A floating production storage and offloading or "FPSO" vessel around 250km off the coast of Angola in the Atlantic Ocean. (Photo: Rodger Bosch)AFP via Getty ImagesOil prices slumped to their lowest in five months on Tuesday on market fears of oversupply in the run up to end of the year and first quarter of 2026. At 11:02am EDT on Tuesday, global proxy benchmark Brent’s front-month futures contract was down 2.08% or $1.32 barely holding the price floor at $62 per barrel, and having dropped by as much 3% in E ...

China is building new oil storage sites as it stockpiles crude while it is cheap. This year and next will see a total of 11 new storage sites built across the country, Reuters reported today, noting that the combined capacity of the new sites would come in at some 169 million barrels. The amount is equal to two weeks’ worth of crude oil imports, Reuters also said. It compares to new oil storage capacity additions of between 180 and 190 million barrels for the period between 2020 and 2024, according to dat ...

By Tsvetana Paraskova of OilPrice.comExports from the semi-autonomous region of Kurdistan will resume on Saturday, September 27, following agreements reached between Iraq’s federal government, the Kurdistan Regional Government, and a group of international oil companies, Norway-based oil producer DNO ASA said on Friday. However, DNO, one of the major foreign producers in Kurdistan, will not ship its crude directly to the Iraq-Turkey pipeline to the Turkish Mediterranean port of Ceyhan. Instead, DNO will del ...

Oil-focused ETFs came under pressure this week after OPEC+ announced plans to boost production starting in September, raising fresh concerns over an oversupplied market. USO ETF is in the red today. Check its prices live, here. The cartel will unwind the last leg of its voluntary production cuts, adding roughly 547,000 barrels per day back into global supply, reported Bloomberg. The move weighed on crude prices and hit popular oil ETFs tied to near-term futures contracts. Also Read: India Stands Firm on Rus ...