NEW YORK: Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026. Brent crude futures settled at $71.12 a barrel, shedding 97 cents, or 1.4%. US West Texas…
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DUBAI: A sophisticated fuel oil smuggling network that some experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since Prime Minister Mohammed Shia al-Sudani took office in 2022, five sources with knowledge of the matter told Reuters. The operation exploits a government policy under which Iraq allocates fuel oil to asphalt plants…
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Oil prices were little changed on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment. Brent crude futures were up 5 cents, or 0.07%, at $73.67 a barrel by 1214 GMT while U.S. West Texas Intermediate crude futures fell 4 cents, or 0.06%, to $69.90. On…
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LONDON: Oil edged higher on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia outweighed data showing rising U.S. crude stocks. Brent crude futures for January were up 49 cents, or 0.7%, to $73.80 a barrel at 1313 GMT. U.S. West Texas Intermediate crude futures for December, due to expire on Wednesday, were…
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HOUSTON: Oil prices slipped on Friday and were bound for a weekly loss as investors digested waning Chinese demand and a possible slowing of the U.S. Federal Reserve’s interest rate cut path. Brent crude futures dropped 71 cents, or 0.98%, to $71.85 a barrel by 10:32 a.m. EDT. U.S. West Texas Intermediate crude futures were down 72 cents, or 1.05%,…
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MOSCOW: Proceeds from oil and gas sales for Russia’s federal budget in October jumped about 57% from September to 1.21 trillion roubles ($12.35 billion), finance ministry data showed on Tuesday, thanks to the once-a-quarter payment of profit-based oil tax. That’s against a forecast of 1.17 trillion roubles based on Reuters calculations, and down from 1.63 trillion roubles in October 2023.…
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SINGAPORE: Discounts on Iranian crude oil sold to China are at their tightest in around five years as lower exports drive up prices amid concerns that Middle East tensions may disrupt supply, trading sources said. The discounts are the narrowest since Chinese independent refiners, known as teapots, stepped in as buyers in late 2019, filling a vacuum left by the…
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Minister of State for Petroleum, Musadik Malik, stated that the importing Russian oil would not lead to a decrease in fuel prices across the country, and we can not provide fuel at cheaper rate right now
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