Brasília, Brazil, February 18, 2025 – Brazil’s government has approved joining OPEC+, a group of major oil-exporting nations, signaling a significant step in the country’s evolution into a prominent oil state.
Last year, approximately $1.83 billion was spent on operations at the Azeri-Chirag-Gunashli (ACG) oil and gas field block, according to BP's annual report on its activities in Azerbaijan.
India, the world’s third-largest oil importer, will only purchase Russian crude if it is supplied by companies and ships not sanctioned by the U.S., Oil Secretary Pankaj Jain said.
Oil prices rose on Wednesday, driven by tighter supply from OPEC members and Russia, alongside stronger-than-expected U.S. job data indicating economic growth and higher oil demand.
On the latest “Newshour with Guy Shone”, all about France’s new Prime Minister, François Bayrou, Macron’s motives to appointing the 73-year old centrist leader, France’s far right’s reactions to Macron's pick, and the French Republic’s unprecedented political and economic crisis.
Kazakhstan’s oil production is on an upward trajectory, with output expected to reach 2.08 million barrels per day (mb/d) by 2025, according to the International Energy Agency (IEA). The latest revision raises the forecast by 0.06 mb/d, signaling sustained growth in the nation’s energy sector.
Oil prices rose as Norway's Johan Sverdrup oilfield halted output due to a power outage, while escalating tensions in the Russia-Ukraine conflict added further pressure on global markets.
Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery.
Stock markets in the UAE closed lower on Friday, impacted by falling oil prices. The drop comes as concerns over the effects of Hurricane Rafael of US oil production ease. Abu Dhabi's index dropped 0.2%, while Dubai’s main index fell 0.1%.
Oil prices fell 2% as OPEC downgraded its global demand forecast and China's oil imports dropped for the fifth consecutive month. Concerns over Israeli-Iran tensions also weighed on markets, with Brent settling at $77.46 per barrel and WTI at $73.83 per barrel.
Oil prices rose on Thursday amid concerns that escalating Middle East tensions could disrupt crude supplies, though strong global supply capped gains. Brent crude hit $75.31, with fears growing over potential Israeli strikes on Iran. Rising U.S. inventories suggest the market remains well supplied.
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