Crude oil inventories in the United States rose this week by 594,000 barrels for week ending December 1, according to The American Petroleum Institute (API), after a 817,000-barrel draw in crude inventories in the week prior. Analysts had expected inventories to go in a different direction, anticipating a 2.267 million barrel draw. API data shows.

Some of the most popular flag states for oil tankers – Panama, the Marshall Islands, and Liberia – have come under increased pressure from the West to boost the monitoring of vessels flying their flags to make sure they are not violating the $60 a barrel price cap on Russian crude oil, Reuters reports, quoting a.

Crude oil prices whipsawed between an early gain and a loss in a matter of hours in pre-noon trade in Asia today locked between bullish and bearish events. On the bullish side, Venezuelans voted in a referendum about what essentially would amount to an annexation of two-thirds of neighboring Guyana. Reports then emerged that the.

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has added three additional companies and vessels to the sanctioned list for violations pertaining to the oil price cap set on Russian crude oil. Today’s inclusion marks the eighth action taken to enforce the crude oil price cap. Of the three entities.

Despite concerns about the economy, global oil demand continues to exceed expectations, according to the International Energy Agency (IEA) which raised its demand growth forecasts for both 2023 and 2024. Global oil consumption continued to be strong in September, with a record-high Chinese demand of 17.1 million barrels per day (bpd), the IEA said in.

Dutch pension fund Pensioenfonds Metaal & Techniek (PMT) is divesting from 40 oil and gas companies, but will keep its investments in Shell and BP and seven other energy firms as it sees the nine companies as “the most promising” for PMT in the sector. PMT will continue to invest in Aker BP, BP, Enbridge,.

The average price of Russia’s flagship crude grade, Urals, dropped in November from October but was still way above the Western price cap of $60 per barrel, data from Russia’s Finance Ministry showed on Friday. The average price of the Urals grade was $72.84 per barrel last month, down from $81.52 a barrel in October,.

Crude oil loadings at key Black Sea ports in Russia and Ukraine continue to be halted amid a raging storm that has left an estimated two million people without power, according to Agence France Presse. Hurricane level winds, massive snowfall and heavy rain shut down electricity lines and led to major flooding. Train transport along.

Jordan is considering diversifying its natural gas supplies amid fears that there could be disruptions in the flow of gas from Israel. According to a report by a state-owned TV channel, Prime Minister Bisher Khasawneh had said Jordan was in discussions with two potential suppliers from the Persian Gulf, Bloomberg reported. Both had expressed readiness.

Crude oil prices began the week with a slide ahead of the postponed OPEC+ meeting that will now be held on Thursday. The decline followed a modest increase last week on traders’ expectations that Saudi Arabia and Russia, the de facto leaders of the OPEC+ extended cartel, would extend their voluntary supply cuts into 2024..