Markets

Oil prices have been inching closer to the $90/bbl mark, driven by unwavering day-to-day demand.

The Asian sour-crude market is tightening as Kuwait reduces exports to bolster its new 615K-b/d Al-Zour refinery.

For the third consecutive week, futures prices for ICE Brent, NYMEX WTI, and DME Oman crudes saw their longest streaks of week-on-week increases in over a year.

The EIA has upwardly revised its projections for Brent spot prices in the coming years.

A significant transformation has taken place in the global oil markets as the premium that Brent crude traditionally held over Dubai crude has reversed, now manifesting as a discount.

US crude exports witnessed a rise in June, driven by a notable increase in shipments to the Netherlands, a trend attributed to the inclusion of West Texas Intermediate (WTI) in the Dated Brent basket.

US oil production is poised to make significant waves in the global energy market as forecasts indicate a rapid increase.

Ecuador's once-thriving oil industry, which peaked at 557K b/d in 2014, faces a formidable decline attributed to a complex web of issues.

President Luiz Inacio Lula da Silva's government is leaning towards greenlighting state-run oil firm Petrobras to survey the ecologically sensitive Foz do Amazonas offshore area.

Saudi Aramco, a major player in the oil industry, has implemented significant price adjustments for its Arab Light crude oil grade, indicating its strategic outlook on market conditions.