Oil prices rise as Saudi expects export decline in August

By Andres Guerra Luz and Jessica Resnick-Ault New York, July 19 : Oil prices rose today after Saudi Arabia’s OPEC governor said the kingdom’s crude exports will fall by about 100,000 barrels per day in August, overshadowing market pressure from a rising dollar and record high U.S. crude production. Brent crude oil rose 37 cents […]

In sign of supply flexibility, Russia wields oil stocks to boost output

By Olesya Astakhova and Gleb Gorodyankin Moscow, July 19 : Russia used stocks held in tanks at its oilfields to help boost crude production in June, three industry sources told Reuters, in a sign of supply flexibility as OPEC kingpin Saudi Arabia pushes other major producers to increase spare output capacity. Russian oil production last […]

Japan’s last imports of Iranian oil could be in Oct -industry body

By Osamu Tsukimori TOKYO, July 19 : Japanese oil refiners will likely stop loading Iranian crude by mid-September with final shipments arriving in the first half of October, the head of the nation’s oil refiners association said on Thursday, as the U.S. pressures countries to halt such imports. U.S. President Donald Trump’s administration has demanded […]

As sanctions start to bite, Iran crude exports set to wilt

By Ahmad Ghaddar and Henning Gloystein LONDON, July 17 : Iran’s oil exports could fall by as much as two-thirds by the end of the year because of new U.S. sanctions, putting oil markets under huge strain amid supply outages elsewhere in the world. Washington initially planned to totally shut Iran out of global oil […]

US oil boom delivers surprise for traders – and it’s costly

By Julia Payne, Devika Krishna Kumar and Dmitry Zhdannikov LONDON/NEW YORK, July 15 : The world’s biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent < WTCLc1-LCOc1 > in just a month, as surging U.S production upends the market. Trading desks of […]

Oil falls towards $73 per barrel as supply concerns ease

By Aaron Sheldrick and Dmitry Zhdannikov TOKYO/LONDON, July 13 : Oil prices fell more than 1 percent on Friday, set for a second straight week of decline as Libyan ports reopen and amid hopes that Iran will still export some crude despite U.S. sanctions. Brent crude was down $1, or 1.3 percent, at $73.45 a […]