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

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

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