According to five different trade sources cited by Reuters, Saudi Arabia's crude oil exports to China will rise to their highest level in two years in August.
11 July
Oil market News
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Russian oil imports to India are growing due to increased Far Eastern supplies
According to Bloomberg, Russian oil imports to India are expected to reach a 10-month high in May thanks to an increase in shipments from eastern ports. This rebound in supplies follows a drop in February due to US restrictions.
21 May
American oil prices decline following API reports of unexpected inventory gains
American oil prices declined on Tuesday following industry data showing a surprise weekly domestic crude inventory increase. This information was provided by the news portal Investing based on the American Petroleum Institute (API) report.
21 May
OPEC believes that the world will need a lot of oil, even though there are some risks to trade and the economy. This information was disclosed by Haitham al-Ghais, the Secretary General of the organization.
21 May
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
20 May
Oil prices steadied on Tuesday due to uncertainty in negotiations between the US and Iran, according to journalists from Investing.com. Brent Crude for July delivery fell by 3 cents to $64.73 per barrel, while June West Texas Intermediate (WTI) contracts rose by 48 cents to $63.17.
20 May
China’s crude imports rose 7.5% from year earlier in April
The total volume of crude supplies to China last month reached 48.06 million tons, or 11.69 million bpd. The country’s oil imports were lower compared to March, yet up 7.5% from the previous year.
20 May
Saudi Arabia to increase oil burning during summer period — Reuters
According to analysts quoted by Reuters, Saudi Arabia will burn more oil for power generation this summer due to increased crude production and higher heating oil prices. This could help balance global crude oil supply after OPEC+ production quotas are lifted.
20 May
Venezuela's PDVSA launches independent oil exports following Chevron split
Venezuela's state-owned company, PDVSA, has started to independently export Boscan heavy crude oil, which was previously supplied through Chevron, after terminating its cooperation with the US firm.
19 May
According to estimates by Clyde Russell from Reuters, China's oversupply of crude oil rose to 1.89 million barrels per day in April. That surpasses the March figure of 1.74 million and marks the highest level since June 2023.
19 May
Oil producers in one of US states intend to cut back on drilling due to falling prices
As reported by Reuters with a reference to the Department of Mineral Resources of North Dakota, US, oil and gas producers of the state are going to cut the number of drilling rigs and production crews due to falling oil prices.
19 May
News on oil prices is not just information for specialists. This is an important signal for every experienced trader. This section of the website will help you understand when there’s a "Strong buy" signal for oil and when it is a "Strong sell" signal.
Oil price movements are more than just charts on a screen. It is one of the key drivers of the global economy. Understanding these dynamics helps in making rational decisions and adapting to changes.
What determines oil prices?
- Global events. Political crises, conflicts, and agreements between producing countries have a huge impact on oil prices.
- Supply and demand. When many consumers try to buy oil that is in deficit – the prices go up. Otherwise, when supply is greater than demand, the prices go down.
- Russia and Saudi Arabia. These countries are among the leading oil producers. Their decisions on oil output have a direct impact on the global market.
- OPEC. This is a group of oil-producing countries. Their agreements on production cuts are aided at stabilizing prices.
- Alternative energy sources. The development of solar, wind, and other power stations can weaken the countries' dependence on oil and put pressure on its prices.
- Electric cars. The increasing popularity of electric cars reduces the need for gasoline and, consequently, for crude oil.
- Global tensions. Oil is a strategic resource. Geopolitical events can affect its production and prices.
- Environmental constraints. Rising environmental awareness may reduce demand for oil, affecting its price.
Why follow the latest oil news?
- To make informed investment decisions. Being aware of the oil industry news helps you make conscious choices.
- To assess the impact on the economy. Oil prices can affect inflation, economic growth, and even our wages.
