Event

Opec oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group’s top exporters on market share.The boost from the Organization of the Petroleum Exporting Countries puts output further above its target of 30 million […]

Brazil’s state-run oil company Petrobras slashed its long-term spending plan to the lowest level in eight years as new management moved to reduce the industry’s largest debt burden and restore confidence after a devastating corruption scandal.Petroleo Brasileiro, as the company is formally known, will invest $130.3 billion in the 2015-2019 period, the company said in […]

Stocks held onto big gains by the midway mark of the session, boosted by government action in China to stem recent massive market declines. The move was having a positive impact on China based, U.S.-listed stocks. Chinese search engine Baidu (BIDU), casino operator Melco Crown Entertainment (MPEL), and the largest of China-based stocks, Alibaba (BABA), […]

Iran has started work on its largest refinery, being built at a cost of $2.8 billion, at Assaluyeh near the massive South Pars offshore gas field on Qatar border, said a report. The Sirai Refinery project move comes following a ground-breaking ceremony held recently. For the next eight months, work will include basic design and […]

The Organization of the Petroleum Exporting Countries (Opec) voiced confidence that excess supply in the oil market will ease as demand picks up and supply growth slows from producers outside the group, an indication its strategy of letting prices fall, reaffirmed at a meeting last week, is working. In a monthly report, Opec pointed to […]

Mexican state oil company Pemex said it had discovered a new oil field in the Gulf of Mexico shallow water, its five biggest discoveries. This new oil fields located off Campeche and Tabasco. Emilio Lozoya Pemex CEO said that the current estimated reserves in the region could reach 3.5 million barrels of crude oil output […]

Iran is storing as much as 40 million barrels of oil on supertankers at sea as it prepares for a sales drive if a nuclear deal can be sealed.

Iraq increased its July official selling price (OSP) for Basra Light crude to Asia as expected, but a steeper than expected hike for Basra Heavy could weigh on the new grade

Nearly a year after oil markets entered a deep downward spiral, unmoored from the $100-a-barrel mark that had anchored them for years, some Opec members are publicly talking for the first time about a new “fair” price for their crude. Oil ministers from Iraq, Venezuela and Angola said in Vienna that a price of $75 […]

Saudi Aramco has raised its July price for its Arab Light grade for Asian customers by 60 cents a barrel versus June to set it at parity to the Oman/Dubai average.