Tag Archives: Oil

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 Mexico restored some oil production. Brent crude was down 71 cents, or 1%, at $71.54 a barrel by 0939 GMT, having risen 1.7% on …

Iraq collectively grossed more than 6.5 billion dollars from oil sales last July, according to a survey by the state oil marketer, SOMO. Crude oil exports amounted to 90,467,794 barrels, yielding 6,513,792,969 dollars, SOMO survey said. Exports from Oilfields in Mid and south Iraq were 87,455,359 barrels, while Kirkuk oilfields …

Oil prices were down for a seventh straight session on Friday near three-month lows and heading for a weekly loss of over 7% as new lockdowns in countries facing surging cases of the COVID-19 Delta variant dampened the outlook for fuel demand. Broader investor risk aversion also weighed on oil …

Oil prices skidded on Thursday for a sixth session, hitting lows not seen since May, pressured by a stronger U.S. dollar and concerns about weaker demand as COVID-19 cases rise. The oil market rallied throughout the first half of 2021, but the newest wave of coronavirus infections throughout the world …

Global shares slid on Monday after a raft of Chinese economic indicators showed a surprisingly sharp slowdown in the engine of global growth, just as much of the world race to stem the spread of the Delta variant of COVID-19 with vaccinations. A 10-day run of gains for European stocks …

Environmental groups worry about the risk supertankers might pose to Eilat’s fragile coral ecosystems. The Red Sea reefs off the Israeli resort of Eilat host some of the greatest coral diversity on the planet. A symphony in splendid technicolor, the reefs are among the world’s most resilient coral colonies against …

Oil prices declined on Thursday after the International Energy Agency (IEA) said the spread of the Delta variant of the coronavirus would slow the recovery of global oil demand. Brent crude futures were down 26 cents, or 0.36%, at $71.18 a barrel by 11212 GMT, after earlier rising to a …

U.S. President Joe Biden’s administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery. The request reflects the White House’s willingness to engage major world oil producers for more supply to help …

Oil prices rose more than 1% on Tuesday, recouping some of the losses in the previous session when prices hit a three-week low, but gains are likely to be limited on worries that rising COVID-19 cases and restrictions in China will dent fuel demand. Brent crude was up by 84 …

Oil prices fell by 4% on Monday, extending last week’s steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand. A United Nations panel’s dire warning on climate change also added to …

Oil prices rose on Thursday, supported by tensions in the Middle East, but failed to recoup most of the previous day’s losses after a surprise build in crude stockpiles in the United States, the world’s top oil consumer. Brent crude oil futures rose by 29 cents, or 0.41%, to $70.66 …

Oil prices fell on Monday on worries over China’s economy after a survey showed growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers. Brent crude oil futures slid by 76 cents, or 1%, to $74.65 …

Oil prices were little changed on Monday as investors balanced concerns about fuel demand from the spread of Covid-19 variants and floods in China against expectations of tight supplies through the rest of the year. Brent crude futures for September fell 3 cents to $74.07 a barrel by 0153 GMT …

Only second to Russia, Iraq is among the top gas flaring countries in the entire world, the World Bank’s (WB) Gas flaring tracker report said. In the 2020 Gas flaring tracker report, the WB said that Iraq burns 70% of the total natural gas produced in the country, which was …

Iran has formally inaugurated its new crude oil export terminal on the Sea of Oman, a project hailed by President Hassan Rouhani as a historic achievement which could prove vital in the country’s energy future. The Goureh-Jask Crude Oil Transfer Project was inaugurated on Thursday during a video conference session …

Saudi Arabia’s state oil company acknowledged that some of its data is being held for ransom online. Aramco said it likely came from a third-party contractor, denying there’s been any breach of its computer systems. The company confirmed to AP on Wednesday it “recently became aware of the indirect release …

The Ministry of Oil confirmed the agreement of the OPEC + group to gradually increase by adding 400,000 barrels per day. The ministry said in a statement received by Alghadeertv: “Minister Ihsan Abdul-Jabbar attended the meeting, which emphasized the strengthening of collective cooperation, praising the countries’ compliance with the agreement, …

OPEC+ ministers are meeting on Sunday in another attempt to agree a quick oil supply boost to address soaring prices as the global economy recovers from the coronavirus pandemic. An attempt earlier this month by the group, which includes OPEC countries and allies like Russia, to agree on a new …

Oil prices sink by more than $1 a barrel on expectations of more crude hitting the market after a compromise deal between leading OPEC producers and a surprisingly poor weekly reading on U.S. fuel demand, Reuters reported. Brent crude settled at $73.47 a barrel, dropping $1.29, or 1.7%. U.S. West …

Talks between OPEC and its allies to boost oil production and cool prices were abandoned earlier this month over a dispute that pivoted over how much crude the UAE would be able to pump under a new deal. Saudi Arabia and the United Arab Emirates have reached a compromise deal …