crude oil Archives - Page 7 of 8

Latest US sanctions on Iranian oil deal blow to China’s Sinopec

October 10, 2025

(BOE Report)– The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said. The sanctions announced on Thursday further complicate U.S.-China relations, coming ahead of planned talks between Presidents Donald Trump and Xi Jinping

Iraq, Exxon sign agreement to help develop oilfield

October 8, 2025

(Investing.com)– Exxon Mobil signed an agreement with Iraq on Wednesday to help it develop its large Majnoon oilfield and expand its oil export infrastructure, marking a return to the country two years after leaving. OPEC’s second largest producer is looking to draw back Western oil majors and increase output constrained by years of war, corruption and sectarian tensions. Iraqi Prime Minister

Crude oil prices plunge over 3% as OPEC+ signals more supply

September 29, 2025

(Oil Price) – Crude futures slumped on Monday, extending their biggest single-day slide in weeks as OPEC+ signaled it may press ahead with another round of output increases despite production shortfalls across the group. By 12:48 p.m. ET, benchmark contracts were down more than 3%, reflecting both cartel politics and shifting supply expectations. Brent crude was at $67.88 per barrel, a drop

What’s the real reason behind OPEC+’s surprise oil production boost?

September 19, 2025

(Oil Price)-OPEC+’s decision last week to increase its collective oil production has surprised many, given the soft outlook for oil prices for the remainder of this year and into next. It is true that the 137,000 barrels per day (bpd) rise from October is much lower than the 411,000 bpd and 555,000 bpd respective increases for the June and July

Ten Permian counties account for 93% of U.S. oil production growth since 2020

September 2, 2025

(World Oil)– Between 2020 and 2024, total crude oil and lease condensate production in the United States grew by 1.9 million barrels per day (bpd), 93% of which was produced from just 10 counties in Texas and New Mexico, according to a new report from the Energy Information Administration (EIA). Production from the rest of the U.S., including producing areas

Global oil markets will face record surplus in 2026, says IEA

August 15, 2025

(World Oil)– Global oil markets are on track for a record surplus next year as demand growth slows and supplies swell, the International Energy Agency said. Oil inventories will accumulate at a rate of 2.96 million bpd, surpassing even the average buildup during the pandemic year of 2020, data from the IEA’s monthly report showed. World oil demand this year

Vietnam buys its first U.S. crude oil cargo for 2025

August 14, 2025

(Oil Price)– Vietnam has bought its first cargo of U.S. crude oil for 2025, Reuters reported on Thursday, citing sources. Vietnam, which is estimated to have made its previous purchase of U.S. crude at the end of last year, has now bought 1 million barrels of West Texas Intermediate crude for November delivery, according to Reuters’ sources. Vietnamese refinery Binh Son

EIA shows US crude oil inventories growing

August 13, 2025

(Oil Price)– Crude oil inventories in the United States increased by 3.0 million barrels during the week ending August 8, after dropping by 3 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426.7 million barrels according to government data, which is 6%

Discount on Western Canada Select widens

August 12, 2025

(BOE Report)– The discount on Western Canada Select to the North American benchmark West Texas Intermediate futures widened on Monday. WCS for September delivery in Hardisty, Alberta, settled at $12.25 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.10 a barrel on Friday. * The differential between Canadian heavy crude and the U.S. benchmark has

Fossil fuels rise in Europe and U.S. despite soaring clean energy

July 24, 2025

(Oil Price)– Power generation from clean energy rose globally in the first half of the year, led by the renewables champion China, while power output from fossil fuels remained flat from a year earlier, due to rising gas and coal use in Europe and surging coal generation in the United States. China’s clean energy generation jumped by 14% to a

Nigeria’s GEIL exports first crude from new onshore terminal

June 23, 2025

(World Oil)– Nigerian energy company Green Energy International (GEIL) has completed the development of the Otakikpo onshore terminal, situated in OML 11 near Port Harcourt. In June 2025, the company lifted its first crude cargo from the newly-constructed facility—the first indigenous onshore terminal constructed in the country in five decades—signaling the start of operations at the terminal. “Facilities such as

Middle East oil flows continue through Strait of Hormuz despite conflict

June 20, 2025

(World Oil) – A week since Israel and Iran started to exchange missile barrages, oil tanker transits through the critical Strait of Hormuz have remained largely steady. A seven-day rolling average for oil tankers above 10,000 deadweight tons that sailed through the Strait — the passageway for the Persian Gulf’s energy supplies to the world — was approximately 42-to-45, according

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