Oil pumping jacks, also known as “nodding donkeys”, operate in an oilfield near Almetyevsk, Tatarstan, Russia, on Wednesday, March 11, 2020. Andrey Rudakov | Bloomberg via Getty Images Oil prices were mixed on Friday following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to…
A pump jack in Midland, Texas, US, on Thursday, Oct. 3, 2024. Anthony Prieto | Bloomberg | Getty Images Oil prices ticked up in early trade on Tuesday after falling in the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil’s risk premium. Brent crude futures rose 29 cents, or…
The ground-breaking ceremony for the project. Credit: Aramco. Saudi Aramco and Sinopec have initiated construction on a refining and petrochemical complex in the Fujian province of China. This project, Aramco’s second major joint venture (JV) with a Chinese state oil entity, is expected to cost 71.1bn yuan ($9.82bn), according to Reuters. Located in the Gulei…
The pipeline stretches 5,111km, including 3,371km of newly built sections. Credit: Michael Dechev/Shutterstock. China’s National Oil and Gas pipeline network group has announced the completion of the China-Russia east-route natural gas pipeline construction. This pipeline project is now entering its final commissioning phase, reported CCTV via GlobalTimes. This energy corridor aims to bolster the natural…
View of Iran’s oil industry installations in Mahshahr, Khuzestan province, southern Iran. Kaveh Kazemi | Getty Images Oil prices will remain under pressure for the rest of this year, it may be difficult to see Brent crude oil prices reaching $80 in the foreseeable future. Andy Lipow president at Lipow Oil Associates “The recent Israel…
Aerial view of the construction site of a petroleum products storage facility belonging to Brightoil Petroleum (Holdings) Limited on Waidiao Island on August 8, 2022 in Zhoushan, Zhejiang Province of China. VCG | Visual China Group | Getty Images Oil prices edged higher on Thursday, recouping some of the more than 1% losses from the previous…
Traders work on the floor of the New York Stock Exchange on April 5, 2024. Spencer Platt | Getty Images News | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are….
U.S. crude oil futures fell more than 2% on Monday after OPEC cut its demand forecast for 2024 for the third time in a row. OPEC now sees demand growing by 1.9 million barrels per day in 2024, down from 2 million bpd in its previous forecast, according to a report released Monday. The group…
A pump jack in Midland, Texas, US, on Thursday, Oct. 3, 2024. Anthony Prieto | Bloomberg | Getty Images Oil prices pared gains in early trade on Monday after charting their biggest weekly rise in over a year on Friday amid mounting threats of a region-wide war in the Middle East. Brent crude futures fell 43 cents,…
U.S. crude oil is set to book a nearly 9% gain for the week, after President Joe Biden indicated that the White House is discussing a possible strike by Israel on Iran’s crude facilities in retaliation for Tehran’s ballistic missile strike earlier this week. Oil prices would spike by $10 to $20 per barrel if…