Aramco confirms full production capacity despite July disruptions, citing alternative pipelines and storage to offset geopolitical risks. Saudi Aramco has confirmed its full 12 million barrels per day production capacity remains intact despite recent attacks on its facilit
Brent and WTI crude futures retreat from session highs after mediators report draft proposals in US-Iran negotiations. Oil prices pulled back from earlier highs after Qatar confirmed diplomatic efforts to resolve the US-Iran conflict were advancing. Brent crude rose 17 cen
India’s state-owned Oil and Natural Gas Corporation (ONGC), the top explorer in the country, will build a new storage site at Mangaluru to hold about 13 million barrels of oil as the world’s third-largest crude oil importer looks to boost its resilience to supply shocks. I
BP more than doubled its profit for the second quarter from a year earlier on the back of higher oil and gas prices and stronger refining margins driven by the shock supply disruption in the Middle East. BP on Tuesday reported an underlying replacement cost (RC) profit, th
Higher oil prices and export rerouting drove Saudi Aramco’s quarterly profit above analyst estimates of $31 billion. Saudi Aramco reported a 33% year-over-year increase in adjusted net income for the second quarter, reaching $33.385 billion. The gain was fueled by surging
Preliminary data shows Germany’s oil and gas demand fell as surging prices curbed consumption, particularly diesel and jet fuel. Germany’s total energy demand declined 1.9% in the first half of the year, driven by sharp increases in oil and gas prices. The drop reflects we
Brent futures fell over 7% despite supply disruptions Brent crude futures declined by more than 7% due to market capriciousness. The drop occurred despite ongoing geopolitical and logistical disruptions to oil and refined products. ICE gasoil futures also d
ICE Brent futures fell more than 7% as markets priced in potential US-Iran negotiations despite Iranian denials and geopolitical risks. Oil prices tumbled sharply as optimism grew over a possible US-Iran deal, with ICE Brent settling over 7% lower. The selloff followed rep
Geopolitical risks and a technical bounce lift oil prices as Iran denies US talks and drone attacks heighten supply concerns. West Texas Intermediate crude oil advances toward $80.00, extending gains from a rebound near $77.00 in early Asian trading. Escalating US-Iran ten
Daily oil exports from Venezuela fell to 1.16 million barrels in July, while US-bound shipments hit their highest level since 2019. Venezuela’s crude oil exports averaged 1.16 million barrels per day in July, down from 1.2 million barrels in June due to reduced storage wit
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