Saudi Arabia's sale of a spot crude cargo to an independent Chinese refiner marks a new phase in the turf war for dominance over Asia's oil market and sends a strong message to its rivals Russia and Iran: the fight for market share is
Falling Iraqi oil exports have eased a huge traffic jam of tankers waiting to load crude at the Iraqi port of Basra, with queuing times falling by about a third this month, shipping data showed.
The easing cong
Global oil pricing agency Platts said it will set a quality premium for Murban crude deliveries during its daily assessment process of the Dubai and Oman benchmarks for Middle East oil from July 1.
Crude prices fell early on Thursday as concerns over a global glut took center stage after Russia and Iran said they were ready to raise oil production further, while inventories in the US climbed slightly.
The International Energ
Crude futures fell in early Asian trade on Wednesday after Kuwaiti oil workers ended a three-day strike that had cut production from the Middle Eastern country and data showed US stockpiles rose last week.
Brent crude futures, wer
Iran's crude oil production will reach pre-sanctions levels within two months, a deputy oil minister was quoted as saying, a signal the Opec member might be willing to discuss an output freeze by the time when the exporting group meets nex
Crude futures slipped on Tuesday on a persistent global glut and the failure of a producer meeting at the weekend to rein in the ballooning oversupply, although a sharp drop in output in Kuwait due to an oil worker strike underpinned prices brie
The oil market is now poised to rebalance in the next six quarters and Brent crude price is likely to rally to $47 per barrel by mid-year, according to a new report by Bank of America Merrill Lynch.
The report titled ‘Global
Oil prices fell in early trading on Monday as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while US output remains stubbornly high.
Front month US West Texas Intermediate (WTI) crude futur
China's monthly oil imports from Saudi Arabia hit their second highest level on record in February, while arrivals from Russia also surged, as weak crude prices prompted the world's top energy consumer to bring in record high volumes l