Oil price news
US crude oil stocks fall more than expected, reversing previous small rise
US crude oil inventories fell by more than expected in late September, dropping by 4.34 million bbl, reported the American Petroleum Institute (API).
Aramco raises US$3 billion in debt sale as Saudi Arabia drops US$100/bbl oil price
Saudi Arabia is preparing to increase its oil output to regain its market share, with abandoning its required oil price part of the plan.
Reuters: FTC set to greenlight Chevron's US$53 billion buy of oil rival Hess, sources say
Reuters has reported that the US Federal Trade Commission is expected to greenlight US oil producer Chevron's purchase of Hess as soon as this week, two people familiar with the matter said, leaving Exxon Mobil's challenge to the US$53 billion deal as its final hurdle.
Expected growth in the developing world sees OPEC raise oil demand outlook
The oil body said there "has been further recognition that the world can only phase in new energy sources at scale when they are genuinely ready”.
Will oil prices rise amid escalating geopolitical tensions and fears of a global economic slowdown?
Read today's market analysis on behalf of Rania Gule, Senior Market Analyst, XS.com
Reuters: oil climbs on China stimulus, Middle East conflict and hurricane risk
Reuters reported that oil prices rose on news of monetary stimulus from China while another hurricane threatened supply in the US.
EIA: Decline in natural gas price drove decrease in US oil producer revenue in early 2024
The US Energy Information Administration reports that cash from operations in 1Q24 has decreased due to lower natural gas prices.
Empire Petroleum announces record date for proposed rights offering
Empire Petroleum Corporation has fixed the close of business on 30 September 2024 as the record date for a proposed subscription rights offering.
Saudi Arabia sees July oil exports hitting almost one-year low
Saudi Arabia exported 5.7 million bbl/d of oil in July, the lowest level since August 2023, official data has revealed.
Understanding petroleum product supplied – a proxy for consumption
The US Energy Information Administration (EIA) does not directly survey petroleum consumption; instead, it calculates a similar concept called product supplied from its surveys that span the US petroleum industry. Although it uses petroleum product supplied interchangeably with petroleum consumption, the two are not identical.