Heavy maintenance work on North Sea oil fields in the coming months is helping to erode the flow of crude to Asia from some suppliers in the Atlantic basin as a key price spread between the two regions balloons. SourceContinue Reading

Saudi Arabia’s push to restrain oil supply to buoy prices is spurring India to speed up plans to diversify its crude sources and pursue alternative energy, the chairman of one of the nation’s biggest refiners said. SourceContinue Reading

The deal consists of Shell’s interest in 13 onshore concessions and in Badr El-Din Petroleum Co. The U.K.’s Cairn, together with Cairo-based Cheiron Petroleum Corp., will buy the assets for $646 million and make additional payments of as much as $280 million by 2024, “contingent on the oil price and the results of further exploration.”...Continue Reading

Shell Egypt and one of its affiliates have signed an agreement with a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC to acquire Shell’s upstream assets in Egypt’s Western Desert. SourceContinue Reading

Oil fell the most in a week as the dollar strengthened and investors shrugged off an attack on the world’s largest crude terminal in Saudi Arabia. SourceContinue Reading

Futures in London earlier surged above $71 a barrel, the highest since January 2020, before retreating to trade little changed. The assault on a storage tank farm at Ras Tanura on Sunday was intercepted, Saudi Arabia said, and oil output appeared to be unaffected. SourceContinue Reading

The world’s biggest crude exporter is boosting April pricing for crude exports eastwards to the highest levels since just before the Saudis unleashed a brief price and supply war a year ago. SourceContinue Reading

Yemen’s Houthi rebels have stepped up assaults on Saudi Arabia and last week claimed they hit a Saudi Aramco fuel depot in Jeddah with a cruise missile. It wasn’t clear how much damage had been caused. While such assaults rarely result in extensive damage, their frequency has created unease in the Gulf. SourceContinue Reading

Saudi Arabia said a storage tank at Ras Tanura in the country’s Gulf coast was attacked on Sunday by a drone from the sea. The terminal is capable of exporting roughly 6.5 million barrels a day — nearly 7% of oil demand — and as such one of the world’s most protected installations. SourceContinue Reading

Brent crude now trades above fiscal breakeven prices for the four biggest oil producers in the Middle East after Saudi Arabia convinced fellow OPEC+ members to keep output largely unchanged. SourceContinue Reading