US issues fresh Iran-related sanctions targeting state oil sector

The United States imposed fresh Iran-related sanctions targeting the Islamic Republic’s oil sector, including the Iranian Ministry of Petroleum, in Washington’s latest move to increase pressure on Tehran

U.S. crude stockpiles dip, gasoline builds amid weak fuel demand

U.S. crude oil and distillate inventories fell last week, while gasoline stocks rose in another weak showing for fuel demand, the Energy Information Administration said

Oil Inventories Rose by 951,000 Barrels

US oil stockpiles rose last week, intensifying worries about the demand outlook at a time when traders weigh up weather-related supply disruptions, which have shut-in production in the Gulf of Mexico

Oil prices dip as producers, refiners avoid worst of hurricane

Oil prices inched lower as Hurricane Laura passed the heart of the US oil industry in Louisiana and Texas without causing any widespread damage and companies began to restart operations

US crude stocks drop as exports soar, refining ramps up

US crude oil stockpiles fell last week as exports soared the most in 18 months and refineries boosted production to the highest rate since March before the worst of the demand hit from the coronavirus pandemic

Saudi Arabia slips to 3rd-biggest in China crude supply for July

Saudi Arabia’s crude oil exports to China fell in July, taking it out of the top two supplier slots for the first time in two years, after a historic production cut to cope with a plunge in fuel demand and prices that was by the COVID-19 pandemic.

Trump administration finalizes oil drilling plan in Alaska wildlife refuge

The Trump administration finalized a plan to allow oil and gas drilling in Alaska’s Arctic National Wildlife Refuge, putting it on track to issue decades-long leases in the pristine wilderness area before a potential change in US leadership

Iran says OPEC has raised and stabilised crude oil price

OPEC has managed to raise crude prices and stabilise the oil market, Iran’s oil minister said. “OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilized”

OPEC trims 2020 oil demand, sees virus fears weighing on prices

OPEC said world oil demand will fall more steeply in 2020 due to the coronavirus pandemic and said next year’s recovery faces large uncertainties, pointing to growing headwinds for the group and its allies in supporting the market

Venezuela’s oil exports stagnant in July at below 400,000 bpd

Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as US sanctions on PDVSA continued limiting sales