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Crude Oil News

US Aims to Return Emergency Oil Reserve to Prior Levels by Year-End

US Aims to Return Emergency Oil Reserve to Prior Levels by Year-End

The reserve currently holds about 362 million barrels. Stocks in the reserve stood at 565 million barrels before the announcement of the sale in March 2022.
Iraq to Curb Oil Exports to Compensate for Exceeding OPEC+ Quota

Iraq to Curb Oil Exports to Compensate for Exceeding OPEC+ Quota

Initially in place for the first quarter, the voluntary cuts have since been extended to the end of June.
Russia was the Biggest Supplier of Crude Oil to India in January

Russia was the Biggest Supplier of Crude Oil to India in January

The increased supply from Russia has led to notable year-on-year decline in crude oil imports from traditional suppliers.
Ukrainian Drones Have Hit 12 Russian Oil Refineries, Kyiv Source Says

Ukrainian Drones Have Hit 12 Russian Oil Refineries, Kyiv Source Says

Oil and petroleum products are an important sources of revenue for Russia, which exports them to dozens of countries around the world.
Oil Prices Rise on Tighter Supply, Geopolitical Risks

Oil Prices Rise on Tighter Supply, Geopolitical Risks

Lower interest rates would stimulate demand in the U.S., supporting oil prices.
Ukrainian Drone Attacks on Russian Oil Refineries Escalated

Ukrainian Drone Attacks on Russian Oil Refineries Escalated

A similar drone attack had forced the Novoshakhtinsk refinery in the southern Rostov region to halt its operations.
Petronas Posted Dip in Q4 Profits, Driven by Lower Energy Prices

Petronas Posted Dip in Q4 Profits, Driven by Lower Energy Prices

Petronas reiterated its commitment towards responsible monetisation of resources, despite persistent volatility in global environment.
Oil Prices Climb as Revised IEA Outlook Signals Tighter Market

Oil Prices Climb as Revised IEA Outlook Signals Tighter Market

The damage to refineries could cut Russian gasoline production by more than 10%, said Kissler.
US Seeks Oil for Emergency Reserve as Maintenance Winds Down

US Seeks Oil for Emergency Reserve as Maintenance Winds Down

The administration has wanted to buy back oil at $79 per barrel and if prices go higher, it could pose difficulties in buying back oil for the SPR.
Niger Set to Start Crude Exports via New Pipeline

Niger Set to Start Crude Exports via New Pipeline

It was only in late-February that the bloc announced its decision to ease sanctions on humanitarian grounds.

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