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Russian Deputy Prime Minister Alexander Novak, speaking on Tuesday at the start of the OPEC+ meeting of leading oil producers, said the global economy is recovering. ....
2 Min Read FILE PHOTO: Tanker trucks of Mexican state oil firm Pemex s are pictured at Cadereyta refinery, in Cadereyta, on the outskirts of Monterrey, Mexico April 20, 2020. REUTERS/Daniel Becerril MEXICO CITY (Reuters) - A judge provisionally suspended modifications to Mexico’s hydrocarbons law that were intended to eliminate asymmetric price regulations against state oil company Petroleos Mexicanos (Pemex), court documents showed on Monday. The modifications are part of President Andres Manuel Lopez Obrador’s efforts to roll back the previous government’s liberalization of the energy market, which aimed to increase private investment in the industry and boost competition. The asymmetric regulation, which was contained in a transitory article in the hydrocarbons law, sought to offset Pemex’s dominant power in the market for oil and gas products and fuels. Congress removed the curbs in late April. ....
LONDON, June 1 (Reuters) - Hedge funds cut their bullish positions in petroleum last week for the third week running, though the rate of selling was slower than in previous weeks and positions are broadly unchanged since the middle of March. Hedge funds and other money managers sold the equivalent of 8 million barrels in the six most important petroleum futures and options contracts in the week to May 25, according to exchange and regulatory reports. Small sales in Brent (-12 million barrels), U.S. gasoline (-6 million) and European gas oil (-6 million) were partly offset by small buying in NYMEX and ICE WTI (+10 million) and U.S. diesel (+6 million). ....
By Reuters Staff 1 Min Read A worker is seen at Iraq s Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files BAGHDAD (Reuters) - Iraqi oil exports stood at about 2.9 million barrels per day (bpd) in May, little changed from the previous month, the country’s oil ministry said on Tuesday. Exports from Iraq’s southern Basra terminals hit 2.8 million bpd during May, the ministry said, while shipments from Kirkuk through Ceyhan averaged about 99,000 bpd. Iraq, which is OPEC’s second-largest producer, relies on oil exports for nearly all its state revenue. It was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers. ....
Kuwait's oil minister said on Tuesday global markets have been able to absorb the gradual oil production increases introduced by the Organization of Petroleum Producing Countries (OPEC) and its allies in May, state-run KUNA news reported. ....