Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according to data released by the Department of Statistics on Tuesday. The figures revealed a decrease in the value of oil imports to the Kingdom, totaling $361 million for January, compared...

The oil giant posted a 24.7% fall in net profit to US$121.25bn.

Doha, Qatar -- Qatar's Industrial Production index (IPI) in December 2023 reached 95.3 points, an increase of 3.9 percent compared to the previous month (November 2023), and decreased by 4.2 percent, when compared to the corresponding month in 2022. The Planning and Statistics Authority (PSA) has issued the press release...

"The news of three US troops being killed by a drone attack, and President Biden saying 'we shall respond', will likely dial up the market’s focus on the region," Andrew Ticehurst, at Nomura, said. The news comes as Israel presses on with its war against Hamas, adding to investor concerns...

Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in a 2.29% surge in crude oil prices. Despite these global efforts, US output continued at a high of over 13 million barrels per day, contributing to a surplus in the...

Vienna, Austria - Major producer Brazil will join OPEC+ from next year, the oil cartel announced on Thursday. Brazil is among the world's top 10 producers and has been the largest oil producer in Latin America since 2016. Its crude production hit a record 3.7 million barrels per day in September,...

The current output strategy by OPEC+ that saw nine members led by Riyadh to cut production in recent months to boost prices has failed to bring about lasting recovery. Some analysts have pointed to possible discord between top crude oil producers Saudi Arabia and Russia.

Brent crude, the main international contract, briefly dropped more than 2 percent to hit $79.80, before bouncing back above $80 per barrel. Meanwhile, the main US contract, WTI, slumped as far as $75.44 per barrel, also hitting its lowest level since July.

In its 2023 annual report, the Organization of the Petroleum Exporting Countries forecasts demand for crude to reach 116 million barrels per day (mbd) by 2045 under its main scenario, a 16.5 percent increase from the 99.4 mbd in 2022. That is an increase of 6 mbd from its estimate...

The jump in oil prices came in the wake of a a surprising drop in US crude inventories. Oil prices have been trending higher following moves by Russia and Saudi Arabia to limit output. The US futures benchmark, West Texas Intermediate for delivery in November, jumped 3.6% to $93.68 per...

Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate discussions relating to the possible acquisition by Aramco of a 10 percent strategic equity interest in Jiangsu Shenghong Petrochemical Industry Group (Shenghong Petrochemical). Shenghong Petrochemical, a wholly owned subsidiary of...

Baghdad, Iraq -- Iraq's oil revenues in August hit nearly $9 billion, according to the data issued by the Iraqi Oil Marketing Company (SOMO). The $8.99 billion revenue came from crude oil exports of more than 106 million barrels, the country's Ministry of Oil said in a statement, according to...

Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies. A Middle Eastern country is widely expected to extend a voluntary 1 million barrels per day oil production cut into October, prolonging supply curbs engineered by...

Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October climbed 31 cents, or 0.36%,...

AMMAN, JORDAN  - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent, Jordan’s Department of Statistics (DoS) announced. According to the DoS foreign trade report, value of the Kingdom's imports of crude oil, its derivatives and mineral oils went down in the...

Dubai, UAE--Oil prices jumped about 1% on Friday on signs of slowing U.S. output, but both crude benchmarks also ended their longest weekly rally of 2023 on mounting concerns about global demand growth. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at $81.25 a barrel,...

Dubai, UAE--Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. Brent crude futures fell $1.07, or 1.2%, to $85.74 a barrel by 0631 GMT while U.S. West...

This performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and real estate. The OPEC Monthly Oil Market report for August said the country's Global Purchasing Managers’ Index (PMI) was almost unchanged in July, standing at 56, following 56.9 in June and compared to...

Tokyo, Japan--Japan's crude oil imports from the United Arab Emirates amounted to 25.63 million barrels in June 2023, or 37.4 percent of total imports, the Natural Resources and Energy Agency of Japan's Ministry of Economy, Trade and Industry said. During June, Japan's total crude oil imports were 68.5 million barrels,...

The decline in revenue is due to lower gas prices.

The oil firm and its subsidiaries posted a net profit of US$8.4bn.

"The United Nations has begun an operation to defuse what might be the world's largest ticking time bomb," UN Secretary-General Antonio Guterres said in a statement. "A complex maritime salvage effort is now underway in the Red Sea off the coast of war-torn Yemen to transfer one million barrels of...

Firm has committed $2 billion for more such carriers.

London, United Kingdom - Stock markets retreated Wednesday on poorly-received Chinese data, as investors looked ahead to the reopening of Wall Street after the Independence Day holiday. "There are fresh concerns about the global economy powering down as data from China's service sector underlines how tepid the post-pandemic recovery has become,...

