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Crude oil

U.S. crude stocks post surprise drop as refiners ramp up processing

Crude inventories fell by 1.5 MM barrels to 447 MM barrels last week, the EIA said, compared with analysts' expectations in a poll for a 1.3 MM-barrel rise.

Work at Lukoil's refinery in Russia's Nizhny Novgorod temporarily suspended

Work at the refinery of Russia's Lukoil in Nizhny Novgoorod was temporarily suspended due to an "incident," Russia's RIA state news agency reported, citing the oil company.

Refined fuels and oil prices: long positions decline as distillate sales stall price rally

Benchmark oil prices plateau as investors finish repurchasing bearish short positions, impacting refined fuels and U.S. natural gas with declining sales and a short covering rally, respectively.

Nigeria announces reforms to lure oil and gas investment

Nigeria will offer tax credits and streamline contracting processes for new oil and gas projects, the Information Minister said, in a move by Africa's top energy producer to attract much-needed investment.

Oil prices nearly flat as market weighs Chinese demand, North America supply increase

Oil prices were little changed as markets weighed new economic data from China against increasing supply from the Western Hemisphere.

Return of U.S. oil sanctions would clip Venezuela's output gains, analysts say

A possible reimposition of U.S. oil sanctions on Venezuela next month would stagnate the OPEC-member country's crude output, wiping out the small gains it has achieved in recent years.

Crude oil processing in China hit a record high in 2023

Crude oil processing, or refinery runs, in China averaged 14.8 MM bpd in 2023, an all-time high record processing, which came as the economy and refinery capacity grew in China following the country’s COVID-19 pandemic responses in 2022.

Reduced refining capacity, sanctions force Russia to cut oil output

Russia announced additional voluntary cuts in oil supply mainly in the form of production cuts rather than exports, as it faced curtailed refining capacity as well as stricter sanctions.

Azerbaijan's Aliyev says Baku supports green energy, but world needs fossil fuels for now

Azerbaijani President Ilham Aliyev, whose country is due to host the COP29 summit on climate change in October, said that his country is committed to the green energy transition, but that the world cannot abandon fossil fuels in the near future.

Brazil, Guyana, Suriname eye more cooperation in oil and gas

Brazil, Guyana and Suriname have agreed to deepen discussions on cooperation in the oil and gas sector, according to a joint statement released by the countries after a meeting between their presidents.