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Crude oil

EIA: Global oil market will be in supply deficit next year

Global oil demand will outpace supply next year, the U.S. Energy Information Administration (EIA) said on Tuesday, reversing a prior forecast for a surplus.

Update: Power outages hinder Hurricane Beryl recovery, delay port, infrastructure restarts

About 1.7 MM customers remained without power in Texas on Wednesday morning, two days after Hurricane Beryl made landfall, as progress was slow during the night, hampering efforts to restore critical oil infrastructure.

India eyes energy deals with Rosneft, other Russian companies

India wants to strengthen its energy ties with Russia and could seek deals with Rosneft and other leading Russian oil firms as part of a broader push to boost bilateral trade.

Oil companies, refineries in Texas restoring operations following hurricane Beryl

Oil and gas companies in Texas were restarting operations on Tuesday after Hurricane Beryl lashed the state with 80-mph winds, damaging property and leaving millions of people without power.

bp warns of 2Q profit hit from weak refining margins, oil trading

British energy giant bp said on Tuesday that weak refining margins and oil trading were likely to dent its 2Q profit, sending its shares down 3% in morning trading.

Marathon prepares Galveston Bay, Texas refinery units for restart

Marathon Petroleum Corp. began preparing on Monday to restart multiple units at its Galveston Bay oil refinery in Texas City, Texas, following a power outage earlier in the day.

Nigeria's NNPC seeks new oil-backed loan to boost finances, debt to gasoline suppliers has doubled

Nigeria's NNPC is in talks for another oil-backed loan to boost its finances and allow investment in its business, its chief executive said, as pressure mounts on the state-backed oil company the economy depends upon.

India's June fuel demand edges up 2.6%

India's fuel consumption rose by 2.6% year-on-year to 19.99 metric MMt in June from a year earlier.

ExxonMobil signals 2Q earnings hit from refining margins, natural gas prices

ExxonMobil said on Monday lower natural gas prices and refining margins are expected to hit the oil major's 2Q earnings.

Africa could compete in fuel exports, but massive investments are needed

Africa could become a refined fuel exporter, with at least two top-notch refineries due to come on stream within the next five years, but it must overcome its dire infrastructure and a funding crunch.