Oman to a budget surplus of 450 million rials ($1.17 billion) in the period, da-ta ...
Lebanon energy minister Fayyad hopeful on offshore oil, gas exploration
Lebanon’s caretaker energy minister Walid Fayyad said on Tuesday there was reason to be hopeful as the chief executives of TotalEnergies and ENI had both said they were very optimistic about the ...
Saudi Aramco announces first-quarter net profit of $31.9 bln, down 19.25 pct
Saudi oil giant Aramco posted first-quarter net profit of 119.54 billion riyals ($31.88 billion) on Tuesday, a fall of about 19 percent from the previous year.It said the drop was mainly driven by ...
Iraq’s crude production fell more than 6 percent in April: Source
Iraq produced 3.938 million barrels per day (bpd) of crude in April, down 262,000 bpd from March, a source at state-owned crude marketer SOMO told Reuters on Tuesday.This level would mean the country ...
Oil falls 4 pct to five-week low on US default worries, weak economic data
Oil prices sank 4 percent to a five-week low on Tuesday along with a drop in Wall Street stocks on worries about a US bond default, weak economic data from China and expectations the US and Europe ...
Russian oil is still powering Europe’s cars with help of India
Russian oil is still powering Europe — just with the help of India.Back in December, the European Union barred almost any seaborne crude oil imports from Russia. It extended the prohibition to refined ...
OPEC chief says IEA should be careful about discouraging investment in oil industry
OPEC Secretary General Haitham al-Ghais said on Thursday the International Energy Agency (IEA) should be “very careful” about discouraging investment in the oil industry, which was vital for global ...
Iraq says ‘technical’ matters holding back oil from Turkey
Iraq said it’s working with oil buyers and the Turkish government to resume almost half a million barrels a day of crude exports from a Mediterranean port “as soon as possible.”The delay is due to ...
Russian oil exports jump to highest level in almost three years despite sanctions
Russian oil exports jumped to their highest level in almost three years in March despite Western sanctions, but revenues were down sharply from last year, the International Energy Agency said ...
Saudi TV show offers glimpse into 2020 oil war with Russia
Saudi Crown Prince Mohammed bin Salman’s order to flood oil markets three years ago during a dispute with Russia ultimately gave the Kingdom confidence to be more assertive in shaping OPEC+’s policies ...
Presence of oil executives at Baghdad talks a sign of Iraq-Kurdistan progress
When Iraqi and Kurdish officials met in Baghdad this week over a long-running dispute that has halted oil exports from Iraq’s semi-autonomous region of Kurdistan, insiders said the presence of ...
OPEC+ spurs curious oil move as prices soar but volatility dips
After a surprise OPEC+ cut prompted an 8 percent surge in crude prices, an unusual market signal is hinting the cartel may already be having some success in weeding out speculative short ...
Baghdad, Erbil sign final deal to restart northern oil exports
Iraq’s federal government and the Kurdistan Regional Government (KRG) signed a deal to restart northern oil exports on Tuesday, official sources told Reuters.KRG Prime Minister Masrour Barzani ...
Russia says oil sales to India surged amid Ukraine conflict
Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia’s deputy prime minister said Tuesday.“Most of our ...
Cuba’s president meets CEO of Russia’s Rosneft amid fuel shortage
Russian oil firm Rosneft’s CEO Igor Sechin met with Cuba’s President Miguel Diaz-Canel, the island’s leader said, amid an acute fuel shortage that has left service stations temporarily shuttered and ...
Italy’s Eni signs cooperation accord with UAE’s ADNOC
Italian energy company Eni has signed an accord with Abu Dhabi National Oil Co (ADNOC) for cooperating in promoting the energy transition as Prime Minister Giorgia Meloni visits the United Arab ...
UAE officials say privately no plans to leave OPEC
The United Arab Emirates has no plans to leave the OPEC oil alliance, according to officials speaking on condition of anonymity.The Wall Street Journal reported earlier that a growing rift with Saudi ...
India is buying Russian oil below western price cap, officials say
The Biden administration will continue to discuss India’s purchases of Russian oil with government officials but is satisfied so far that New Delhi is buying the crude well below a western price cap, ...
Russia halts oil supplies to Poland via Druzhba pipeline
Supplies of Russian oil to Poland via the Druzhba pipeline have halted, Daniel Obajtek, chief executive officer of PKN Orlen, said on Saturday.“We’re effectively securing supplies. Russia has halted ...
Oman’s Abraj signs oil deal with Chevron, Kuwait Gulf Oil Company
Oman’s Abraj Energy Services said on Saturday it had signed a five-year ‘strategic partnership deal’ with Kuwait Gulf Oil Company and Saudi Arabian Chevron to extract and drill for oil in Kuwait.The ...