#Crude Oil

Oil August 1

Oil drops at start of week as China data raises demand concerns

West Texas Intermediate dropped toward $98 a barrel after sinking almost 7 per cent in July

Oil extends gains after US crude stockpiles drop, exports soar

Oil extends gains after US crude stockpiles drop, exports soar

West Texas Intermediate futures climbed near $98 a barrel after closing 2.4 per cent higher in the previous session

Oil August 1

Saudi crude exports set to rise in July on stronger China flows

Shipments for June were the lowest since September

OPEC+

OPEC+ agrees on 648,000 bpd hike in July, August

The next meeting will be held on June 30, 2022

Crude oil japan

Japan increases crude oil imports from the UAE

Japan’s total oil imports in March amounted to 89.15 million barrels, compared to 78.51 million barrels in February

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Oman posts $545m budget surplus on higher oil prices, tax

Oman has implemented a series of reforms to bridge the budget gap and lower its debt, including the introduction of a 5 per cent value-added tax last year

Saudi Arabia to ship gas to South Korea and take CO2 back

The state-run energy company already uses carbon dioxide to pump more crude out of the ground in a process known as enhanced oil recovery

World’s biggest oil firm Saudi Aramco sells $8bn in bonds

Aramco sold $8bn in tranches maturing in three, five, 10, 30 and 50 years

Oil extends gains on signs OPEC+ edging toward keeping cuts

The producer group is considering keeping additional supply off the market for three to six months

UAE oil reserves total 97.8bn barrels in 2019

Natural gas production in the UAE reached 109.8 billion cubic feet in 2019

World Bank sees 5.2% contraction in MENA, in line with IMF

The dual shock of lower Brent prices and the coronavirus pandemic this year has taken an especially heavy toll on the region

UAE exports 24.8% of Japan’s crude oil needs in August

Japan’s total crude oil import in August equalled 73.189 million barrels