Oil prices rose more than 1%, supported by lower U.S. crude stockpiles and a halt to exports from Iraq’s Kurdistan region, which offset pressure from a smaller-than-expected cut to Russian supplies
Oil tankers seeking to carry out operations off the Mediterranean and Atlantic shores, even outside territorial waters, will have to seek authorization from the closest Spanish port captaincy, according to a new rule due to come into force 20 days after it was published on March 22
OPEC Secretary-General Haitham al-Ghais said the group’s agreement to reduce production has helped address challenges facing global oil markets, Iraq’s oil ministry quoted him
Finland, until now one of the EU countries most dependent on Russian oil, last year halted imports of Ural crude but increased purchases from Norway and stocked up on barrels in the UK. United States and the United States, according to data from Refinitiv Eikon
Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told Energy Intelligence in an interview the OPEC+ alliance will stick until the end of the year to production cuts agreed in October
Global oil demand is edging up slowly but is set for a huge boost from resumed air travel and China’s economic reopening after COVID-19 curbs, the International Energy Agency said
OPEC further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country’s COVID-19 curbs, although it left the global total steady citing potential downside risks for world growth
The Biden administration is approving a scaled-back version of ConocoPhillips’ $7 billion oil and gas drilling project in Alaska, the U.S. Department of Interior said
Barclays cut its 2023 oil price forecasts, due in part to more resilient output from Russia than expected, and said the market could flip into a deficit in the second half of the year due to growing demand in China
The development also highlights growing cooperation between Russia and top Gulf oil producers, such as Saudi Arabia and the UAE. Gulf Arab states have resisted U.S. pressure to help isolate Russia and to pump more oil to help replace Russian supply after it came under Western sanctions
