Tag Archives: Oil

European Union officials will hold talks in Vienna with OPEC representatives on Monday amid calls for the producer group to increase output and as the EU considers potential sanctions on Russian oil. OPEC has resisted calls by the United States and the International Energy Agency to pump more crude to …

World food prices jumped nearly 13% in March to a new record high as the war in Ukraine caused turmoil in markets for staple grains and edible oils, the U.N. food agency said on Friday. The Food and Agriculture Organization’s (FAO) food price index, which tracks the most globally traded …

Oil prices drifted lower on Friday and were set to drop around 3% for the week as consuming countries’ planned release of 240 million barrels from emergency stocks offset some concerns over reduced supplies from Russia due to western sanctions. Brent crude futures edged lower by 55 cents, or 0.6% …

Oil prices rose on Thursday from a three-week low touched in the previous session after consuming nations announced a huge release of oil from emergency reserves, as worries over tight supplies still clouded the market outlook. Brent crude futures climbed $1.42 or 1.4%, to $102.52 a barrel at 0651 GMT, …

Oil prices rose on Wednesday on fears of tight supply and a drawdown in U.S. inventories, despite worries about the likely hit to economic activity from the spread of the Omicron coronavirus variant. U.S. inventories fell more than expected, with crude stocks down by 4.7 million barrels, though that is …

The Iraqi Federal Intelligence and Investigations Agency in the Ministry of Interior reported on Wednesday that it foiled an operation to detonate a pipeline carrying natural gas between the capital, Baghdad, and the oil-rich governorate of Basra, in the far south of Iraq. In a statement, the Agency said, “in …

South Africans took to their beaches on Sunday to protest against plans by Royal Dutch Shell (RDSa.L) to do seismic oil exploration they say will threaten marine wildlife such as whales, dolphins, seals, and penguins on a pristine coastal stretch. A South African court on Friday struck down an application …

Global stocks tumbled on Friday and oil fell below $80 a barrel after news of a possibly vaccine-resistant coronavirus variant sent investors scurrying to the safety of bonds, the yen, and the Swiss franc. Little is known of the variant, detected in South Africa, Botswana, and Hong Kong, but scientists …

Iran’s Revolutionary Guards said on Wednesday they thwarted an attempt by the United States to detain a tanker carrying the Islamic Republic’s oil in the Sea of Oman. The American officials said that in reality Iranian forces had seized a Vietnamese-flagged oil tanker last month and U.S. naval forces were …

Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures gained 28 cents, or 0.3%, to $84.99 a barrel by …

At least one person was killed and over a dozen were injured when a pipeline of state oil firm Petroleos Mexicanos (Pemex) exploded in the central Mexican state of Puebla after it was breached by suspected fuel thieves, authorities said on Sunday. President Andres Manuel Lopez Obrador said on Twitter …

A convoy of more than 30 US military trucks along with tankers has reportedly transported stolen Syrian oil from the northeastern province of Hasakah to the semi-autonomous Kurdistan region in northern Iraq. Local sources, requesting anonymity, told Syria’s official news agency SANA that 33 US military vehicles along with several …

The International Court of Justice (ICJ) has awarded Somalia control of most of a potential oil- and a gas-rich chunk of the Indian Ocean in a dispute over the maritime boundary with neighboring Kenya. Chief Judge Joan Donoghue said at The Hague-based court on Tuesday there was “no agreed maritime …

Lengthy queues have been reportedly formed outside petrol stations throughout London once again amid a fuel crisis gripping the United Kingdom. Long queues were witnessed outside petrol stations in north London as well as the capital’s busy M25 orbital motorway on Wednesday, according to Reuters journalists, along with warnings that …

Oil rose on Monday, supported by concerns over shut output in the United States because of damage from Hurricane Ida, with analysts expecting prices to remain rangebound in a stable market over the coming months. Brent crude was up 62 cents, or 0.9%, to $73.54 a barrel at 1332 GMT …

Oil prices eased on Thursday on China’s plan to release state oil reserves to reduce pressure on domestic refiners and a smaller than expected U.S. weekly crude draw. Traders said losses were limited by the slow return of U.S. output after Hurricane Ida and higher than expected U.S. gasoline demand. …

Oil prices edged higher on Thursday, supported by a sharp decline in U.S. crude stocks and a weaker dollar, though gains were capped by an OPEC+ decision to stick to its policy of gradually increasing output. Brent crude was up 45 cents, or 0.6%, at $72.04 a barrel by 1101 …

Libya’s oil minister said on Sunday that he was suspending the head of the state oil company, escalating a dispute between the two – but with a move that he may struggle to enforce. Oil Minister Mohamed Oun said in a letter, confirmed by ministry sources, that National Oil Corp …

Oil prices rose on Friday, on track to post big gains for the week, on worries about supply disruptions as energy companies began shutting production in the Gulf of Mexico ahead of a possible hurricane forecast to hit on the weekend. Brent crude futures rose 72 cents, or 1%, to …

Oil fell on Thursday for the first session this week as renewed concerns about demand amid rising COVID-19 infections cut short a three-day rally, and as production returned in Mexico. Oil rally ends amid COVID-19 concerns, returning supply Thursday, 26 August 2021 9:37 AM  [ Last Update: Thursday, 26 August 2021 9:37 AM ] …