Oil prices edged higher in volatile trade, bolstered by the prospect of lower Russian exports but pressured by rising inventories in the United States and concerns over global economic activity
India’s Russian oil imports climbed to a record 1.4 million barrels per day (bpd) in January, up 9.2% from December, with Moscow still the top monthly oil seller to New Delhi, followed by Iraq and Saudi Arabia, data from trade sources showed
The global oil and gas industry’s profits in 2022 jumped to some US$4 trillion from an average of $1.5 trillion in recent years, the head of the International Energy Agency (IEA), Fatih Birol, said
OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China’s relaxation of COVID-19 restrictions, and trimmed supply forecasts for Russia and other non-OPEC producers, pointing to a tighter market
Oil may resume its rally in 2023 as Chinese demand recovers after COVID curbs were scrapped and lack of investment limits growth in supply, OPEC country officials said
The United States imposed sanctions on companies it accused of playing a critical role in the production, sale and shipment of Iranian petrochemicals and petroleum to buyers in Asia, as Washington increases pressure on Tehran
Big Oil more than doubled its profits in 2022 to $219 billion, smashing previous records in a year of volatile energy prices where Russia’s invasion of Ukraine reshaped global energy markets and, in some cases, the industry’s climate ambitions
Oil producers may have to reconsider their output policies following a demand recovery in China, the world’s second-largest oil consumer, the International Energy Agency’s Executive Director Fatih Birol said
Oil prices rose from an 8% drop last week on supply concerns, but was still trading near three-week lows, driven by worries that slower growth in major economies may limit fuel use
Oil prices steadied as investors sought more clarity on the imminent EU embargo on Russian refined fuels, with prices set for a second weekly loss in the absence of clear signs of demand recovery in top consumer China
