Crude Oil News

The United States plans to intercept more vessels carrying Venezuelan oil after seizing a tanker this week, as it steps up pressure on Venezuelan President Nicolas Maduro.

This contrasts with the view of the IEA, which earlier on Thursday implied global oil supply will exceed demand by almost 3.84 million bpd - an amount equal to almost 4% of world demand - next year.

As a result, the expansion was delivered two months ahead of schedule, marking the fifth early startup for bp in 2025.

The Kazakh energy ministry said the Ukrainian attack had not led to a complete export halt.

Both benchmark oil contracts had extended gains to about 1% since settlement.

The agency anticipates that rising output and weaker winter demand will accelerate inventory accumulation, contributing to further price declines in the coming months.

Prices for Southern Green Canyon, a crude oil grade produced in the region, strengthened 40 cents on Tuesday to a discount of $2.45 to U.S. West Texas Intermediate crude.

While the oil market is moving deeper into an expected glut, Russian supply remains a risk, ING analysts said in a note.

Final investment decisions will depend on market conditions and regulatory approvals.

Crude oil is processed through three separation units where gas is removed, and salts are treated before being supplied to the Al-Quds power plant.