LONDON, Jan 29 (Reuters) – Oil prices dipped on Monday as China’s ailing property sector took another hit while a drone attack on U.S. forces in Jordan added to supply disruption concerns in the Middle East and Houthi militants stepped up attacks on vessels in the Red Sea.
Oil prices jumped 1 percent on Monday on fuel supply concerns after a missile struck a Trafigura-operated fuel tanker in the Red Sea and as Russian refined products exports are set to fall as several refineries are under repair after drone attacks.
The head of Russian oil major Gazprom Neft said on Saturday he sees no need for additional oil supply cuts by OPEC+ oil producers, days before the group is due to meet on output policy.
Peter Uzoho
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has advised prospective buyers of oil and gas assets put on sale during bid rounds to endeavour to carry out proper due diligence checks on the commercial and economic viability of the assets before making payments.
Energy Minister Ruth Nankabirwa shares progress on the refinery, EACOP, and related projects
India, the world’s third-biggest oil importer, gets a bulk of its Russian supplies made up over 35% of India’s total crude imports in 2023, amounting to 1 .7 million barrels per day.
Attorney Gail Evans of the Center for Biological Diversity’s Climate Law Institute speaks about pollution from oil and natural gas development and frustration with state oversight of the industry in May 2023 outside First District Court in Santa Fe.
Saudi Arabia is exporting crude oil via the Red Sea as usual despite Houthi attacks on vessels in the region, a senior Aramco official told Bloomberg.
“We’re moving in the Red Sea with our oil and products cargoes,” Mohammed Al Qahtani, head of Aramco’s refining, oil trading and marketing division said, adding that the risks were “manageable”.
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 9.2 million barrels from the week ending January 12 to the week ending January 19, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.
Oil rose to the highest in about two months as US inventories, Chinese stimulus and an attack on a Russian refinery ignited a rush of trend-following algorithmic buying.