Crude oil

Nigeria's NNPC winding down crude oil swap contracts

Nigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month.

Russia fully enforces its oil output cuts

Russian is fulfilling its oil output cut obligations, Russian Deputy Prime Minister Alexander Novak told Rossiya-24 TV channel following a meeting of the OPEC+ group of leading oil producers.

Saudi Arabia's 'icing on the cake' oil cut could feed U.S. producers

Saudi Arabia has crafted a complex OPEC+ deal with a view to punishing investors that have bet on falling oil prices but could inadvertently lend long-term support to the rival U.S. energy industry, OPEC+ insiders and market watchers said.

Kazakhstan’s oil output drops 3% in May vs April to 1.55 million bpd

Kazakhstan cut its oil production (excluding gas condensate) by 3% on a daily basis in May compared to April to 1.55 million barrels per day, Reuters calculations based on data from two sources familiar with preliminary data showed.

Oil gains 2% after U.S. debt deal and jobs data, focus turns to OPEC

Oil prices rose about 2% after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest oil consumer and jobs data fed hopes for a possible pause in interest rate hikes ahead of a meeting of OPEC and its allies this weekend.

Lukoil raises oil output at Iraq's West Qurna 2 to 480,000 bpd

Russia's Lukoil has increased oil production at Iraq's southern West Qurna 2 oilfield by 80,000 barrels per day bpd to a total of 480,000 bpd.

OPEC+ unlikely to deepen oil supply cuts at June 4 meeting

OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting despite a fall in oil prices toward $70 per barrel.

Oil steadies as higher inventories balance U.S debt bill progress

Oil steadied as a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill were offset by a report of rising inventories in the world's biggest oil consumer.

Mexico's gasoline independence dream sinks in dirty fuel oil glut

Mexico's president took office in late 2018 pledging to boost local output of gasoline while phasing out imports, but so far state refineries have instead set a different course: bumper production of highly contaminating fuel oil.

Top shipper of Russian oil secures Indian cover as Western certifiers exit

An Indian agency has stepped in to provide safety certification for most of Gatik Ship Management's fleet, a major carrier of Russian oil to India, after Lloyd's Register and the American Bureau of Shipping withdrew classification for many of its vessels, records show.