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BofA: The Saudis are readying for a long oil price war

Oil & Gas 360º

Commodity experts began warning last year that Saudi Arabia was willing to ditch its traditional role as OPEC’s swing producer by abandoning its unofficial price target of $100 a barrel in favor of increased output. a barrel, while the spread between the December 2025 contract and the December 2026 contract widened by 10 cents to $0.53.

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Oil Drops as Iran Seeks Deescalation with Israel

Rigzone

Image by KvitaJan via iStock Oil fell on signs that the conflict in the Middle East may avoid disrupting crude production, with Iran seeking to deescalate hostilities with Israel. to settle below $72 a barrel after spiking to start the session and swinging in an $8 throughout the day. Oil Prices: WTI slipped 1.7%

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India’s Oil Imports From Russia Rebound After Initial Sanctions Chaos

OilPrice

Indian imports of crude oil from Russia appear to be rebounding in March following lower purchases earlier this year in the immediate aftermath of the January U.S. sanctions on Russias oil trade.

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India’s Oil Imports From Russia on Track for 10-Month High

OilPrice

million barrels per day (bpd) of crude oil from Russia in May, which would be a 10-month high, according to vessel-tracking data by Kpler. The strong Indian imports of ESPO crude are set to continue in June and July as refiners have booked more than 10 cargoes of the grade loading in June, traders told Reuters.

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Oil Prices Start the Week With a Dip

OilPrice

Crude oil prices started trade with a slide this week, as traders await news about the possibility of an end to the war in the Ukraine, which would likely boost the international supply of Russian crude. At the time of writing, Brent crude was trading at $71.92

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PetroChina Q1 Profit Rises, Bucking the Trend of Chinese Oil Majors

OilPrice

PetroChina, the largest oil and gas producer in China, reported on Tuesday a net profit for the first quarter up by 2.3%, becoming the only state oil giant to book higher Q1 earnings compared to a year earlier. PetroChina booked a net profit of $6.4 The companys average realized price for crude oil was $70.00

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Petrobras Reports Flat Oil Output for Q1

OilPrice

Petrobras booked a virtually flat crude oil production for the first quarter of the year, at 2.77 million barrels daily, down by 0.2% Production of crude specifically registered a decline of 1%, to 2.21 million barrels daily, Reuters reported, citing the companys first-quarter report. It was up by 5.4%

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