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Brent crude flips to contango as Gulf oil floods market post-Iran war
Middle East oil producers are flooding the market with crude in the wake of the U.S.-Iran interim peace agreement, sending shipment volumes surging and pushing the Brent futures curve into contango for the first time this year.
Gulf oil exports top 10M bpd in June on record UAE flows
Oil prices held steady near recent lows as Gulf oil exports jumped sharply in June, driven by record shipments from the United Arab Emirates, though lingering regional tensions continued to cloud the outlook for the waterway that carries roughly a…
OPEC output surged in June as Hormuz flows resumed
OPEC crude oil production jumped by 2.34 million barrels a day in June to 18.75 million barrels a day, driven by Kuwait, Saudi Arabia, and Iran restoring exports through the Strait of Hormuz following a peace accord between the United…
Karachaganak oil output restored after drone strike
Oil production at Kazakhstan's Karachaganak field has been restored following disruptions caused by a Ukrainian drone attack on June 24 that struck the Orenburg gas processing plant in southern Russia, according to Reuters. The field, jointly operated by Eni and…
Oil drops to four-month lows as Hormuz flows recover
Oil prices fell for a third consecutive session on Thursday as crude shipments through the Strait of Hormuz continued to recover and diplomatic progress between the United States and Iran eased fears of prolonged supply disruptions. Brent crude dropped to…