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Iraq pledges to deepen oil output cuts in August, September

Iraq said on Friday it would cut its oil production by another 400,000 barrels per day in both August and September to compensate for its overproduction in the past three months. Iraq oil minister Ihsan Abdul Jabbar said in a joint statement with his Saudi counterpart Prince Abdulaziz bin Salman that Iraq’s output cut was […]

August 10, 2020

Oil settles below 5-month highs amid fuel demand worries

Oil prices hovered below five-month highs on Thursday, falling after a session in which bearish sentiment about fuel demand counteracted optimism about Iraq’s supply cuts, pushing the benchmarks in and out of positive territory. Concerns remain that demand is depressed by the economic slowdown due to the coronavirus pandemic, said Phil Flynn, senior analyst at […]

August 10, 2020

BP Midstream pipeline volumes fall 10% in second quarter, but revenues up

 BP Midstream Partners LP pipeline volumes fell roughly 10% in the second financial quarter as efforts to curb the spread of the coronavirus pandemic slashed fuel demand, company executives said on Thursday. Despite lower volumes, revenue of BP’s U.S. pipeline unit rose to $31.50 in the three months ending June 30 from $28.6 million in […]

August 10, 2020

Russia continues raising fuel oil exports to United States

Russia has continued increasing fuel exports to the United States, raising them by 16% in July from June, to 1.078 million tonnes, replacing crude oil supplies from Venezuela, Refinitiv Eikon and traders’ data showed on Thursday. Attractive pricing and lower freight rates have also supported demand for the Russian fuel oil. The United States imposed […]

August 10, 2020

Oil prices hit 5-month high as U.S. crude stockpiles, dollar fall

Oil prices rose to their highest since early March on Wednesday after U.S. crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook. Brent crude ended the session up 74 cents, or 1.7%, at $45.17 a barrel, while West Texas Intermediate oil settled 49 cents, or […]

August 10, 2020

U.S. shale producers Pioneer Natural Resources, Devon pitch plans for variable dividend

Pioneer Natural Resources and Devon Energy Corp plan a variable dividend, executives at the U.S. shale producers said on Wednesday as companies in the battered sector seek ways to reward shareholders after years of poor returns. The payment could be a new model for a volatile industry out of favor with investors, said Pioneer’s CEO […]

August 10, 2020

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