Asia's imports of crude oil are expected to rise to the highest in 10 months as heavyweights China and India lifted arrivals from Russia, but impending maintenance schedules and rising prices mean such levels may not be sustained.The world's top importing region is forecast to see arrivals of 27…
Oil prices rose on Friday and were set for weekly gains as markets awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh U.S., European and Chinese economic data.Brent LCOc1 futures for May were up $1.43…
Chevron is sending cargoes of Kazakhstan's CPC Blend oil to Asia around Africa's Cape of Good Hope rather than via the Red Sea to avoid the risk of attacks by Yemen’s Houthis, according to three industry sources and LSEG ship-tracking data.The…
BP has started a new four-dimensional (4D) high-definition ocean bottom node seismic program on its Azeri-Chirag-Deepwater Gunashli (ACG) oil field in the Caspian Sea, offshore Azerbaijan.This is the largest-ever seismic acquisition commitment made by BP globally by all its aspects – area size…
India's petroleum consumption climbed to a new record last year and the country is on course to overtake China as the primary driver of incremental oil consumption before 2030.Urbanisation, industrialisation and the growth of the middle class…
India cut its windfall tax on petroleum crude to 1,700 rupees ($20.53) a tonne from 2,300 rupees a tonne, according to a government notification on Monday.The cut will be effective from Jan. 16, the order said.On Jan. 2, the government had lifted the windfall tax on petroleum crude oil to 2…
Two Indian state refiners are seeking to boost imports of Saudi crude oil after the kingdom cut the official selling price of its key export grade for February to the lowest in 27 months, company sources said.Indian Oil Corp, the country's top refiner…
West Azeri platform, located in the Caspian Sea at Azeri-Chirag-Gunashli (ACG) oil field, has achieved 1 billion barrels total production.The announcement was made by BP, which is the operator of ACG oil field, on behalf of its partners SOCAR…
Oil loadings from Russia's Black Sea port of Novorossiisk have resumed after being suspended due to a storm on Dec. 27, two sources familiar with the matter told Reuters on Thursday.The port will likely be able to ship all the crude volumes scheduled for December…
World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on Thursday, a sign that the outlook for near-term oil use remains robust despite this week's COP28 agreement to transition away from fossil fuels…
The International Energy Agency (IEA) said on Thursday the 'explosive growth' in Indian oil product consumption may be coming to an end.In a monthly report, the IEA projected that India's oil product demand growth would slow to 2.5% next year from 4…
Oil investors will usher in 2024 with gnawing concerns about oversupply, slowing economic growth and simmering Middle East tension that could spark price volatility.Benchmark Brent has averaged around $80 a barrel this year, after a volatile…
OPEC Secretary General Haitham Al Ghais has urged OPEC members to reject proposals for any deal under negotiation at the COP28 climate summit which targeted fossil fuels rather than emissions, a letter dated Dec. 6 and seen by Reuters on Friday showed…
Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance RELI.NS set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country…
Investors are increasingly pessimistic about the outlook for crude oil prices as doubts grow OPEC+ will cut production enough to offset rising non-OPEC output and a deteriorating economic outlook.But many professional money managers are more optimistic about refined fuel prices…
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