Nirmal Narayana

RIYADH: Oil edged lower on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy. 

Brent futures for March delivery fell 13 cents to $81.97 a barrel, a 0.1 percent loss, by 0511 GMT. US crude dropped 28 cents, or 0.3 percent, to $76.65 per barrel. 

Both benchmarks plunged more than 4 percent on Tuesday, with Brent suffering its biggest one-day loss 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)