Crude Oil Production

The US will begin releasing the oil next week, although it could take around 120 days to deliver the full quantity

Israel and Iran exchanged fire early Wednesday as Tehran kept up its pressure on the region's oil industry, hitting a ship in the Strait of Hormuz and targeting infrastructure as concerns grew of a global energy crisis. Iran has effectively stopped shipping traffic through the narrow strait off its coast, through which about a fifth of the world's oil is shipped from the Persian Gulf toward the Indian Ocean. It has also been targeting oil fields and refineries in Gulf Arab nations as part of a strategy that appeared to be aimed at generating enough global economic pain to pressure the United States and Israel to end their strikes. Early Wednesday, Kuwait said its defences had downed eight Iranian drones over the oil-rich nation and Saudi Arabia said it had intercepted five drones heading toward the kingdom's vast Shaybah oil field. A projectile hit a container ship off the coast of the United Arab Emirates in the Strait of Hormuz. The United Nations Security Council was to vote la

Brent futures were ​trading down 23 cents, or 0.26 per cent ‌lower, at $87.57 ​a barrel ‌at 0023 GMT

Within days of the US-Israel attacks on Iran, crude oil prices have surged past $100 a barrel for the first time since the early fallout of Russia's invasion of Ukraine

Some barrels from US are fetching their biggest premium since 2020, and value of major Norwegian grade, which moves almost lockstep with Brent, has gained more than $5 on the benchmark this week

US-Israel strikes on Iran have left Chinese firms facing stalled deals, shipping delays and oil price risks, exposing China's trade links and heavy dependence on West Asia energy supplies

OPEC+ is expected to extend its pause on oil production increases in March, even as geopolitical tensions and Iran-related risks push crude prices higher

ONGC now expects peak gas production of 10 mmscmd from KG-98/2 by mid-2026, even as crude output declines to 28,000 bpd, prompting well interventions and BP-led technical support

Crude oil Outlook: WTI to trade $57-$62/bbl near-term, with upside to $65+ on Russian disruptions. Bearish base case holds unless geopolitics escalate.

Since April, OPEC and its partners have pivoted from years of output restraint to reopening the taps, surprising crude traders and raising questions about the group's long-term strategy

The fears centre around the possibility of supply routes being interdicted and hence, supply being disrupted, rather than Iranian oil being taken off the market

A potential shutdown of the Strait of Hormuz amid rising Gulf tensions could trigger a sharp but brief surge in crude prices, according to Citigroup analysts tracking energy markets

Oil markets may face an oversupply in the second half of 2025, alongside potentially weakened demand due to Trump's inclination towards universal tariffs

US West Texas Intermediate crude futures for March rose 75 cents, or 1 per cent, to $72.60, up 2.6 per cent from the previous close before Monday's US public holiday

Brent futures were down 77 cents or 1 per cent at $76.23 a barrel by 1230 GMT, while US West Texas Intermediate (WTI) crude dropped 88 cents or 1.20 per cent to $72.44 a barrel

On Wednesday, Brent crude was down around 1.2 per cent to $76.16/bbl, while US West Texas Intermediate crude fell around, or 1.05 per cent, to $73.47/bbl

Brent crude futures eased 32 cents to $73.59 a barrel at 0949 GMT, while US West Texas Intermediate crude was down 44 cents at $70.27 a barrel

Opec+, which pumps about half the world's oil, had been planning to start unwinding cuts from Oct 2024 but a slowdown in global demand and rising output outside the group forced it to postpone plans

He added that low crude oil prices would be a very important ingredient for India's growth prospects

South American nation has become a significant contributor to world crude supply