Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.
Oil fell below US$80 a barrel for the first time in more than two months as fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s supply cuts.
Shafaq News / The U.S. Energy Information Administration confirmed today, Tuesday, that Iraq’s oil exports to the United States reached approximately 84 million barrels during the first eight months of 2023.
Iran has urged OPEC members to halt oil exports to countries supporting Israel, echoing the 1973 oil embargo, which dramatically increased oil prices and altered global economies.
Brent crude futures rose 55 cents, or 0.65%, to US$85.44 a barrel by 0700 GMT, while U.S. West Texas Intermediate crude was at US$81.14 a barrel, up 63 cents, or 0.78%
Energy giants BP and Shell unveiled sharp downturns in their usual earnings last week in a rocky third quarter for the sector, with the oil and gas industry failing to match last year’s record profits.
LNG trading was a crucial component in oil majors’ Q3 earnings
The Department of Energy has added a mere 5 million barrels to the reserve thus far this year.
The United States became the world’s largest natural gas producer in a matter of years.
In a world where some commentators speculate that there is a glut of energy and distillate products as a result of high oil prices, sliding China demand and a looming global recession, Argentina will take the under: as La Nacion reports, on Wednesday refiners and retailers hiked prices between 7.6% and 9.6%, amid what is shaping up as a historic energy crisis.