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Iraq’s state oil marketer SOMO has approached French traders about the possibility of supplying Europe with crude, its director general said May 31, as the EU seeks to implement a ban on Russian seaborne imports. SOMO still aims to maintain its key supply contracts with Indian and Chinese state customers, who have signed long-term contracts, ...
The EU has agreed to ban Russian oil imports by sea, amounting to more than two-thirds of Russian crude deliveries to the bloc, in a move expected to further reshape global energy flows and add to price pressures as buyers seek alternative supplies. Brent crude futures for August were up by 1.6%, or $1.92/b, at ...
The oil market “is relatively in balance,” Saudi Arabia’s foreign minister said May 24, as the kingdom continues to brush off calls to produce more crude to bring down soaring prices. Consumers’ pain at the pump is the result of underinvestment in refining capacity, Prince Faisal bin Farhan al-Saud told the World Economic Forum in ...
Norway’s crude oil output was down 3% on the year in April at 1.66 million b/d, data published May 20 showed, with output running well below official forecasts due to sooner-than-expected maintenance. April crude output was also down nearly 5% compared with March 2022. Overall liquids production, including natural gas liquids, was down 6% on ...
A number of fears have gripped the oil market – recession, demand destruction, supply disruptions and rock bottom spare capacity to name a few, –so volatile prices are not surprising and are here to stay.