UK-based supermajor BP has withdrawn from the Kirkuk oilfield in northern Iraq after its field study contract expired, and no deal was signed for a potential expansion, likely because of discouraging study results, Reuters reported, quoting sources familiar with the issue and a senior source at...
Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the OPEC member to be cut to a trickle.
Brent crude futures were up by 74 cents, or 1.1%, to $65.59,...
The start-up of the massive Johan Sverdrup oilfield sent Norway’s oil production rising to a nine-year high in December 2019, beating the authorities’ forecast by 12.7%, data from the Norwegian Petroleum Directorate shows
In December 2019, the third month of operation of Equinor’s Johan...
Worldwide oil demand forecasts may be lower than in previous years, but OPEC Secretary-General Mohammed Barkindo said Friday to CNBC that demand growth is still “robust” and could surprise to the upside over the course of 2020 as trade tensions subside.
“By and large what we see from our side is...
Oil prices edged higher on Friday but were set to end the week broadly steady as sluggish economic growth in China, the world’s biggest crude importer, raised concerns about fuel demand and countered optimism from the signing of a China-US trade deal.
The world’s second-largest economy grew by 6...
China’s crude oil imports in 2019 surged 9.5% from a year earlier, setting a record for a 17th straight year, as demand growth from new refineries built last year propelled purchases by the world’s biggest importer, data showed on Tuesday.
Last year, China imported a record 506 million tons of...
Venezuela’s state-owned oil firm PDVSA is moving to market its crude oil overseas by enlisting its joint venture partners, including US supermajor Chevron, to sell cargoes to buyers in Asia and Africa, Reuters reported on Monday, quoting PDVSA documents and sources at the joint ventures.
Even...
Oil prices rose slightly on Monday as investors shift their focus away from easing Mideast tensions to this week’s scheduled signing of an initial US-China trade deal which could boost economic growth and demand.
Brent crude was up 20 cents at $65.18 per barrel, while West Texas Intermediate...
US shale production will be flat or even decline by 2021, and global oil demand is healthier this year than it was in 2019, UAE Energy Minister Suhail al-Mazrouei said Saturday.
"My expectation is that 2020 will be very good," he told reporters on the sidelines of the Atlantic Council Global...
Oil slipped towards $65 a barrel on Friday as the threat of war in the Middle East receded and investors focused on rising US inventories and other signs of ample supply.
Crude is now below where it was before a US drone strike killed Iran’s top general Qassem Soleimani on Jan. 3. Iran...