Sweet crude grades from the U.S. Gulf Coast have seen increased interest from Asian buyers in recent weeks, as many refiners in the world’s largest oil-importing region are purchasing more of the sweeter crude varieties, energy analytics firm Vortexa says.
Earlier, Gomeltransneft limited the pumping of oil through the Druzhba pipeline in the direction of Poland for three days due to unscheduled repairs on one of the pipeline branches.
Oil production in October is 2.8 per cent higher than the NPD’s forecast, and 1.0 per cent higher than the forecast so far this year.
The House on Friday passed a roughly $2 trillion bill incorporating the core of President Joe Biden’s economic agenda — ramping up funding for the social safety net and increasing taxes on corporations and the wealthy — sending it on to the Senate, where it’s likely to be significantly reshaped.
European shares inched higher on Thursday after a strong earnings season fuelled a series of all-time highs, while weakness in oil and metal prices hit commodity-related stocks.
State media outlets reported that an oil pipeline in southern Iran exploded on Wednesday, marking the latest in a series of explosions and fires reported across the Islamic Republic this year.
President Joe Biden on Wednesday asked Federal Trade Commission Chair Lina Khan to examine oil and gas companies and their role in rising gasoline prices.
The Druzhba oil pipeline provides oil supplies to Belarusian refineries and its transit to Europe.
OPEC, oil industry executives, and analysts have been warning this year that chronic underinvestment in oil supply, while demand is still growing, would lead to energy crunches within a few years.
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