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OPEC leaves 2022 oil demand growth forecast steady, keeps Q3 demand forecast at 100 mln bpd
A cut in subsidy in FY23 comes on the back of an equally sharp cut in FY22
The Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, has been expected to decide at a monthly meeting on Wednesday to keep gradually increasing production
Uganda and a group of investors announced their decision to finally proceed with oil production following years of setbacks
Petrochemicals producers may have seen declines in bottom lines
Futures in New York traded near $87 a barrel after advancing almost 6% over the past three sessions
Parts of Kuwait could get as much as 4.5C hotter from 2071 to 2100 compared with the historical average
China agreed in late 2021 to release an unspecified amount of oil depending on price levels, sources said
Oil prices typically move inversely to the U.S. dollar, with a stronger greenback making commodities more expensive for those holding other currencies
Surging oil and gas prices in 2021 delivered billions of dollars in profits to top oil companies
Brent crude rose 95 cents, or 1.2per cent, to US$78.73 a barrel as of 0923 GMT. U.S. West Texas Intermediate (WTI) crude added US$1.03 or 1.4per cent, to US$76.24
Brent crude futures fell 3 cents to $79.50 a barrel at 0718 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.1%, to $76.89 a barrel.
More than 1,300 flights were cancelled by US airlines on Sunday as Covid-19 reduced the number of available crews
The government will begin to move barrels into the market in mid- to late-December
RIL and Saudi Aramco signed a non-binding letter of intent in August 2019 for a potential 20 per cent stake acquisition by Saudi Aramco in the O2C business of Reliance.
Brent crude was up 21 cents, or 0.3%, at $80.49 a barrel at 1511 GMT
Company posts $3.3 billion third-quarter profit, beating estimates as oil prices surge
Oil prices have already surged more than 50% this year
The plans follow an announcement in June that the Indian conglomerate will invest in projects of Abu Dhabi National Oil Co