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WTI advances to near $82.80 on likelihood of OPEC+ maintaining production cuts

WTI advances to near $82.80 on likelihood of OPEC+ maintaining production cuts

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WTI price gained ground as OPEC+ is expected to maintain their production cuts. Ukrainian attacks on Russia’s infrastructure are contributing to the sentiment of tightening global Crude supplies. Fuel suppliers in Baltimore are expected to encounter delays following the collapse of the Francis Scott Key Bridge. West Texas Intermediate (WTI) oil price settled higher at […]

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The U.S. Breaks Its Self-Imposed Oil Price Ceiling of $79 to Refill the SPR

The U.S. Breaks Its Self-Imposed Oil Price Ceiling of $79 to Refill the SPR

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Irina Slav Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry. More Info By Irina Slav – Mar 28, 2024, 2:32 AM CDT The latest crude oil purchase that the Department of Energy made as part of refill plans for the strategic petroleum reserve cost

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Crude Oil Inventories Rise By 3.2 Million Barrels, Exceeding Analyst Expectations

Crude Oil Inventories Rise By 3.2 Million Barrels, Exceeding Analyst Expectations

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Crude oil imports averaged 6.7 million bpd, rising by 424,000 bpd from the previous week. Strategic Petroleum Reserve increased from 362.3 million barrels to 363.1 million barrels as U.S. continued to buy oil for strategic reserves. The purchases of oil for SPR have served as a material positive catalyst for oil markets this year. Domestic

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Sinopec’s 2024 Profits Declined 13% After Oil Prices Fell

Sinopec’s 2024 Profits Declined 13% After Oil Prices Fell

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Alex Kimani Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.  More Info By Alex Kimani – Mar 25, 2024, 1:30 PM CDT China’s largest oil refining company China Petroleum & Chemical Corp. aka Sinopec, recorded a 13% decline in its 2024 profits due to lower oil and gas prices. Sinopec reported FY 2024 net income

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Oil Updates – crude rises as heightened geopolitical risks exacerbate supply concerns

Oil Updates – crude rises as heightened geopolitical risks exacerbate supply concerns

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UAE’s abroad investments performing well despite economic headwinds: top official  RIYADH: The UAE has strengthened its position in the global economy, with its overseas investments proving resilient amid economic fluctuations, said a senior official.  Jamal Bin Saif Al-Jarwan, secretary-general of the UAE International Investors Council, stated that the Emirate’s assets abroad, both government and private,

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U.S. Has Urged Ukraine To Stop Attacks on Russian Refineries

U.S. Has Urged Ukraine To Stop Attacks on Russian Refineries

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Charles Kennedy Charles is a writer for Oilprice.com More Info By Charles Kennedy – Mar 22, 2024, 12:30 PM CDT The United States has repeatedly urged Ukraine to halt its drone attacks on Russian oil refineries due to Washington’s assessment that the strikes could led to Russian retaliation and push up global oil prices, the Financial

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