(Oil Price)– For most of the last decade, OPEC and Russia, collectively referred to as OPEC+, have aligned their interests in maintaining high oil prices and set production quotas that furthered this goal. Saudi Arabia, OPEC’s largest member, has, as part of its Vision 2030 Initiative, a multi-trillion-dollar goal of diversifying its economy away from dependence on hydrocarbons and uses
(Oil Price) – Crude futures slumped on Monday, extending their biggest single-day slide in weeks as OPEC+ signaled it may press ahead with another round of output increases despite production shortfalls across the group. By 12:48 p.m. ET, benchmark contracts were down more than 3%, reflecting both cartel politics and shifting supply expectations. Brent crude was at $67.88 per barrel, a drop
(Investing) – WASHINGTON -The Trump administration will expand coal mine leasing on federal lands and provide hundreds of millions of dollars to support more coal-fired power generation, officials said on Monday. The plan is part of a broader effort by the administration to reverse the decline of coal use in the U.S., a fossil fuel that has been hard hit by
(Investing) – HOUSTON -Oil prices rose on Friday as Ukraine’s drone attacks on Russia’s energy infrastructure cut the country’s fuel exports. Brent futures settled at $70.13 a barrel, up 71 cents, or 1.02%. U.S. West Texas Intermediate (WTI) crude finished at $65.72 a barrel, gaining 74 cents, or 1.14%. Both benchmarks are set to register their biggest increases since mid-June. “Markets continued to be
(Oil Price) – Canadian producers are temporarily shutting in natural gas wellheads amid a record-low negative pricing at the key Alberta gas hub. The price of natural gas at the AECO Hub, the Canadian benchmark price for natural gas on the Nova Gas Transmission Ltd. (NGTL) system, has been weak all summer and plunged below zero earlier this week. On Thursday, the daily
(BOE Report) – Kazakhstan’s oil and condensate output rose to 8.885 million metric tons in August from 8.631 million tons in July, driven by production growth at Tengiz, Kashagan, and Karachaganak oilfields, official data showed on Friday. The August figure translates into 2.150 million barrels per day, according to Reuters calculations. Despite exceeding quotas set by the Organization of the
(Oil Price) – The OPEC+ group is not hiking oil production as much as the headline figures in the agreement suggest, as some members are close to capacity while others are compensating for previous overproduction. This could come as a relief to the market, which expects a major oversupply later this year and early next year. The OPEC+ members have so
(Investing) – LONDON -Oil prices edged up on Friday, on track for a more than 4% weekly gain, as Ukraine’s attacks on Russia’s energy infrastructure prompted Moscow to curb fuel exports. Brent futures gained 23 cents to $69.65 a barrel by 1255 GMT while U.S. West Texas Intermediate (WTI) crude rose by 33 cents at $65.31 a barrel. “The geopolitical risk premium,
(Investing) – NEW YORK -Oil prices eased on Thursday, retreating from the previous session’s seven-week high, as new U.S. economic data tempered optimism around further interest rate cuts. Brent futures were down 25 cents, or 0.36%, at $69.06 a barrel by 12:24 p.m. EDT (1624 GMT). U.S. West Texas Intermediate futures lost 33 cents, or 0.51%, to $64.66. Both benchmarks gained 2.5% on Wednesday to
(Investing) – NEW YORK -Oil prices climbed about 1% to a three-week high on Wednesday as a surprise drop in U.S. weekly crude inventories added to a sense in the market of tightening supplies amid export issues in Iraq, Venezuela and Russia. Brent futures rose 94 cents, or 1.4%, to $68.57 a barrel by 10:55 a.m. EDT (1455 GMT), while U.S. West
(Oil Price) – Some traders are betting that Europe’s natural gas prices would surge by 60% from current levels by next summer, amid many uncertainties on the market months from now. Options were traded on Monday at calls of $59 (50 euros) per megawatt-hour for April to September 2026, data compiled by Bloomberg showed on Tuesday. Dutch TTF Natural Gas Futures, the benchmark
(Investing) – HOUSTON – Oil prices rose by more than $1 a barrel on Tuesday after a deal to resume exports from Iraq’s Kurdistan stalled, pacifying some investor concerns that the restart would add to global oversupply fears. Brent crude futures were up $1.18, or 1.8%, to $67.75 a barrel by 10:38 a.m. EDT (1438 GMT), while U.S. West Texas Intermediate crude rose $1.27,
