Brent oil prices could still end the year at $96 per barrel, J.P. Morgan analysts said, adding that they view the surprise cuts as a “preemptive measure” to assure that surpluses in the market do not extend into the second half of 2023

Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable

Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington’s permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban

Oil prices rose more than 1%, supported by lower U.S. crude stockpiles and a halt to exports from Iraq’s Kurdistan region, which offset pressure from a smaller-than-expected cut to Russian supplies

Oil tankers seeking to carry out operations off the Mediterranean and Atlantic shores, even outside territorial waters, will have to seek authorization from the closest Spanish port captaincy, according to a new rule due to come into force 20 days after it was published on March 22

OPEC Secretary-General Haitham al-Ghais said the group’s agreement to reduce production has helped address challenges facing global oil markets, Iraq’s oil ministry quoted him

Finland, until now one of the EU countries most dependent on Russian oil, last year halted imports of Ural crude but increased purchases from Norway and stocked up on barrels in the UK. United States and the United States, according to data from Refinitiv Eikon

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told Energy Intelligence in an interview the OPEC+ alliance will stick until the end of the year to production cuts agreed in October

Global oil demand is edging up slowly but is set for a huge boost from resumed air travel and China’s economic reopening after COVID-19 curbs, the International Energy Agency said

OPEC further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country’s COVID-19 curbs, although it left the global total steady citing potential downside risks for world growth