Crude Oil News

Since November 21, when the sanctions came into force, Urals has dropped $13.10 per barrel, while Brent slipped only $0.30.

The drop is partly due to declining exports, meaning output could decline further if exports are constrained as Venezuela's storage fills up.

The project, whose start date for operations was recently confirmed by Petrobras for 2030, should contribute to the country’s natural gas surplus.

The data raised concerns that China's strategy of relying on exports to offset weak domestic demand may be faltering.

However, shipments to Jordan between January and June totaled 1.87 million barrels, down 14.84% year-on-year.

US Attorney General Pam Bondi said this week the tanker was intercepted and retained under a seizure warrant.

Bashir was attending the Organisation of Arab Petroleum Exporting Countries’ (OAPEC) ministerial meeting, being held in Kuwait.

A possible peace deal could eventually increase Russian oil supply, which is currently sanctioned by Western countries.

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.