OPEC's compliance with its production quotas fell sharply in June, as output gains in the month by Saudi Arabia and Nigeria, along with Iraq's, continued to flout their cap and shrank the bloc's margin for remaining within the bounds of their supply cut agreements.
The 11 members covered by...
Profits from gasoline production have surged over 150% in Asia from June due to output cuts and refinery maintenance, industry sources said this week, but that may not last as a flood of new supply is expected to hit markets.
Asian profits on refining Brent crude into gasoline crack touched a...
Russian oil production fell close to a three-year low in early July, to 10.79 million barrels per day, dragged down by declining output at Rosneft, the country’s largest oil producer, industry sources told Reuters on Tuesday.
This is the lowest level of extraction since August 2016, when it...