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

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