US crude supply was little changed week on week as an uptick in production was matched by sharply higher exports last week, US Energy Information Administration data showed Friday. US Continue Reading
The Organization of the Petroleum Exporting Countries – the oil market institution that has exerted an unyielding power over the price of crude for nearly 60 years – is now Continue Reading
After Russia agreed on Friday to cut its oil production as part of the non-OPEC group tasked with cutting 400,000 bpd of oil production, Energy Minister Alexander Novak said it Continue Reading
Russia may be ready to cut its oil production by 200,000 bpd as part of a deal with OPEC to reduce oil supply—a higher commitment than 150,000 bpd previously aired, Continue Reading
Iran will seek an exemption from any OPEC production cut agreement, its oil minister said Wednesday, potentially complicating the group’s already fraught negotiations. “Iran should be excluded from any decision Continue Reading
Stronger oil and natural gas prices combined with continuing development of shales and low permeability formations drove producers of crude oil and natural gas in the United States to report Continue Reading
Saudi Aramco will sign five crude oil supply agreements with Chinese customers, it said in a statement on Wednesday, taking the volume of its 2019 China crude oil supply agreements Continue Reading
What a difference one month makes. One month ago, the International Energy Agency (IEA) warned that the world was “straining parts of the system to the limit,” noting that “recent Continue Reading
Chinese oil major PetroChina inked 2019 annual crude supply deals with state-owned producers Saudi Aramco and Kuwait Petroleum Corp on Wednesday at a public signing ceremony during the China International Continue Reading
The Rhum gas field in the UK North Sea—in which a unit of the National Iranian Oil Company holds 50 percent—will continue operations after meeting the final condition under the Continue Reading
