U.S. Crude Stockpile Surge Weighs on Oil Prices
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 11.4 million barrels in the week ending February 20, after falling by 609,000 barrels…
Pipeline Disruption Adds Risk Premium to Russian Crude
Russia’s pipeline operator Transneft has cut crude intake into its system by roughly 250,000 barrels per day after damage at the Kaleykino pumping station in Tatarstan, according to Reuters sources.…
Nigeria to Launch Exports of New Crude Grade as It Boosts Output
Nigeria will launch exports of a new crude grade in March as OPEC’s biggest African oil producer looks to boost output and exports and seek a higher baseline in the…
UK Hits Russian Oil Fleet with Biggest Sanctions in Years
The UK government announced new sanctions on Russia’s so-called shadow oil fleet as it ramped up efforts to squeeze energy revenues funding the Kremlin’s war in Ukraine. Britain targeted 175…
Moscow Reroutes Oil to China on Largest Vessels After India Slowdown
The surge in Russian crude sales in China and the simultaneous drop in Indian demand for Russia’s oil have prompted Moscow to turn to using a larger fleet of supertankers—vessels…
Kuwait Readies $7 Billion Oil Pipeline Deal with Global Investors
State-held Kuwait Petroleum Corporation (KPC) is considering following in the footsteps of its Saudi and Abu Dhabi peers by tapping major international infrastructure investors to buy a stake in its…
Oil Tanker Rates Surge to Six-Year High
Supertanker rates to ship crude on the key Middle East-to-China route have surged to a six-year high as Persian Gulf supply to India soars and traders rush shipments to precede…
