US replaces Kuwait as India’s 6th biggest oil supplier

The United States has surpassed Kuwait to become India’s sixth largest oil supplier as it supplied 70 per cent more crude to the world’s third largest energy consumer during April-September. According to data furnished by the oil ministry to parliamentary committee, the US supplied 5.4 million tonnes of crude oil during the first six months of 2019-20. This compared to about 3.1 million tonnes of oil sourced from the US in the same period a year back.

Read moreUS replaces Kuwait as India’s 6th biggest oil supplier

Oil prices settle after turbulent week as Saudi Arabia reassures on output

Oil prices edged higher in early Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend. Brent crude futures rose 8 cents to $63.68 a barrel by 0139 GMT while U.S. West Texas Intermediate (WTI) crude was up 12 cents to $58.23 a barrel.

Read moreOil prices settle after turbulent week as Saudi Arabia reassures on output

Saudi Energy Minister Recommends Driving Down Oil Inventories

why crude oil prices are falling today

“Overall, the market is in a delicate situation,” Khalid al-Falih told reporters ahead of a ministerial panel meeting of top OPEC and non-OPEC oil producers, including Saudi Arabia and Russia. He said the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is de facto leader, would have more data at its next meeting in late June to help it reach the best decision on output.

Read moreSaudi Energy Minister Recommends Driving Down Oil Inventories