Tag: Oil News

Saudi Arabia's national oil company Aramco announced its financial results for 2023 on Sunday, revealing that it earned $121 billion in profit for the year. This is a decline from the record $161 billion profit in 2022, the largest ever to be reported by...

Oil prices slumped by over 1% on Monday after Saudi Arabia introduced sharp price cuts and output increased among OPEC+ members at large. Amid rising competition with rival producers, Saudi Arabia decided to cut the February official selling price (OSP) of its flagship Arab...

Organization of the Petroleum Exporting Countries members Iraq, Nigeria, and the Republic of Congo have voiced their commitment to the cartel following the departure of Angola from the organization last week. "We reiterate our firm support for unity and cohesion at the heart of...

Oil prices rose on Thursday as higher inventories and record production in the United States provided investors with relief following concerns over disrupted Red Sea shipments. "Oil concerns itself with the state of U.S. production this morning and enters the day less buoyant than...

Oil prices stabilised on Monday morning, thereby bringing an end to the commodity's longest weekly losing streak over the past five years. Global benchmark Brent crude hovered below $76 per barrel after a seven-week slide with traders appearing largely unphased by the latest output...

Oil prices fell by 4% following news that Sunday's meeting between OPEC+ producers has been delayed. West Texas Intermediate (WTI) crude futures slumped 4.2% lower to $74.51 a barrel while Brent crude futures declined 4.1% to $79.06 per barrel. Previously scheduled for Sunday 26 November,...