Russia’s oil output this year is on course to top 480 million tonnes, or about 9.6 million barrels per day (bpd), a Russian government source said. The figure, which excludes gas condensate, is in line with Russia’s pledge to cut production by 500,000 bpd to 9.5 million bpd from March until year-end
The Group of Seven (G7) coalition will keep a $60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow’s revenues
Saudi Arabia’s crude oil exports slipped more than 2% in February data from the Joint Organisations Data Initiative (JODI) showed
European Union and G7 restrictions on Russian oil exports led to a global shift in oil flows, with Asian refiners soaking up discounted Russian crude, in part explaining the recent OPEC+ decision to curtail output further, the West’s energy watchdog said
OPEC flagged downside risks to summer oil demand as part of the backdrop to shock output target cuts announced by OPEC+ producers on April 2, although the producer group maintained its forecast for global oil demand growth in 2023
U.S. crude inventories rose unexpectedly last week, the Energy Information Administration said, helped by release of oil from the U.S. government emergency reserve as well as weaker levels of export
Argentina’s state oil company YPF has agreed to pay nearly $300 million to the creditors of one of its now-bankrupt subsidiaries after they sued the company in relation to a historical U.S. environmental case, it said
Brent oil prices could still end the year at $96 per barrel, J.P. Morgan analysts said, adding that they view the surprise cuts as a “preemptive measure” to assure that surpluses in the market do not extend into the second half of 2023
Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable
Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington’s permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban
