Crude Oil Market News
Top Oil and Financial Firms Made $424 Billion in Windfall Profits in Two Years
January 18, 2024
The six biggest international oil majors alone posted as much as $219 billion in combined net profits for 2022, a new record high.
China Reports Record Refinery Output in 2023
January 17, 2024
In December alone, the annual increase in throughput was 11%
EIA Predicts Fifth Monthly Oil Output Decline
January 17, 2024
The EIA predicted a production decline for December, to 9.653 million bpd from 9.654 million bpd in November
Iran Missile Attack Kills Kurdish Oil Tycoon
January 16, 2024
The attack on Dizayee’s house came after members of the Islamic Revolutionary Guard Corps were killed in Syria, including one senior commander
Canadian Heavy Inches Up After Trans Mountain Approval
January 16, 2024
The expanded pipeline will triple the capacity of the original pipeline to 890,000 barrels per day from 300,000 bpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast
Bigger OPEC+ Quota Will Help Boost UAE’s Economic Growth
January 15, 2024
As the UAE’s oil output fell in 2023, exports of crude oil also declined, data from shipbroker Banchero Costa revealed earlier this month.
Republican Candidates Embrace Oil and Gas in Fifth Presidential Debate
January 12, 2024
Both candidates committed to removing the so-called green subsidies that the Biden administration has lined up for transition projects.
Middle East Escalation Pushes Oil Prices Higher
January 11, 2024
Oil prices seem to be in a state of indecision this week, as market participants attempt to digest a confluence of factors
American Gasoline Finds New Market in Australia
January 10, 2024
Traders, however, don’t expect a surge in shipments from the U.S. to Australia, expecting the price differences to narrow in the near term.
India Boosts Saudi Crude Oil Imports Following Price Cuts
January 10, 2024
India is looking at more Saudi and West Africa supplies amid lower imports of crude from Russia, which is now its top crude supplier, having toppled Iraq and the Saudis from the top two spots over the past year.
Red Sea Oil Transport Uninterrupted Despite Regional Unrest
January 09, 2024
The Houthis, who control most of Yemen, launched a string of attacks on Israel-bound ships in the Red Sea in reaction to Israel’s bombing of Gaza
Biden Admin Reviews LNG Approval Process
January 09, 2024
The review is being reported amid a surge in environmentalist opposition to new LNG facilities on the Gulf Coast.
Russian Fuel Exports Jump To 8-Month High
January 08, 2024
Russian oil product exports averaged nearly 2.7 million barrels per day (bpd) in the four weeks to December 31, up by 6% compared to the four-week average for the week to December 24
Europe’s Diesel Refining Margins Slump by 40% as Supply Worries Fade
January 01, 2024
The diesel barge refining margins in northwestern Europe ended 2023 at $25 per barrel, down by around 40% compared to the same time in 2022
EIA: U.S. Crude Oil Production Rates Sag In October
January 01, 2024
The EIA had previously forecast that U.S. crude oil production for October would average 13.257 million bpd.
Oil Inventories Rise Toward the End of 2023
December 28, 2023
Distillate inventories also rose this week, with a small build of 270,000 barrels, after rising by 2.738 million barrels in the week prior. Distillates are roughly 10% below the five-year average.