Category: Highlights

Oil traders and speculators could see the “mother of all buying opportunities” for WTI crude oil in December, as oil prices are about to dip further in the coming days, CNBC’s Jim Cramer says. Oil prices have traded down so far this month, as fears of recession and China’s surging Covid cases have weighed on market sentiment despite the imminent EU embargo on imports of Russian crude oil by sea. Early on Wednesday, Brent Crude traded at $85 per barrel, and the U.S. benchmark was below $80—at $78 a barrel after…

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il prices fell overnight as the debacle of the Russian Oil Price Cap scheme continues in Europe. The biggest news is that the EU ambassadors are considering setting the Russian oil price cap at between $65 and $70 (which is around the level Russian crude currently trades at). “A $65-$70 price cap on Russian oil would not mean that much considering the discount Urals is currently selling at,” said Ole Hansen, head of commodities strategy at Saxo Bank. “The market is struggling to make its mind up given the multiple uncertainties regarding…

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At the invitation of His Excellency President Recep Tayyip Erdogan, Prime Minister Muhammad Shehbaz Sharif will pay a two-day official visit to Türkiye, from 25-26 November 2022. Alongside President Erdogan, the Prime Minister will jointly inaugurate the third of the four MILGEM Corvette Ships for the Pakistan Navy, PNS Khaibar, at the Istanbul Shipyard. The two leaders will also hold wide-ranging discussions encompassing bilateral relations , the regional situation and other issues of common interest. The Prime Minister will interact with leaders of the Turkish business community. The President of…

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Like the first cuckoo of spring, the annual autumn refrain from senior Iraqi oil officials of new production targets has that pleasant ring of the familiar about it to seasoned oil industry watchers. Sometimes it is 6 million barrels per day (bpd), sometimes 7, and sometimes 8, but it always prompts an analysis of the facts and figures that invariably lead to the same conclusion: it could be done but not without some basic changes to Iraq’s oil industry. Last week was heard a similar call as Europe faces an…

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Refinery workers at BP’s biggest refinery in Europe are on a partial strike over demands for higher wages and will not cooperate in efforts to restart the Rotterdam refinery, which is currently offline. Employees at the 400,000-bpd refinery, a major supplier of diesel to northern Europe, threatened earlier this month to go on a strike if their pay rise demands are not met. The Rotterdam refinery accounts for almost 3% of northern Europe’s refining capacity, and delays to its restart could exacerbate the diesel crunch in Europe.    In early November,…

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