A slump in oil prices probably reduced ExxonMobil’s XOM.N third-quarter upstream earnings by $600 million to $1 billion, the oil major signaled in a regulatory filing published on Thursday. Oil prices fell by 17% in the third quarter, the largest quarterly decline in a year, on worries about the global oil demand outlook. Brent futures LCOc1 settled at $71.77 a barrel on the last trading day of the quarter. The company, in its earnings snapshot, indicated weakerrefining margins during the quarter would also hurtprofits by up to $1 billion. Global ...

Prices of October Urals crude oil have risen back above $65 a barrel at Russian Baltic and Black Sea ports, or $5 higher than the price cap set by Western nations, Reuters calculations showed on Friday, as the conflict in the Middle East pushed up oil prices. Oil prices surged on Thursday as concerns mounted that a widening regional conflict in the Middle East could disrupt global crude flows. Brent crude futures LCOc1 were up again on Friday, by 55 cents, or 0.7%, at $78.17 a barrel, as of 0831 ...

Oil markets are being too complacent given the risk of major supply disruptions in the Middle East, analysts told CNBC on Thursday, with one warning that crude futures could rally to more than $200 a barrel. It comes amid speculation that Israel could be planning to launch a retaliatory attack on Iran targeting its oil infrastructure — a prospect which would likely deliver a rude awakening to bearish energy market participants. Iran, which is a member of OPEC, is a major player in the global oil market. So much so, ...

Oil prices have jumped more than $5 a barrel since the start of the week amid intensifying fears that Israel could launch an attack on Iran’s energy infrastructure. The rally, which puts crude futures on track for gains of around 8% week-to-date, has surprised many market observers in that it appears to be somewhat subdued given what’s at stake. Energy analysts have questioned whether oil markets are being too complacent about the risk of a widening conflict in the Middle East, particularly given that the fallout could disrupt oil flows ...

Middle East crude benchmarks Oman, Dubai and Murban all rose on Friday, with Dubai premiums gaining for a third consecutive session. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps rose 19 cents to $1.79 a barrel. OSP – The Abu Dhabi National Oil Company (ADNOC) has set the November official selling price (OSP) of its benchmark Murban crude at $73.41 a barrel, it said on Friday, down from October’s OSP of $77.94. NEWS – Kazakhstan increased crude oil production in September by 10% compared to August to 6.55 million tons, ...

Oil prices were on track for weekly gains of 9% as investors feared a wider Middle East conflict could disrupt crude flows after President Joe Biden said the United States was discussing an Israeli attack on Iranian oil facilities. Brent crude futures were up 66 cents, or 0.85% at $78.28 a barrel, as of 1323 GMT. U.S. West Texas Intermediate crude futures were up 63 cents, or 0.85%, at $74.34 a barrel. The U.S. is discussing whether it would support Israeli strikes on Iran’s oil facilities as retaliation for Tehran’s ...

Oil prices rose further on Friday and were on track for strong weekly gains as investors weighed the prospect of a wider Middle East conflict disrupting crude flows against a well-supplied global market. Brent crude futures LCOc1 were up 55 cents, or 0.7%, at $78.17 a barrel, as of 0831 GMT. U.S. West Texas Intermediate crude futures CLc1 were up 50 cents, also 0.7%, at $74.21 a barrel. Both benchmarks were headed for weekly gains of about 9%. “While Iran has ‘saved face’ by its rocket attack on Israel on ...

Proceeds from oil and gas sales for Russia’s federal budget in September edged down by about 0.9% from August to 771.9 billion roubles ($8.13 billion), finance ministry data showed. That was broadly in line with a Reuters forecast of steady revenue on a monthly basis. The proceeds were up 4.3% from the same month in 2023 and jumped 49.4% year on year for the first nine months of the year to 8.33 trillion roubles. Oil and gas revenue has been the most important source of cash for the Kremlin, accounting ...

Russian Deputy Prime Minister Alexander Novak said the OPEC+ group of leading oil producer will continue to play a decisive role in global oil market stabilisation. He also said in a column for the Russian energy ministry’s in-house magazine published on Thursday that the formation of OPEC+ in late 2016 had generated more than 30 trillion roubles ($315 billion) in additional earnings for the Russian federal budget. “The key potential for increasing oil production lies with the participants in the OPEC+ agreement. Therefore, the deal, of which our country is ...

Major energy companies are set to borrow billions to maintain shareholder payouts or cut the rate of share repurchases in the face of a drop in oil prices after more than two years of bumper profits, analysts said. The majors have for decades attracted investors by promising steady payouts even as the transition to lower carbon energy has cast doubt over the industry’s long-term prospects. BP BP.L, Chevron CVX.N, Exxon Mobil XOM.N, Shell SHEL.L and France’s TotalEnergies TTEF.PA have paid investors more than $272 billion in dividends and share repurchases ...

Kazakhstan increased crude oil production in September by 10% compared to August to 6.55 million tons, exceeding OPEC+ quotas, according to two sources familiar with the data and Reuters calculations. Kazakhstan has been one of the laggards in the OPEC+ deal to curb oil production, persistently exceeding the group’s output quota. For the Central Asian country, that stands at 1.468 million barrels per day. OPEC+ relies on data from secondary sources such as consultancies and think-tanks who use a barrel/ton conversion rate of 7.5-7.6. Using that ratio, Kazakhstan’s oil production ...

Singapore’s middle distillates inventories rebounded to a three-week high after falling for three consecutive weeks, official data showed on Thursday. Stockpiles of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore were at 10.742 million barrels for the week ended Oct. 2, up from 9.807 million barrels in the previous week, data from Enterprise Singapore showed. Net exports of diesel/gasoil surged by 18 times this week, as total exports grew by more than four times from the previous week. Usual regional suspects such as Indonesia, Australia and Malaysia were ...

Iran has set the official selling price (OSP) for its light crude oil grade for Asian buyers at $1.70 a barrel above the Oman/Dubai average for October, state-owned National Iranian Oil Company (NIOC) said. The October price was lower than a $2.35 premium in the previous month. Source: Reuters (Reporting by Ashitha Shivaprasad in Bengaluru)

OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country’sfacilities but the producergroup would struggle if Iran retaliates by hitting installations of its Gulf neighbours. Iran fired hundreds of missiles at Israel on Tuesday in response to Israeli airstrikes and attacks. Israel’s Prime Minister Benjamin Netanyahu said Iran made a big mistake and would pay for it, and Iran threatened a crushing response if Israel retaliated. Israel’s options includetargeting Iranian oil production facilities among other strategic sites, U.S. news ...

OPEC+ is strategically reducing oil supply and ceding market share with a long-term view so that the producing countries secure enough investments, while oil prices suit both producers and consumers, Russian Deputy Prime Minister Alexander Novak said. Novak was speaking to Al Arabiya News outlet; the transcript of the interview dated Sept. 28 was provided by his office in Russian on Monday. Asked if maintaining market share was more important than the price, Novak replied it would be wrong to think short term. “Yes, we are probably deliberately moving, temporarily ...