Oil & Gas

Oil prices fell on Thursday, continuing losses from the previous day, after a report indicating rising crude inventories at the U.S. heightened concerns that global supplies are more than enough to meet the current fuel demand. Brent crude futures dropped 9 cents or 0.1% to $62.62 per barrel at 0336 GMT after falling 3.8% the day before. U.S. West Texas Intermediate Crude fell 11 cents or 0.2% to $58.38 per barrel, continuing a 4.2% drop on Wednesday. According to market sources, who cited American Petroleum Institute data, U.S. crude stocks rose by 1.3m barrels during the week ending November 7,...

The U.S. Energy Department announced on Wednesday that they had purchased 900,000 crude oil barrels for almost $56 million. This is a small step towards replenishing the Strategic Petroleum Reserve. Energy Department documents stated that Trafigura Trading would supply 600,000 bbls and Energy Transfer Crude Marketing would supply 300,000 bbls. An Energy Department document stated that the solicitation for up to one million barrels was made in October. Energy Department announced that the oil would be delivered to Bryan Mound SPR in Texas in December and early January. The SPR is a reserve that has been hollowed out in salt...

Three sources with knowledge of the situation said that the Russian energy giant Lukoil had requested an extension of the U.S. Treasury deadline, which prevents transactions with Russian companies after November 21. Last month, the U.S. Treasury Office of Foreign Assets Control announced new sanctions against Rosneft and Lukoil. This increased pressure on Russian president Vladimir Putin to end Moscow’s war in Ukraine. OFAC issued a license to all companies that allowed them until the 21st of November to finalize their deals with Lukoil. This included any purchases of international assets owned by the oil company headquartered in Moscow. Sources...

The oil prices dipped on Wednesday, but they held most of the gains made in the previous session. This was due to expectations that the end of the longest U.S. shutdown would boost demand for crude in the world's largest consumer nation. Brent crude futures fell 22 cents or 0.34% to $64.94 per barrel at 0625 GMT, after rising 1.7% on the previous day. U.S. West Texas Intermediate Crude was down 22 cents or 0.36% to $60.83 per barrel after rising 1.5% the previous session. The U.S. Republican-controlled House of Representatives is set to vote on Wednesday afternoon on a...

The chairman of Bulgaria's state reserves agency announced on Tuesday that the country has one month's worth of gasoline left to prepare for U.S. Sanctions against Russia's Lukoil. Lukoil owns Bulgaria's biggest oil refinery, as well as its storage and pipeline infrastructure. Last month, the U.S., Britain, and France imposed sanctions against Lukoil, and Rosneft - Russia's largest oil companies - over Moscow's conflict in Ukraine. This threatened their operations, which still stretch across Europe. The U.S. sanction, scheduled to start on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter, where Lukoil operates the Burgas...

Saudi Aramco's decision to reduce the price of crude oil it sells to Asian refiners in December has been seen as an attempt to gain market share, amid fears of global oversupply. The reduction in Saudi crude oil was lower than the forecasts of Asian refiners. It seems to be a way for the world's largest crude exporter, Saudi Arabia, to remain competitive against other grades while giving it flexibility should China or India reject Russian barrels due U.S. sanctions. Aramco lowered last week its official selling price for its benchmark Arab Light for Asian customers by $1 per barrel...

U.S. Secretary of Defense Pete Hegseth confirmed on Monday that the United States had struck two alleged drug vessels in the eastern Pacific Ocean, killing six on board. The strikes have sparked calls for an investigation. Hegseth stated in a blog post on X that the vessels had been identified as being associated with illegal narcotics smuggling. They were also carrying narcotics and transiting along a well-known narcotrafficking route. According to the U.S. Defense Secretary, the U.S. carried out more that a dozen attacks on vessels near Venezuelan shores and more recently in the eastern Pacific Ocean. More than 70...

Sources in the trade said that two Indian state refiners purchased 5,000,000 barrels of crude from spot markets through tenders, as they continue their search for alternatives to Russian supplies. Hindustan Petroleum Corp. has purchased 2 million barrels of each U.S. West Texas Intermediate and Abu Dhabi Murban crudes for arrival in January, according to reports. Mangalore Refinery and Petrochemicals Ltd purchased one million barrels Basra Medium Crude for delivery between January 1-7, according to the company. It was not immediately clear who the sellers were or what their prices were. Indian refiners have been looking for alternatives since U.S....