In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move that briefly raised prices but failed to bring about lasting price recovery.

BAGHDAD, IRAQ -   Total crude oil exports in June reached over 100 million barrels, the Iraqi government said in a statement. The preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO) revealed that total crude oil exports in June generated revenue of approximately US$7.115 billion. The majority of these...

On Thursday the Kurdish authorities said in a statement that "the Kurdistan regional government and the federal authorities have reached a (final) deal on the resumption of oil exports". Hours later, Iraqi Oil Minister Hayan Abdel Ghani said crude exports would resume from Saturday.

Baghdad, Iraq - Jordan and Iraq have signed a deal to resume the export of Iraqi crude to Jordan under preferential terms, the Jordan News Agency reported The agreement was signed by the Energy and Mineral Resources Minister of Jordan, Saleh Al Kharabsheh, and the Oil Minister of Iraq, Hayan...

The firm had sold its oil sands activities in Canada to SunCor Energy.

Spelling the end of independent oil exports by the regional government, Iraq's autonomous Kurdistan region will resume oil exports through Turkey on Monday, but in the future they will be supervised by the federal government in Baghdad. The outcome was achieved in talks between federal and regional officials.

Firm's profit rose due to gas and crude oil prices spike.

Supply of diesel to Europe from the US and the emerging refinery hub in the Middle East may make up some of the missing barrels from Russia, but a shortfall seems likely, not least considering the prospect for a strong recovery in China leading to lower export quotas, he adds.

Dubai, UAE-- Oil prices fell in early trade on Monday, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year. Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while U.S. West...

With activity in China unlikely to pick up in earnest until after the Lunar New Year holiday, the prospect of a lull in activity could be the trigger for a pause in the current rally – especially across industrial metals where copper has started the year with an 11% gain,...

The Gulf country expects the average amount of oil production to increase to 2,701,000 barrels this year, the latest Institute of International Finance report points out.

Seeking to reduce its dependence on crude, the world's biggest oil exporter, Saudi Arabia, has said that the kingdom intends to use its own uranium resources to develop its civilian nuclear program, according to its energy minister, The project is expected to cost the country some $80 billion.

AMMAN, JORDAN -  Jordan's total imports of Iraqi oil between September 2021 to December 2022 amounted to 3.65 million barrels, equivalent to 490,000 tons of crude oil."Jordan imports Iraqi crude oil according to the memorandum of understanding (MoU) for the processing of crude oil signed between the Jordanian and Iraqi...

Brent crude futures gained 59 cents to $78.43 a barrel, while US West Texas Intermediate crude futures rose 69 cents to $73.53 a barrel.

New York, US--Russia on Tuesday banned oil sales to countries and companies that comply with a price cap agreed by Western nations, briefly helping to lift crude prices. "The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies...

Canadian-based TC Energy, which operates the pipeline, detected the leak Wednesday night in Kansas and immediately halted the flow of oil through the pipeline.

94.7 percent of 84.58 million barrels imported by Japan originated from five Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.

The proposed bilateral business council, aimed at developing joint projects and exchange expertise, is likely to be formed by the first quarter of 2023.

Major oil-producing countries led by Saudi Arabia and Russia agreed to maintain their current output levels. Representatives of 13 members of the Organization of the Petroleum Exporting Countries led by Riyadh, and their 10 allies headed by Moscow, decided to stick to a production cut of two million barrels per...

Vienna, Austria— Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force. The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including...

Ukraine welcomed a US$60 price cap on Russian oil agreed by the EU, G7 and Australia, saying it would "destroy" Russia's economy. The price cap, previously negotiated on a political level between the G7 group and the European Union, will come into effect with an EU embargo on Russian crude...

LONDON, UNITED KINGDOM - Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session...

The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+ group along with Russia, and other members were considering an "increase of up to 500,000 barrels a day". The next OPEC+ meeting is scheduled for December 4.

AMMAN, JORDAN - Jordan imported about 405,550 barrels of crude oil from Iraq in October, an average of 13,000 barrels per day, the Kingdom's Minister of Energy and Mineral Resources Saleh Kharabsheh said Tuesday. He said in a press release that the Kingdom had imported roughly three million barrels of...

Commodities, meanwhile, trade mostly higher as the market's focus remain altered between optimism over China reopening after exiting its strict Covid-zero policies as well as raised worries about tightening supply driven by increased activity from Chinese buyers. and an extended rate hike cycle in the US, he adds.

BP, flush with cash, revealed a $2.5 billion share buyback.