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 …
LONDON – Oil prices held near three-week highs on Thursday after OPEC+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrel per day (bpd), the largest reduction since 2020.
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There are asymmetrical upside drivers for oil prices by the end of the year, according to RBC Capital Markets, which is long oil with WTI call options for June 2023 at $120 a barrel.
The increased sanctions …
The current energy crisis cannot be left to the roiled market to sort itself out and will need smart government intervention by taxing the wealthier to shield the most vulnerable consumers, according to Shell’s chief executive Ben van …
A big oil production cut by OPEC+ members will not spur new U.S. oil and gas production, energy executives told Reuters, despite the likely rise in prices that could signal higher profits and inflation pressures.
The Organization of …
(Bloomberg) — The world’s biggest oil company reiterated its warning that producers’ spare capacity is running low and said there wouldn’t be any left once China ends its Covid Zero strategy.
“The world should be worried,” Saudi …
Sudanese-British billionaire businessman Mo Ibrahim accused developed countries of hypocrisy in warning Africans against developing natural gas reserves while also eyeing such investments in response to the energy crisis in Europe.
Speaking at the Reuters IMPACT climate conference …
It’s been two years since British oil and gas supermajor BP Plc. (NYSE: BP) dramatically declared that the world was already past Peak Oil demand. In the company’s 2020 Energy Outlook, chief executive Bernard Looney pledged that …
OPEC+ will consider cutting oil output by more than 1 million barrels a day, according to delegates, when it meets in person on Wednesday for the first time in more than two years.
A larger-than-expected reduction would reflect …
The impoverished tiny South American country of Guyana has emerged as one of the continent’s top oil producers and is poised to become a leading global energy exporter. Since 2015 an Exxon Mobil-led consortium has made a …
The Biden Administration’s calls for U.S. refiners to limit their fuel exports would only lead to a more severe crunch overseas which will push crude oil prices and gasoline prices in America higher, U.S. supermajor ExxonMobil has warned.…
(Bloomberg) — Skyrocketing oil prices have helped make oil and gas producers the best performers in the stock market this year, triggering a rapid rise in dividend payments and a bonanza of special dividends.
Now, some investors …
Oil prices were on track for their first weekly gain in five on Friday, underpinned by a weaker dollar and the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5.
(Bloomberg) — While U.S. gasoline prices have come down from the highs seen this summer, they’re clearly still weighing on President Joe Biden, who on Monday repeated demands for oil companies to charge less.
“Last month, the price …
Russia is likely to propose at the next OPEC+ meeting that the group cut 1 million barrels per day from the group’s collective output, Reuters sources familiar with Russian thinking shared on Tuesday.
The news comes just …
Global oil prices may stay under $100 a barrel for the rest of the year as rate hikes from central banks have tightened credit and reduced investments in risk assets such as commodities, commodities trading major Trafigura said …
U.S. natural gas futures on Monday extended their decline to a third session, hitting the lowest since mid-July on a weakening demand outlook and higher inventories.
Front-month gas futures NGc1 fell 25.7 cents, or 3.8%, to $6.57 per million …
PARIS – French oil and gas major TotalEnergies is expected to lay out its strategy for a possible future without Russia at an investor presentation this week, with shareholders also hoping the group will increase the amount of money
Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand.…
What is the U.S. Strategic Petroleum Reserve (SPR)? What are the implications of depleting the SPR, which the U.S. has been doing now since 2016? Further, what has been the impact of the rapid drawdown of the SPR …
Oil prices fell on Friday amid recession fears and a stronger U.S. dollar, though losses were capped by supply concerns after Moscow’s new mobilization campaign in its war with Ukraine and an apparent deadlock in talks on reviving …
OTTAWA – Environment Minister Steven Guilbeault isn’t warming to the idea of combating climate change by imposing a windfall tax on the massive profits being posted by Canadian energy companies.
U.N. Secretary-General António Guterres this week said fossil …
Cutting off investments in fossil fuels would be the road to hell for the United States. This is what JP Morgan’s chief executive Jamie Dimon said during a congressional hearing on a range of topics.
“Please answer …
U.S. natural gas futures jumped about 4% to a near one-week high on Wednesday, on forecasts for stronger U.S. gas demand this week than previously expected and renewed worries about a possible U.S. rail strike.
A rail strike …
NEW YORK – Oil prices slid about 1per cent to a near two-week low on Wednesday as the U.S. dollar soared, the country’s gasoline demand declined and investors worried about a possible global recession.
Trading was volatile, with prices …
The ongoing energy crisis was preceded by a decade of red flags that went mostly ignored and global plans to transition from conventional energy sources to renewable options failed to address key issues, according to a chief executive …
LONDON – OPEC+ is now producing below its targets by a record 3.58 million barrels per day – about 3.5% of global demand – highlighting underlying tight supply in the oil market, even as recession fears drag oil prices …
