Political News

Source: World Oil

House committee to probe Biden’s LNG export freeze

World Oil


(Bloomberg) – A House committee is probing the Biden administration’s decision to pause liquefied natural gas (LNG) export approvals, asking the Energy Department to justify why a moratorium on project approvals is needed while the agency conducts a …

February 8, 2024 - 10:35 am Closing Bell Story‎, Energy News, LNG, Political News, Politics
Source: World Oil

Senator Joe Manchin vows to investigate Biden’s LNG export license plan

World Oil


(Bloomberg) – Senator Joe Manchin blasted the Biden administration’s move to halt the approval of new licenses to export U.S. liquefied natural gas (LNG) and vowed to use his power as the chairman of the Senate Energy and …

U.S. defense official visits Guyana over threat to oil-rich Essequibo

U.S. defense official visits Guyana over threat to oil-rich Essequibo

Oil Price


As tensions with Venezuela continue to simmer over President Nicolas Maduro’s attempt to annex oil-rich Essequibo from Guyana, the U.S. is sending a top defense official to Guyana to discuss the situation.

U.S. Deputy Assistant Secretary of Defense …

Source: Reuters

ANALYSIS-Mexico’s Sheinbaum spurs hope of more private investment in energy after Lopez Obrador

Nasdaq


MEXICO CITY (Reuters) – The favorite to be Mexico’s next leader will likely be more open than her mentor President Andres Manuel Lopez Obrador to private investment in energy in order to help fund her renewable power push at …

Source: Reuters

Exxon’s low US tax payments ruffle Biden’s climate agenda

Yahoo Finance


Exxon Mobil’s income tax payments to the U.S. government have dropped to 3% over the past five years – several times below the company’s 20-year average – on massive deductions passed under former President Donald Trump.

Corporate tax …

Source; Reuters

EXCLUSIVE-Biden poised to deliver win for ethanol makers on SAF credits

Nasdaq


NEW YORK – The Biden administration is expected this week to recognize a soon-to-be-updated methodology favored by the ethanol industry in guidance to companies looking to claim tax credits for sustainable aviation fuel (SAF), three people familiar with the …

Source: Reuters

Concerns mount over Chevron-Hess merger amidst Guyana geopolitical risks

World Oil


(Bloomberg) — Traders are more jittery than ever about the outcome of Chevron Corp.’s proposed $53-billion takeover of Hess Corp. as Venezuela threatens to seize mineral-rich regions in neighboring Guyana.

Hess shares fell roughly 5% this week as …

Source: World Oil

API calls on Biden administration to remove barriers to energy production in Alaska

World Oil


The American Petroleum Institute (API) has called on the Biden administration to recognize the important role that Alaska plays in U.S. energy security and support the continued development of energy resources in the National Petroleum Reserve (NPR-A).

In …

Source: Oil Price

The White House does not expect Arab states to weaponize oil

Oil Price


The United States is confident that the Arab states will not use oil supply as a weapon as they have done in the past, White House energy security adviser Amos Hochstein told the Financial Times in an interview

Source: Reuters

Oil heavyweights Chevron, Repsol, Eni to benefit from Venezuelan sanctions relief

World Oil


(Bloomberg) – Venezuela has an opportunity to resuscitate the linchpin of its economy — oil — now that U.S. sanctions have been relaxed. The surprise move on Oct. 18 allows international companies to apply the full weight …

Source: World Oil

Senator Manchin slams Venezuelan oil, gas sanction relief, calls for boost in domestic production

World Oil


(Bloomberg) – Senator Joe Manchin condemned the Biden administration’s decision to lift sanctions against Venezuela’s oil and gas sector, arguing the U.S. should instead turn to domestic crude production to fill any shortfall.

 

The administration is looking …

Source: CNBC

Oil prices edge higher ahead of Biden Middle East trip

CNBC


Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with …

Source: CNBC

Oil falls after Saudi pledge; investors keep wary eye on Israel

CNBC


Oil prices fell on Wednesday, as fears of disruption to supplies due to conflict in the Middle East receded a day after top OPEC producer Saudi Arabia pledged to help stabilize the market. Brent crude last fell $2.06, or …

Source: Oil Price

Hamas attack brings Middle East war premium back to oil markets

Oil Price


War premium returned to the oil market on Monday after the weekend attack by Hamas on Israel, which upended—again—the geopolitical landscape in the world’s most important oil-exporting region, the Middle East, and buried hopes of an imminent Saudi-Israel …

Source: Reuters

Goldman Sachs sees no immediate impact on oil inventories from Israel attacks

BOE Report


Goldman Sachs does not see any immediate major effect on near-term oil market inventories from the attacks in Israel over the weekend, it said in a note. It added, however, that the attacks reduce the likelihood of normalization …

Source: Reuters

Chevron shuts down Israeli natural gas field after Hamas attack

Oil Price


Following this weekend’s attack by Hamas on Israel, Chevron, the operator of the Tamar gas field offshore southern Israel, has shut down production at the field per instructions from the Israeli energy ministry.

