The OPEC+ group’s decision to reduce its crude oil production target by 2 million barrels per day (bpd) came at “the worst possible moment” and will have a wide-ranging impact on the economy and inflation, Barbara Leaf, Assistant …
LONDON – BlackRock BLK.N, the world’s biggest asset manager, told a British parliamentary committee that it will not stop investing in coal, oil and gas, and that its role was not to “engineer a specific decarbonization outcome in …
WASHINGTON – U.S. President Joe Biden will announce a plan on Wednesday to sell off the last portion of his release from the nation’s emergency oil reserve by year’s end and detail a strategy to refill the stockpile
Europe’s energy crisis has cooled efforts to lower the carbon intensity of liquefied natural gas (LNG)shipments, as buyers worried about a winter supply crunch prioritize securing shipments of any kind over burnishing their green credentials.
Natural gas can be …
The idea of placing a cap on the price of Russian oil as a means of reducing the country’s oil revenues was first floated by U.S. Treasury Secretary Janet Yellen in the spring. Since then, the idea has …
LONDON – Oil prices fell in volatile trade on Tuesday on fears of higher U.S. supply amid economic slowdown and lower Chinese fuel demand.
Brent crude futures fell by $1.35, or 1.47%, to $90.27 a barrel by …
LONDON – Portfolio investors continued heavy buying of crude oil futures and options for a second week after OPEC+ cut its production target more than expected.
Hedge funds and other money managers purchased the equivalent of 47 million …
LONDON – Oil prices edged up on Monday in choppy trading as China’s continuation of loose monetary policy was partly offset by fears that high inflation and energy costs could drag the global economy into recession.
Brent …
(Bloomberg) — Don’t expect U.S. shale producers to ride to the rescue as the world clamors for more oil, according to Energy Aspects.
Oil output from shale basins is at risk of peaking in just two years …
U.S. natural gas futures slid about 2% on Friday as record output and reduced liquefied natural gas (LNG) exports allowed utilities to inject much bigger than normal amounts of gas into storage for the winter over the past …
RIYADH – Neither side is backing down in a battle of wills over oil between Saudi Arabia’s Crown Prince and U.S. President Joe Biden, putting severe strain on their countries’ energy-for-security alliance, although a full rupture looks unlikely, Gulf …
North America’s oil and gas producers have reduced their total debts by $26 billion since the end of 2019 as the shale industry made the structural shift from spending to grow production to increasing shareholder returns and strengthening …
(Bloomberg) — Canadian heavy crude prices plunged to their biggest discount to futures since 2018 and, this time, the collapse has little to do with a shortage of pipelines.
Heavy Western Canadian Select’s discount to West Texas
RIYADH – Neither side is backing down in a battle of wills over oil between Saudi Arabia’s Crown Prince and U.S. President Joe Biden, putting severe strain on their countries’ energy-for-security alliance, although a full rupture looks unlikely,
Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China.
Brent crude futures fell 51 …
(Bloomberg) — Decisions of the Organization of Petroleum Exporting Countries and its allies are designed to stabilize global energy markets and are not targeted against anyone, Russian President Vladimir Putin insisted.
The OPEC+ alliance, co-chaired by Russia …
Shale oil and gas producer EOG Resources Inc paid $847 million during the third quarter to settle wrong-way bets on energy prices, the company said in a regulatory filing on Tuesday.
Russia’s invasion of Ukraine sent energy
LONDON- Portfolio investors were encouraged to return to the oil market early last week by the prospect of production cuts by OPEC and its allies, which offset some bearishness induced by the prospect of an imminent recession.
Hedge …
Oil slid on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in Covid-19 cases in China raised concern over global demand.
World Bank President David Malpass and International Monetary Fund …
Gasoline prices in the United States have jumped over 3% since OPEC’s decision last week to cut output by 2 million barrels per day in November, reversing the trend that had seen prices lower at the pump for …
(Bloomberg) — The U.S. has accused Saudi Arabia of siding with Russia after it led OPEC+ in a shock decision to slash crude output, keeping oil prices high at a time of global concern about inflation. The world’s …
WASHINGTON – The American Petroleum Institute (API) today submitted comments urging the U.S. Department of the Interior (DOI) to open offshore acreage to safe and environmentally responsible American energy development.
In its comments in response to the 2023-2028 …
The United States is still planning on replenishing the nation’s crude oil emergency stockpiles when the price of oil goes down, White House energy advisor Amos Hochstein said on Thursday.
The White House energy advisor’s comments come …
Oil prices will rise again to $100 per barrel faster than previously estimated, Morgan Stanley said on Thursday, lifting its price forecast for the first quarter of 2023 to $100 from $95 per barrel.
“Brent will find …
Washington sees OPEC+’s decision to slash oil production by more than 2 million barrels a day as political interference and a “blow” against U.S. President Joe Biden, said Dan Yergin, vice chair of S&P Global.
On Wednesday, the …
SINGAPORE -Global oil supply is set to tighten, intensifying concerns over soaring inflation after the OPEC+ group of nations announced its largest supply cut since 2020 ahead of European Union embargoes on Russian energy.
The move has widened …
WASHINGTON – U.S. legislation that could open members of oil producing group OPEC+ to antitrust lawsuits has emerged as a possible tool to tackle high fuel prices, after the body said it would slash production despite lobbying by the …
