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A major gas field in the North Sea has been re-approved by the government following years of legal rows with environmental campaigners. The Jackdaw site, a large offshore natural gas field 150 miles east of Aberdeen, has received the official stamp of approval from the government and is expected to supply gas to the UK “by the end of the month”. The project was first green-lit back in 2022, but…
India’s largest state-owned refiner, Indian Oil Corporation (IOC), will reduce slightly the volumes of Middle East crude oil it will buy under annual term deals in the 2027/2028 fiscal year starting next March, amid uncertainty of supply from the region, an anonymous source with knowledge of the plans told Reuters on Wednesday. IOC initially planned to procure 47% of its crude oil from the Middle…
US crude oil inventories drop 3.06 million barrels
Crude oil inventories in the United States saw a decrease of 3.1 million barrels during the week ending October 16, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 412.5 million barrels, according to government data, which is now 3% below the five-year average for this time of year. The EIA’s data…
Robust crude oil flows out of the Middle East in recent weeks have started to pressure the key metric of strength for physical supply out of the region. The premium of Oman crude over Dubai, the measure of Middle East’s market strength, has slumped this week to the lowest level since the end of July, to $4.22 per barrel, according to data by General Index cited by Bloomberg. The Oman-Dubai crude…
Saudi Arabia crude exports rise 7.9% in August to 4-month high
Japan booked a trade deficit of $17.8 billion (2.82 trillion Japanese yen) for April to September, almost double the deficit from a year earlier, government data showed on Wednesday, as the Middle East crisis made energy imports into the resource-poor G7 economy much more expensive. Between April and September, the period right after the Iran war began and choked oil and LNG supply at the Strait…
Nigeria says private capital to drive next growth phase, petrol subsidy gone
Russia will send its first diesel tanker to the US on Thursday under the agreement between Presidents Donald Trump and Vladimir Putin, Deputy Prime Minister Alexander Novak told reporters Wednesday, according to TASS and Prime. Novak did not name the port. He gave the tanker's displacement as 40,000 tons and said additional shipments will follow. "We will meet the United States' needs, to the…
Russia says it will send first diesel cargo to US on Thursday
Morning Bid: Musk mulls megacap
Exclusive-US aims to loan about a third of heating oil reserve in bid to tame prices
Trump to rally for Graham in tight South Carolina Senate race amid Russia rift
European gas rallies on Persian gulf disruption pressure; Hot UK Inflation dents
Indian power generators are bracing for a coal supply squeeze, with half of the country’s coal power plant fleet operating with critically low stocks, Reuters has reported, citing higher than usual demand for electricity because of warmer than usual weather for this time of year. As many as 96 coal power plants in the country only have stocks for three days of consumption, the publication wrote,…
The U.S. Department of Energy has called on refiners to ramp up their diesel fuel production further, Reuters has reported, citing two high-ranking officials from the department. There are talks ongoing with refiners both in the United States and abroad, the report said. This is the latest move on the part of the federal government to push diesel prices down from all-time highs, with the national…
Crude oil prices ticked higher earlier today, extending gains from Tuesday as traders continued to worry about the stability of flows out of the Middle East. At the time of writing, Brent crude was trading at $110.30 per barrel, with West Texas Intermediate at $99.12 per barrel, both up by over 1% from Tuesday. The latest inventory report out of the U.S. contributed to the bullish sentiment with…
UN sees higher global warming, even in best-case scenario
Gold falls near $4,110 as Iran peace hopes fade, Fed rate outlook clouds demand
Oil rises on Middle East supply worries
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