Oil Prices Hit Two-Week High on Red Sea Shipping Disruptions

Crude oil prices hit the highest in two weeks following BP’s announcement it will temporarily reroute its tankers away from the Red Sea amid intensifying attacks by the Yemeni Houthis on vessels in the area. Brent crude gained 1.8% on Monday and earlier today topped $78 per barrel, while West Texas Intermediate topped $72 per.

Turkey Saved $2 Billion This Year by Importing Cheap Russian Oil

Turkey, which has become one of the biggest buyers of Russian oil after the EU embargo on Moscow’s crude and refined products, has saved some $2 billion from its oil import bill so far this year, as it has boosted imports from Russia, Reuters has estimated. Turkey has continued to buy Russian crude and refined.

Oil Prices Climb As Russian Exports Drop and Tankers Avoid the Red Sea

Crude oil prices began the week with a 1% gain in mid-morning trade in Asia as the latest news about Red Sea ship attacks sparked concern about the security of oil shipments. At the same time winter weather in Russia has affected oil exports negatively, adding to oil’s upwards potential, Reuters reported today, citing an.

India Resumes Imports of Venezuela’s Crude Oil

India is resuming imports of crude oil from Venezuela for the first purchases since 2020 as the U.S. lifted most of the sanctions on Venezuela’s oil industry in October. The easing of the sanctions now allows the production, lifting, sale, and exportation of oil or gas from Venezuela, and the provision of related goods and services, as.

Global Coal Demand Is Set to Hit a Record High in 2023

Global coal demand is set to rise by 1.4% this year and surpass a record-high level of 8.5 billion tons for the first time, the International Energy Agency (IEA) said on Friday. While coal demand in the United States and the EU is set for a 20% record decline this year, coal use in emerging.

OPEC Maintains Oil Demand Outlook Amid Resilient Economic Growth

OPEC kept on Wednesday its oil demand growth forecasts for this year and next, citing better-than-expected economic performance so far this year and blaming “exaggerated concerns about oil demand growth” for the recent slump in oil prices. In its closely-watched Monthly Oil Market Report (MOMR) out on Wednesday, OPEC kept its forecast for world oil.

Oil Prices Continue to Fall Ahead of the EIA Report and Fed Meeting

Crude oil prices began the day with a loss in Asian trading today as concerns about oversupply and weak demand continued to weigh on prices. Traders are also waiting for the outcome of a Fed meeting today and the Energy Information Administration’s latest weekly oil inventory report. Reuters noted in a report that recent economic.

Oil Sinks to 6 Month Low As Inflation Fears Persist

Crude oil prices dropped sharply on Tuesday, with WTI falling by more than 4 percent as traders appear spooked by the consumer price index, which increased by 3.1 percent from November 2022 to November 2023, The Labor Department said on Tuesday. The CPI rose 0.1 percent from October to November, the most recent data showed..

M&A Boom Sees Permian Oil Deals Surpass $100 Billion in 2023

The Permian basin saw a surge in mergers and acquisitions this year, with the total value already exceeding a record $100 billion, led by the mega deals announced by ExxonMobil and Chevron, energy consultancy Wood Mackenzie said on Tuesday. The Permian, the top oil-producing basin in the United States, saw a return of M&A activity.

Chinese Demand for Saudi Crude Slumps to 5-Month Low

Demand for Saudi crude at Chinese refiners is at its lowest since August after the world’s top crude exporter set the price of its oil for January at levels higher than the market was expecting, trading sources with knowledge of the matter told Reuters on Monday. China’s refiners are estimated to have nominated 40 million.

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