The head of International Energy Agency warned Tuesday that oil prices are set to enter the "red zone" during the fourth quarter of 2018, threatening to hit demand growth as the strength of global economy falters.
Cash prices for New York Harbor refined oil products were static, but futures spreads widened Tuesday morning as Irving Oil's 300,000 b/d refinery in Saint John, New Brunswick, remained shut after an explosion Monday.
Russian and Saudi companies could ink new joint investment deals before the end of this year, further expanding cooperation between the two countries in the energy sector, according to Russia's energy minister Alexander Novak.
Iranian oil minister Bijan Zanganeh on Monday dismissed claims by Saudi Crown Prince Mohammed bin Salman that Saudi Arabia was prepared to make up for any oil market shortfall caused by US sanctions on geopolitical rival Iran.
Japan's crude oil import costs are set to rise from September as local refiners start to replace Iranian barrels with more expensive supplies from the Middle East and elsewhere, while the upward trend in international outright oil prices remained firmly…