Oil prices have surged on growing conflict in Yemen, though trade sources said there was ample crude supply in global markets to replace any drop in exports to buyers such as China as long as the conflict did not cause broader disruption.
Brent crude oil shot up nearly 6 per cent on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen, although importers saw little immediate threat to supplies.
The strike against Houthi rebels, w
The US shale oil industry may have forever abandoned its heavy-spending ways in the face of sliding crude prices, Schlumberger, the world's No 1 oilfield services provider, said
Spending cuts already announced by producers - t
Three tankers plan to lift 1.7 million barrels of crude from ports in eastern Libya this week, oil officials said on Monday, giving hope to the battered energy sector in the North African country.
The OPEC member state's oil s
As the global energy industry stares transfixed at a spectacular drop in US rigs, Saudi Arabia is ramping up the number of machines drilling for oil and gas despite a sharp fall in the price of crude.
Industry sources and analysts
Brent crude oil fell below $54 a barrel on Friday and was on track for its third straight weekly loss, hurt by worries of rising supplies from Opec and the United States.
Intensive efforts to clinch a deal between world powers and
India is set to import 8 million barrels of Iraqi oil to fill its first strategic petroleum reserve (SPR), taking advantage of cheap prices and lending some support to a market suffering from oversupply.
India's SPR purchases
Crude oil exports from Saudi Arabia rose in January to their highest level since April last year, while volumes used by domestic refineries remained high, official data showed.
Saudi Oil Minister Ali Al-Naimi has said oil demand w
Brent crude fell towards $53 a barrel on Wednesday as US crude stocks were forecast to have surged for the 10th straight week to a new record high, fuelling supply concerns of a global oil glut, although a weaker dollar kept a floor under prices
South Korea's imports of Iranian crude oil dropped 50 per cent in February from a year earlier, and the country's oil shipments from the Opec country in the first two months of this year met international sanction requirements.