The oil market is currently balanced and demand is expected to average 104.5 million barrels per day this year, the CEO of Saudi Arabian oil giant Saudi Aramco said

Oil prices have plunged more than 5% after Israel’s weekend airstrikes on Iran targeted military objectives, avoiding oil and nuclear facilities

The company, led by Miguel Galuccio, will invest between $1.1 billion and $1.3 billion in 2025 to achieve this production level by connecting 60 new wells and will announce a new long-term strategic plan next year

Companies drilling for the crude that turned the U.S. into the world’s top oil producer face an unexpected dilemma: their West Texas Midland crude is getting lighter, which could make it less appealing to some refiners

India’s oil minister hopes that global oil prices will come down despite geopolitical tensions as more supplies are coming into the market

According to official data, the country accumulated a positive balance of $3.157 billion in the first eight months of this year. According to official and private projections, Argentina could end 2024 with a surplus between $5 billion and $6 billion

OPEC accused the International Energy Agency (IEA) of “distorting the past and present” for predicting that fossil fuel consumption will peak this decade and that an “age of electricity” will soon begin

The world oil market is heading for a sizeable surplus in the new year, the International Energy Agency said as it reassured markets that the agency stood ready to act if needed to cover any supply disruption from Iran

The weaker outlook highlights the dilemma faced by OPEC+, which comprises the OPEC and allies such as Russia, which is planning to start raising output in December after earlier delaying the hike against a backdrop of falling prices

U.S. and global oil demand growth will be smaller next year than prior forecasts, the U.S. Energy Information Administration said in its Short-Term Energy Outlook report