Crude oil prices in much of the world’s physical markets have started the year with a rally amid signs of more buying from China after it eased COVID-19 restrictions and concern that sanctions on Russia could tighten supply

Oil output from top shale regions in the United States is due to rise by about 77,300 barrels per day (bpd) to a record 9.38 million bpd in February, the U.S. Energy Information Administration (EIA) said in its productivity report

OPEC said Chinese oil demand would rebound this year due to relaxation of the country’s COVID-19 curbs and drive global growth, and sounded an optimistic note on the prospects for the world economy in 2023

China’s oil refinery throughput in 2022 fell 3.4% from a year earlier, its first annual decline since 2001, as China’s rigid COVID-19 controls took a toll on the economy and fuel consumption

Oil prices slipped but were holding near their highest this month as easing COVID restrictions in China raised hopes of a demand recovery in the world’s top crude importer

The US will begin repurchasing crude oil for its Strategic Petroleum Reserve (SPR) in February, the Energy Department announced

Russian Deputy Prime Minister Alexander Novak met with Venezuela’s oil minister in Caracas, where they discussed oil market volatility and the status of Venezuela’s outstanding debt to Russia

HSBC will stop funding new oil and gas fields and expect more information from energy clients over their plans to cut carbon emissions, the banking giant said, as part of a wider update of its sector policy

Traders expressed worry about how long Canada’s TC Energy Corp would take to clean up the largest U.S. crude oil spill in nearly a decade and restart its Keystone oil pipeline after more than 14,000 barrels of oil leaked last week

Iraq hopes that economic factors remain the only influence of oil prices, and it is keen to avoid a crisis in the global oil market, Oil Minister Hayan Abdel-Ghani said