China’s crude oil imports rose slightly in July amid a general improvement in commodity imports during that month, Bloomberg reported, citing official data released by Beijing on Sunday. Crude oil imports stood at 37.33 million tons last month, the data showed, although an increase from a four-year low booked earlier in the year was still … Read more
Yesterday, OPEC and its partners led by Russia agreed to increase their combined oil production by 100,000 bpd in September. Reports note that the decision follows calls from the US and other big consumers for more oil. However, 100,000 additional barrels daily will probably not be enough to lower prices much further. The production increase … Read more
By Julianne Geiger – Aug 04, 2022, 10:00 AM CDT Sources: Saudi Arabia and the United Arab Emirates are ready to deliver a “significant increase” in crude oil production if the market should run up against a severe supply crisis this winter. Combined, OPEC members have between 2 million bpd and 2.7 million bpd in … Read more
OPEC+’s small increase in output offers little comfort for consumers hit hard by soaring oil prices. OPEC+ responded to months of diplomatic efforts from US President Joe Biden with one of the smallest oil production increases in its history. The cartel will add only 100,000 barrels a day of oil in September, giving a tight … Read more
By Tsvetana Paraskova – Aug 03, 2022, 7:49 AM CDT OPEC+ agreed to a small 100,000 bpd production hike for September. The OPEC+ Ministerial meeting took over the recommendation of the Joint Ministerial Monitoring Committee. Saudi Arabia and the UAE are believed to be the only two producers in OPEC+ and in the world currently … Read more
CNN — The Biden administration on Tuesday approved and notified Congress of possible multibillion-dollar weapons sales to both Saudi Arabia and the United Arab Emirates. The notice of the approval comes just weeks after President Joe Biden met with the leaders of each nation in Jeddah, Saudi Arabia, as he sought to improve relations between … Read more
While much of the global pressure toward decarbonization has been directed toward privately owned and operated oil supermajors like BP, ExxonMobil, and Shell, a new report from the Economist suggests that much of this pressure and blame is misguided. It’s not that Big Oil doesn’t need to change its focus, strategy, and commitments in order … Read more
US West Texas Intermediate crude oil futures are trading higher on Friday on reports that OPEC and its allies will ignore President Biden’s request to boost supply at next week’s production meeting. A weaker US Dollar and stronger risk sentiment is also lending support at the close of the week. Crude oil traders have been … Read more
Saudi Arabia expects to have freed up to 1 million barrels per day (bpd) of oil for exports by 2030 by cutting its direct oil use in power generation as it looks to replace petroleum liquids with gas-powered generation and renewables, Energy Intelligence reportsquoting industry sources. Saudi Arabia relies on crude and fuel oil for … Read more
The United Arab Emirates has sentenced an American citizen and the former lawyer of Jamal Khashoggi — the dissident Saudi journalist who was killed at Saudi Arabia’s consulate in Istanbul in 2018 — to three years in prison on charges of money laundering and tax evasion. The Abu Dhabi Money Laundering Court also ordered that … Read more
