(BOE Report) – Saudi Arabia is increasing its oil production and exports as part of a contingency plan in case any U.S. strike on Iran disrupts supplies from the Middle East, two sources familiar with the plan said on Wednesday. The Saudi government media office did not immediately respond to a request for comment on the plan. U.S. President Donald
(Oil Price) – State-held Kuwait Petroleum Corporation (KPC) is considering following in the footsteps of its Saudi and Abu Dhabi peers by tapping major international infrastructure investors to buy a stake in its crude oil pipeline network in a deal that could be valued at about $7 billion, sources with knowledge of the plan told Reuters. The Kuwaiti national oil company has
(Investing) – NEW YORK – Oil prices were little changed near a seven-month high on Tuesday as traders waited for news from nuclear talks between the U.S. and Iran. Brent futures fell 25 cents, or 0.4%, to $71.24 a barrel at 10:41 a.m. EST (1541 GMT), while U.S. West Texas Intermediate crude fell 25 cents, or 0.4%, to $66.06. Earlier in the
(Investing) – LONDON- Oil prices reached a six-month high on Monday as the U.S. and Iran prepared for a third round of nuclear talks while increased economic uncertainty was also in focus after the latest U.S. tariff upheaval. Brent crude futures were up 62 cents or nearly 0.9% at $72.38 a barrel, a fresh six-month high, by 1432 GMT while U.S.
(Oil Price) – The ratcheting up of tensions between the United States and Iran could push an already red-hot supertanker market even higher with rates soaring to the highest level since 2019, analysts say. The daily rate for hiring a supertanker on the key Middle East-to-China route has surged threefold since the beginning of the year, to over $150,000. That’s
(BOE Report) – Crude oil exports from the world’s largest oil exporter fell to 6.988 million barrels per day, down from 7.378 million bpd in November and its lowest since September, data from the Joint Organizations Data Initiative showed on Thursday. Saudi Arabia’s crude output stood at about 10.084 million bpd in December, its highest since April 2023. Output in
(Investing) – LONDON – Oil prices rose on Thursday, driven by growing concerns about potential military conflict between the U.S. and Iran as both stepped up military activity in the oil-producing Middle East. Brent futures were up $1.13, or 1.6%, to $71.48 a barrel at 1418 GMT, while U.S. West Texas Intermediate (WTI) crude was up $1.16, or 1.8%, at $66.35. After advancing more
(BOE Report) – The United States issued fresh guidance on Monday to commercial vessels transiting the Strait of Hormuz, a key shipping lane for Middle East oil supplies, as tensions simmered between Washington and Tehran over Iran’s nuclear program. Iran has in the past threatened to close down the Strait of Hormuz, a portion of which lies within its territorial
(Investing) – Oil prices ticked up on Friday, after reports citing Iran’s foreign minister said talks between the country and the U.S. had got off to a “good start.” At 11:05 ET (16:05 GMT), Brent oil futures for April were up 1% to $68.15 a barrel and West Texas Intermediate crude futures rose 0.9% to $63.85 a barrel. Notably, the crude benchmarks were on track
(Oil Price) – With Russia still focused on Ukraine and China on Taiwan, the U.S. and its key Western allies — most notably, Great Britain, France, and Italy — are continuing to secure highly strategic geopolitical gains across the Middle East and North Africa (MENA). Following Moscow’s loss of its key client state in the region, Syria, the allies have been
(Investing) – Oil prices were largely flat on Wednesday, halting a sharp advance from earlier after reports of growing tensions between the U.S. and Iran pushed up concerns over potential supply disruptions in the Middle East. Oil had also benefited from industry data showing U.S. oil inventories unexpectedly shrank by a large amount in the prior week, as extreme cold weather in
(Oil Price) – Iranian gunboats made a pointed move in the Strait of Hormuz this week, approaching a U.S.-flagged oil tanker in what U.S. and British maritime security sources describe as a failed attempt to interfere with the vessel’s transit. No shots were fired, the tanker continued on its way, and no damage was reported—but the message was unmistakable. The incident
