(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
(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
(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,
(BOE Report) – Kremlin spokesman Dmitry Peskov, asked about the possible return of Exxon Mobil to Russia, said on Wednesday that the U.S. energy major was not the only company keen to return to the country. “Believe me, there is more than one corporation that is interested in reincarnating its presence on the Russian market,” Peskov told RBC radio. Many Western companies,
(BOE Report) – U.S. oil major Exxon Mobil and Russian state-run energy giant Rosneft have signed a non-binding initial agreement to help Exxon recoup a $4.6 billion write-down it made on its activities in Russia in 2022 following Moscow’s invasion of Ukraine, according to two sources familiar with the talks. The agreement marks a tentative step toward repairing commercial relations between the
(Investing) – The European Union could phase out Russian gas within six to 12 months by replacing it with U.S. liquefied natural gas, and the United States communicated this position to EU officials this week, U.S. energy secretary Chris Wright told Reuters on Friday. Wright was speaking in Brussels, where he met EU energy commissioner Dan Jorgensen on Thursday as
(Investing) – Oil prices rose by nearly 2% on Friday after a Ukrainian drone attack on a Russian port suspended loadings, outweighing pressure from oversupply concerns and weaker U.S. demand risks. The drone attack on Russia’s northwestern port of Primorsk – one of the country’s largest oil and fuel export terminals – led to a suspension of oil loading operations overnight, an
(Investing) – MILAN -U.S. Energy Secretary Chris Wright said President Donald Trump’s priority is to bring the Russia-Ukraine war to an end, without larger disruptions, when asked how the U.S. would react to Chinese purchases of sanctioned Russian LNG cargoes. “President Trump’s single greatest goal is prosperity in America and peace abroad,” Wright said in a press conference at the Gastech
(Oil Price)– Indian Oil Corp has bought another cargo of U.S. West Texas Intermediate for delivery in October, Reuters reported today, citing unnamed industry sources. The deal is part of a recent streak of U.S. oil purchases following President Trump’s threat to impose additional tariffs on Indian exporters to the United States if the country continues buying Russian crude. The October
(BOE Report)– Russia said on Wednesday that its stance on ending the war in Ukraine has not changed since President Vladimir Putin set out his conditions last year: the full withdrawal of Kyiv’s forces from key Ukrainian regions and the abandonment of its NATO ambitions. Putin and U.S. President Donald Trump are due to meet on Friday in Alaska, the
(Investing.com)– Oil prices fell over 1% on Wednesday after a U.S. crude supply unexpectedly rose, but losses were limited after the U.S. Treasury Secretary said President Donald Trump could leverage sanctions at a meeting with Russian President Vladimir Putin. Brent crude futures dropped 80 cents, or 1.2%, to $65.32 a barrel by 10:46 a.m. EDT, while U.S. West Texas Intermediate crude
(Oil Price)– A Sunday drone attack on the Saratov refinery, owned by Russia’s oil giant Rosneft, prompted the facility to halt the intake of crude oil, a source with knowledge of the matter told Bloomberg on Monday. The Saratov Refinery in the Volga region has the capacity to process 140,000 barrels per day (bpd) of crude, but it has now been