Exxon Mobil's CEO Darren Woods stated on Friday that oil and gas would continue to play a crucial role for a very long time. He added that the real question is whether they will be used to fuel vehicles. Woods stated that while future technological advances may see a shift in the way hydrocarbons are burned, they will still be used in other areas, like the medical industry. Woods said that crude oil and hydrocarbons will play a crucial role in everyone's lives for many years to come. Carbon emissions from fossils fuels, such as coal and oil, but also...

Bloomberg News, citing the CEO of ADNOC, reported that the trading division at the Abu Dhabi state oil company plans to double its volume in the next few year as part its international expansion. ADNOC has increased its global expansion over the last few years in order to find new revenue sources for the Gulf State, including by building trading operations. Ahmed Bin Thalith is the chief executive officer of ADNOC Global Trading. He told Bloomberg that the state-owned Abu Dhabi National Oil Company views trading as a means to maximize the value of fuels sold in the emirate or...

Helsingin Sanomat, citing Teboil's spokesperson, reported Friday that the Finnish petrol station chain Teboil is out of fuel due to U.S. sanctions imposed on its parent company. Donald Trump, the U.S. president, announced on October 22 that Rosneft (Russia's oil company) and Lukoil would be subject to sanctions as a result of a policy shift regarding Moscow's conflict in Ukraine. He also said that companies who do business with these two groups may face sanctions. The U.S. Treasury referred to Gunvor as Russia's "puppet", and indicated that Washington was against the deal. On November 6, a deal between Gunvor, a...

The quarterly profit of Indian beauty retailer Nykaa more than tripled on Friday. This was boosted by the steady demand for skincare and makeup products, as well as through new partnerships with global brands. The company, which was formerly known as FSN e-Commerce Ventures posted a profit for the quarter ending September 30 of 344.4 millions rupees (about $3.9 million), up from 100.4million rupees one year earlier. Nykaa's quarterly results reveal that it is focusing on profitability and doubling down on the core beauty business. This has meant expanding the offline presence and securing strategic partnerships, including Katrina Kaif’s Kay...

International Energy Agency (IEA) said that the global oil market will have a surplus of up to 4,09 million barrels a day next year as OPEC+ and its rivals increase production and demand slows. In its November monthly report, the IEA stated that "global oil market balances look increasingly lopsided as global oil supply continues to grow while oil demand remains modest by historic standards." The Agency expects the global oil supply to increase by approximately 3.1 million barrels a day (bpd), and 2.5 million bpd in 2020, both up around 100,000 bpd per month. The IEA's 2026 implied surplus...

The foreign assets of Russian oil giant Lukoil, which are located in Egypt and Kazakhstan, are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions can be enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil. They have already blocked Lukoil’s attempts to sell foreign assets before the deadline of November 21, sanctions. Lukoil has also been affected by the sanctions in Iraq, Finland at pump stations and Bulgaria in a refinery. Governments and partners want to buy its foreign assets...

The Gulf's major stock exchanges rose early on Tuesday. This was aided in part by the rising expectations of a Federal Reserve rate cut in December and signs that the U.S. shutdown may be nearing its end. The U.S. economy lost jobs last week. Retail and government sectors were the main culprits. A survey released on Friday showed that the U.S. consumer's sentiment had fallen to its lowest level in 3-1/2 years at the beginning of November, due to concerns about the effects the shutdown would have on the economy. The shutdown has delayed important economic metrics including the non-farm...

The Russian rouble gained against the U.S. Dollar on Friday, after the central banks stated that the exchange rate dynamics do not carry inflationary risks. In addition, the rally of the rouble this year is already reflected in the prices. At 1215 GMT, the rouble had gained 0.36% against the dollar and lost 0.1% against the yuan at the Moscow Stock Exchange. Minutes of the central bank's October 24 meeting were released on Thursday. The minutes stated that its tight monetary policies are responsible for the rally of 2025 in the rouble. According to the bank, the strengthening of the...

