Tausi Insider

Oil prices settled more than a dollar lower on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted and as rising COVID-19 cases in China weighed on sentiment. Brent crude futures settled a dollar lower at $92.86 a barrel, down 1.1%. U.S. West Texas Intermediate (WTI) crude futures slid by $1.33, or 1.5%, to settle at $85.59 a barrel. The market gave up early gains after Hungarian Foreign Minister Peter Szijjarto said that flows through the Druzhba oil pipeline from Russia had resumed following a brief outage. The market later recovered some losses after U.S. crude stocks fell more than expected on the back of heavy refining activity. The Energy Information Administration said U.S. crude inventories fell by 5.4 million barrels last week, compared with expectations for a 440,000-barrel drop. In addition, tanker-tracker Petro-Logistics said in a report that exports from the Organization of Petroleum Exporting Countries (OPEC) have fallen significantly so ...

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, on Oct. 25. AHMED YOSRI/Reuters The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday. Iraq’s energy minister Hayan Abdel-Ghani met Saudi energy minister Prince Abdulaziz bin Salman on a visit to the kingdom which began on Wednesday. The two sides also pointed to, “the ability to take further measures, if required, to achieve balance and stability in the market,” according to the statement. OPEC+, an alliance that groups together Organization of Petroleum Exporting Countries (OPEC) members and their allies, including Russia, next meets on Dec. 4 in Vienna. In its last meeting on Oct. 5 an output cut of 2 million barrels a day was agreed. Prince Abdulaziz said earlier this week ...