Asian shares also slipped on Monday despite the all-out efforts of the central banks to bolster the markets with rate cuts and asset-buying campaigns.
Saudi Aramco raised the January official selling price (OSP) for its Arab Light crude oil for Asian customers by 30 cents a barrel versus December to a premium of $3.70 per barrel to the Oman/Dubai average
Growth in global oil demand is expected to slow from 2025 as fuel efficiency improves and the use of electric vehicles increases
Adviser to the Khyber Pakhtunkhwa chief minister on energy and power Hamayatullah Khan on Wednesday said that the province was producing 45,000 barrel of crude oil per day.
"In future months, the Americans themselves will see that we will continue our oil exports," Rouhani said.
Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd)
LONDON/NEW YORK: The world’s biggest oil traders are counting hefty losses after a surprise doubling in the price discount of US light crude to benchmark Brent in just a month, as surging US production upends the market. Trading desks of oil major BP and merchants Vitol, Gunvor and Trafigura have recorded losses in the tens of millions of dollars each as a result of the “whipsaw” move when the spread reached more than $11.50 a barrel in June, insiders familiar with their performance told Reuters. The sources did not…
TOKYO: Oil prices rose on Tuesday on escalating concerns over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day. Brent crude added 55 cents, or 0.7 per cent, to $78.62 per barrel by 0638 GMT, following a 1.2-percent climb on Monday. US light crude futures were up 47 cents, or 0.7 per cent, at $74.32. Hundreds of workers on Norwegian oil and gas offshore rigs are due to strike on Tuesday after rejecting a proposed wage deal, a move…
ISTANBUL: Saudi Arabia said on Monday it was "not unthinkable" that the price of crude oil could surge to $60 a barrel by the end of the year but warned against drastic production cuts that might shock markets. Speaking in the opening keynote speech at the World Energy Congress in Istanbul, Saudi Energy Minister Khalid Al-Falih said that whatever the oil price the kingdom was in good shape to implement its reform vision to transform the structure of its crude-based economy by 2030. For months pressured by concerns of slack…
ISLAMABAD: The ministries of Finance and Petroleum opposed a recommendation to reduce the price of petroleum products by as much as Rs. 5.45.