(Oil Price) – The term “peak oil” has sparked debate for decades, fueling speculation and more than a few forecasts of doomsday scenarios. But for all the noise, it remains a largely misunderstood concept. That’s unfortunate, because peak oil—both in theory and in practice—still carries serious implications for the global economy and energy markets. The phrase was very popular 20 years
Reuters U.S. President Joe Biden’s top aides are pressuring OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to global economic recovery. Biden’s national security adviser Jake Sullivan criticized the world’s major oil producers, including Saudi Arabia, for what he said were insufficient crude production levels in the aftermath of
CNBC Ramping up investment in policies and technologies to tackle climate change could play a significant role in the global economy’s recovery from the coronavirus pandemic. In a recent note, Charles Dumas, chief economist at U.K.-based investment research firm TS Lombard, said that action on climate change is often criticized as moving too slowly. However, with governments increasing spending to
Reuters LONDON – Fuel traders and refiners are becoming more pessimistic about the outlook for the global economy and transportation for the rest of this year, even as the crude producers in OPEC+ try to push oil prices higher. OPEC+ is anxious to see higher crude prices as soon as possible but its ambition is likely to be thwarted in
Forbes Quantitative easing (QE) was a response to the financial crisis. Under this policy the central bank buys government assets, and increasingly any assets, to support the economy. Previously in order to source funding, a government could sell bonds to foreign buyers, who may not have sufficient demand, or sell bonds to local institutions. Both approaches pull money out of
Reuters UBS raised its forecasts on Thursday for the price of Brent crude this year, citing expectations of an undersupplied oil market as demand starts to pick up on the back of a recovering global economy. “Supply is being curbed by OPEC+ voluntary production cuts and due to massive cuts in non-OPEC oil companies’ capital expenditures,” the bank said, as
Source: Reuters LONDON (Reuters) – Darkening clouds over the global economy have led two of the world’s top oil firms to warn investors that promised growth in returns could be at risk for the first time since the 2014 oil downturn. Both BP and Royal Dutch Shell, which account for nearly 15% of the FTSE’s total dividends, signaled this week
Source: Reuters LONDON (Reuters) – Royal Dutch Shell warned on Thursday that uncertain economic conditions could slow its $25 billion share buyback program, the world’s largest, after its third-quarter profits easily beat expectations on strong oil and gas trading. The better-than-expected results in the face of oil prices that fell 17% year on year underscores Shell’s transformation in recent years,
Source: CNBC The U.S. has come to a “very substantial phase one deal” with China in the high-stakes trade negotiations between the two economic superpowers, President Donald Trump said Friday. “Phase two will start almost immediately” after the first phase is signed, Trump said in the Oval Office alongside Chinese Vice Premier Liu He. The first portion of the trade
By Tyler Losier, Energy Reporter, Oil & Gas 360 Continental Resources’ Harold Hamm sits down for a fireside chat Today, as part of EnerCom’s 24th annual The Oil and Gas Conference in Denver, Colorado, Harold Hamm, CEO and chairman of Continental Resources (stock ticker: CLR), sat down with Tom Petrie of Petrie Partners for a fireside chat. The two spoke
From The Houston Chronicle Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as OPEC’s biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom’s officials. State-run Saudi Arabian Oil Co., known as Aramco, will cut customer allocations across all regions by a total of
From Reuters China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves. According to the firms, which track tanker movements, between 4.4 million and 11 million barrels of Iranian crude were discharged into
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