RIYADH: Oil fell sharply on Wednesday after slumping in the previous session, weighed down by demand concerns stemming from the state of the global economy and rising COVID-19 cases in China.
Brent futures fell $3.04 to $79.06 a barrel for a 3.7 percent loss by 1452 GMT. U.S. crude dropped $2.91, or 3.8 percent, to $74.02.
Both benchmarks plunged more than 4 percent on Tuesday, with Brent suffering its biggest one-day decline in more than three months.
Chevron to send 500,000-barrel cargo of Venezuelan oil to its Pascagoula refinery
US oil producer Chevron Corp. plans to export this month its first cargo of Venezuelan crude to its Pascagoula, Mississippi refinery following a US license granted last year, according to shipping documents seen by Reuters on Tuesday.
The 500,000-barrel cargo of Hamaca heavy crude, to be loaded at state-run PDVSA’s Jose port, comes from the Petropiar oil joint venture operated by both companies.
As of Tuesday, the tanker scheduled to carry the shipment, the Bahamas-flagged Caribbean Voyager, was waiting to load near Jose, Refinitiv Eikon data showed.
Iraq exported more than $115bn of oil in 2022: Ministry
Iraq exported more than 1.209 billion barrels of oil in 2022 worth more than $115 billion, the oil ministry said on Twitter on Tuesday, quoting Oil Minister Hayan Abdel-Ghani.
Iraqi oil exports averaged 3.32 million barrels per day in 2022, it added.
(With input from Reuters)
