According to Bloomberg, Russia’s seaborne oil exports averaged 3.23 million barrels per day (bpd) over the four weeks to July 13, which is a 3% increase from the period ending July 6. Flows reversed the previous week’s drop.
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.
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.
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.
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.
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.
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
Oil extended losses on May 16 as supply is set to increase, driven by OPEC+ production hikes and a potential deal between Iran and the US.
India is cementing its status as one of the world's leading oil consumers, outpacing China in demand growth earlier than expected. India’s crude consumption is expected to be up 3.4% and hit 5.74 million barrels per day in 2025.
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.