Gunvor, a Swiss commodity trader, announced on Thursday that it had withdrawn its proposal to purchase foreign assets from Russian energy company Lukoil. The U.S. Treasury indicated it was against the deal so long as Russia’s war in Ukraine continues. In a recent post, the U.S. Treasury stated that Donald Trump has "made it clear that this war must be ended immediately" and that as long as Vladimir Putin (Russian president) continues to kill people in a senseless manner, Gunvor (the Kremlin puppet), will not get a license for operation and profit. Gunvor's corporate director Seth Pietras said that Treasury's...

The Financial Times reported that the Indian refiner HPCL Mittal Energy stopped buying Russian oil on Wednesday, just a few days after it was revealed by the Financial Times that the company had purchased Russian oil transported aboard blacklisted vessels. The U.S., Europe, and other countries imposed new sanctions last week on Russian oil. Washington targeted the country's two largest oil producers, Lukoil, and Rosneft. Indian refiners have halted their purchases of Russian oil while they wait for clarity. In a statement, the company stated that "HMEL has already decided to suspend any further purchases of Russian crude following recent...

A company executive said that India's state refiner Mangalore Refinery & Petrochemicals Ltd does not have immediate plans to purchase Russian oil because of the risks involved following the latest U.S. sanction on Moscow's major oil producers. Last week, U.S. president Donald Trump imposed sanctions against Rosneft, Russia's largest oil company, and Lukoil in an effort to pressure Vladimir Putin into ending the war in Ukraine. The MRPL executive who declined to name himself due to the sensitive nature of the issue said that it was hard for the company's to track back oil supplies and make sure they did...

Russian authorities reported that Ukraine had sent drones to Moscow for a third night in a row and also targeted other Russian regions. The drones disrupted air traffic across the country, and threatened an industrial plant located in the south of Russia, they said. The Russian Defence Ministry announced on Telegram that Russian air defence units had destroyed 100 Ukrainian drones over the course of the night, including six in Moscow and thirteen over the bordering areas. Kyiv continued to launch long-range drone attacks on Moscow and other Russian regions over the past few months. The aim, according to Kyiv,...

Tuesday, the United States warned Americans living in Mali to immediately leave using commercial flights. The government is under increasing pressure by insurgents linked to al Qaeda, who have imposed a fuel embargo. Early September, militants from Jama'at Nusrat al-Islam and Muslimin announced a ban on fuel imports into the landlocked West African nation. Since then, they have attacked convoys of tankers trying to enter the country and reach Bamako. Due to fuel shortage, the government ordered on Sunday the suspension of all school and university classes in Mali for a period of two weeks. The U.S. Embassy in Mali...

Analysts and trade sources reported that Asian oil refinery profits had risen to their highest level in 20 months. This was due to a strong diesel performance, which has been boosted by a tightening of the outlook following US sanctions against two major Russian suppliers. Singapore's complex refinery margin, a proxy of Asia's refining profitability rose to almost $9 a barrel Tuesday, the highest since February 2024. LSEG data shows that it was about $2 a barrel early October. The global diesel market has been the main driver of strength in recent weeks, with a strong demand and tighter supplies....

State television Vesti, on its Telegram channel, reported that the Kremlin stated on Sunday that it was incorrect to speak about canceling a meeting between Russian president Vladimir Putin and U.S. president Donald Trump. However, it added that preparations were needed. They are clear about this: "Presidents can't just meet to waste time. They cannot meet just for the sake meeting. They have instructed the (U.S. secretary of state Marco) Rubio and the (Russian foreign minister Sergei) Lavrov to prepare for this meeting. "The process is complex," Kremlin spokesperson Dmitry Peskov said to state TV Kremlin reporter Pavel Zarubin. Peskov...

The U.S. Dollar was almost flat Friday, after it had dipped following new inflation data showing that U.S. consumer price increases were lower than expected in September. This kept the Federal Reserve on course to reduce interest rates next week. Consumer Price Index increased by 0.3% in September and by 3.0% over the past 12 months. The economists surveyed by predicted that the CPI would rise by 0.4% this month, and by 3.1% on an annual basis. The U.S. Dollar Index was down last by 0.021%, at 98.934. It had fallen as high as 0.2% earlier. Still on track to...