Browsing: oil

LONDON: Oil prices were little changed on Friday, with global benchmark Brent hovering above $85 per barrel, as the possibility of a ceasefire in Gaza gained traction.

RIYADH: Calls for completely abandoning oil and fully relying on renewable energy have been deemed “wrong” and “unrealistic” by Haitham Al-Ghais, the secretary-general of the Organization of the Petroleum Exporting Countries.

SINGAPORE: Oil prices rebounded on Thursday as US crude and gasoline stock drawdowns lent support despite signs that the US Federal Reserve may keep interest rates higher for longer, according to Reuters.

RIYADH: China’s CNOOC Ltd. has made a major oilfield discovery in the Bohai Sea, adding over 100 million tonnes of oil equivalent proved in-place volume, the state-owned oil and gas giant said on Monday.

Contracts with domestic energy firms are aimed at boosting daily production in major fields of the sanctions-hit country

Crude prices soared to $86 per barrel on Monday, hitting a four-month high, with industry experts attributing the surge to China’s strong economic data and Ukraine’s drone attacks on Russian oil refineries.

NEW DELHI: Oil prices ticked up in Asian trade on Monday, extending gains from last week when prices rose nearly 4 percent on the view that supply was tightening, with the risks heightened by further attacks on Russian energy infrastructure, according to Reuters.

Oil demand will continue to increase and crude will maintain its status as a main energy resource for long decades

Brent crude oil futures were down 45 cents or 0.6% to $84.83 a barrel at 1155 GMT, a day after topping $85 a barrel for the firs

Hydrocarbons production will remain relevant for a “very long time,” the Russian president has said