“Chevron Mediterranean Limited was instructed …

Source: Reuters

Oil prices jump as Middle East turmoil roils markets

Investing


LONDON – Oil prices surged more than 3% on Monday as military clashes between Israel and the Palestinian Islamist group Hamas ignited fears that a wider conflict could impact oil supply from the Middle East.

Brent crude was up …

Source: Oil Price

$6 Billion in Iranian oil funds unfrozen as Tehran releases U.S. prisoners

Oil Price


Five Americans imprisoned in Iran were officially flown out of Tehran on Monday as the U.S. unfroze some $6 billion in Iranian oil funds held for five years in South Korea.

The prisoner swap deal also included the …

Source: Reuters

Exclusive: Biden administration moving to escalate energy trade dispute with Mexico

Nasdaq


President Joe Biden’s administration has asked U.S. energy companies to prepare affidavits documenting how Mexico’s protectionist policies disrupted their investments as Washington prepares to escalate a trade dispute with its neighbor, according to three people familiar with the discussions.…

Source: Oil Price

U.S. drafts sanction relief proposal for Venezuela

Oil Price


Federal government officials in Washington are working on a draft proposal for sanctions relief to be offered to Venezuela if it organizes “free and fair” presidential elections. The pitch focuses on letting more companies buy Venezuelan crude, Reuters …

Source:  Oil Price

U.S. to unfreeze Iran’s oil money in exchange for prisoner release

Oil Price


The United States has agreed to give Iran access to $6 billion in currently frozen Iranian oil revenue currently held in South Korea, media reported on Thursday—in exchange for the release of five Americans imprisoned in Iran.

Iran …

Source: World Oil

Biden administration delays replenishing U.S. emergency oil reserve

World Oil


(Bloomberg) – The Biden administration is again delaying a replenishment of the nation’s emergency oil reserve because of market conditions, according to people familiar with the matter. The decision comes as oil prices have rallied above $80 a …

Source: Oil Price

House Republicans propose the study of an oil naval blockade of China

Oil Price


The House of Representatives is discussing a move that would effectively amount to an act of war if carried out: a naval blockade on China. The proposal for an amendment to the next defense budget of the United …

Source: Reuters

Pentagon papers show Saudi Arabia, U.S. traded threats over oil

Oil Price


Newly leaked Pentagon papers showed that Saudi Arabia’s Crown Prince Mohammed bin Salmon threatened the United States with economic calamity over oil production decisions, according to the Washington Post.

Relations between U.S. President Biden and Saudi Arabia’s bin …

Source: Oil Price

The debt ceiling drama ended well for the energy industry

Oil Price


The debt ceiling drama (farce?) has ended. Having manufactured a crisis that could have tanked the economy, our legislators solved the problem and took credit for their statesmanship, some might argue.

Let’s leave aside the political noise and …

Source: Reuters

White House, GOP reach compromise on energy disputes as part of debt-limit deal

World Oil


(Bloomberg) –President Joe Biden and House Speaker Kevin McCarthy compromised on bitterly contested disputes over federal spending as part of their debt-limit deal. They must now sell the agreement to lawmakers from both parties.

Here’s a look at …

Source: BOE Report

Climate battle looms as Alberta premier Smith takes aim at Trudeau after election win

BOE Report


Alberta’s re-elect leader Danielle Smith has put herself on a collision course with Prime Minister Justin Trudeau over climate policies that would weigh on the province’s fossil fuel industry.

 

Smith, leader of the United Conservative Party (UCP), …

FILE PHOTO: A flare burns excess natural gas in the Permian Basin in Loving County, Texas, U.S. November 23, 2019. REUTERS/Angus Mordant

U.S. legislators attempt to ban oil and gas exports

Oil Price


Three U.S. legislators have proposed a bill that would reimpose a ban on U.S. crude oil exports on the ground that this would benefit coastal communities, U.S. energy consumers as a whole, and help the U.S. achieve its …

Source: World Oil

UK Prime Minister: UK will need fossil fuels for “next few decades” amidst North Sea oil field development opposition

World Oil


(Bloomberg) – Prime Minister Rishi Sunak said the UK will need fossil fuels for the “next few decades” as the UK moves to eliminate net greenhouse gas emissions, after being urged to oppose Equinor ASA’s Rosebank oil field …

Source: CNBC

The China-brokered Saudi-Iran deal has big repercussions for the Middle East — and the U.S.

CNBC


DUBAI, United Arab Emirates — When arch-rivals Saudi Arabia and Iran announced they were restoring diplomatic relations, much of the world was stunned — not only because of the breakthrough after years of mutual animosity, suspected attacks and