Tag: Oil

The global oil market faces an even bigger surplus next year of as much as 4.09 million barrels per day as OPEC+ producers and rivals lift output and demand growth slows, the International Energy Agency said on Thursday.

Oil prices were little changed despite news that OPEC+ plans to end its supply increases, with the market weighed down by fears of an oil supply glut and weak factory data in Asia.

Iraq’s total oil exports stand at 3.6 million barrels per day, Oil Minister Hayan Abdel-Ghani said on Monday, adding that a fire at Iraq’s Zubair oilfield on Sunday did not impact shipments.

EU energy ministers on Monday backed a proposal to phase out Russian oil and gas imports to the bloc by January 2028, the Council of the European Union said.

The world oil market faces an even bigger surplus next year of as much as 4 million barrels per day as OPEC+ producers and rivals lift output and demand remains sluggish, the International Energy Agency predicted on Tuesday.

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.

China is building oil reserve sites at a rapid clip as part of a campaign to boost crude stockpiles that increased in urgency after Russia’s Ukraine invasion upended global energy flows and has accelerated this year, according to public data, traders and industry experts.

Oil prices rose more than 1% on Monday after OPEC+’s planned production increase for November was more modest than expected, tempering some concerns about supply additions, though a soft outlook for demand is likely to cap near-term gains.

OPEC+ will likely approve another oil production increase of at least 137,000 barrels per day at its meeting next Sunday, as rising oil prices encourage the group to try to further regain market share, three sources familiar with the talks said.

OPEC+ will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions said, as the group seeks to regain market share.

Russian oil exports to India are set to rise in September, traders said, as producers cut prices to sell more crude because they cannot process as much in refineries that were damaged by Ukrainian drone attacks on energy infrastructure.

Oil prices fell Monday after a group of top producers announced plans to further increase production in September, while concerns over a cooling U.S. economy and trade tariffs also weighed.

The European Union has reached an agreement on a new sanctions package against Russia, which includes a lower price cap for Moscow’s crude oil barrels.

Oil prices rose on Monday to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while more oil imports by China also offered support along with signs of tighter supply.

OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view, based on rising consumption in the developing world, and said there was no sign oil use had reached its peak.

Markets are thirsty for oil because they are absorbing OPEC+ production increases without building inventories, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Wednesday.

OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates’ move to a larger quota, five sources said.

Gasoline prices are on track to hit their lowest level since 2021 heading into the July Fourth holiday.

Oil prices extended losses on Tuesday to hit a two-week low on what the market viewed as lower risk of supply disruptions in the Middle East, though U.S. President Donald Trump accused both Israel and Iran of violating a ceasefire he helped to broker.

Oil prices touched a five-month high before paring gains on Monday as oil and gas transit continued on tankers from the Middle East after U.S. airstrikes against Iran at the weekend.