Nasdaq HOUSTON, Dec 7 – Scott Sheffield, the chief executive of top U.S. shale producer Pioneer Natural Resources Co PXD.N, on Tuesday said he worries oil prices could get too high and further roil markets after years underinvestment in the sector. “I’m worried that it may get too high, above $100 (per barrel),” Sheffield said in an interview on the sidelines
World Oil SINGAPORE (Bloomberg) –Oil rebounded from another sharp drop as OPEC ministers prepared to meet amid booming volatility. West Texas Intermediate rallied as much as 4.6% after shedding almost $4 on Tuesday. That selloff was driven by escalating concerns over the impact on demand of the omicron virus variant and prospects for a faster tapering of stimulus by the
World Oil (Bloomberg) –Oil headed for the biggest monthly loss since the early days of the coronavirus pandemic as investors weighed risks posed by the new omicron variant. West Texas Intermediate plunged 3.6% and Brent also tumbled, with the price structure of the global benchmark crumbling. Crude’s losses formed part of a broad retreat in risk assets as equities and
CNBC Oil prices could climb higher despite the U.S. and other major consumers releasing millions of barrels of oil from their reserves to try to keep energy prices down, one analyst told CNBC. “It’s not going to work simply because the strategic petroleum reserve — any country’s strategic petroleum reserve is not there to try to manipulate price,” Stephen Schork,
World Oil SINGAPORE (Bloomberg) – The White House’s push for releases of oil from national reserves is already fully priced into the market following the drop in crude prices in recent weeks, according to Goldman Sachs Group Inc. The U.S. is likely to sell at least 20 million to 30 millions barrels of crude from the Strategic Petroleum Reserve and
CNBC Oil prices fell to a six-week low on Friday as new Covid lockdowns sparked demand concerns just as industry players signal a return of supply. But for consumers looking for some reprieve at the pump, the declines aren’t likely to immediately translate into lower gas prices. The national average for a gallon of gas stood around a seven-year
World Oil (Bloomberg) –One hour after U.S. government data showed on Wednesday that American inflation had soared to a 31-year high, President Joe Biden vowed to fight the surge as “a top priority.” Source: World Oil Key to his administration’s response, Biden said in a statement, would be addressing the rising cost of energy — what he described as “the
Reuters NEW YORK -Oil prices fell on Friday, wiping out gains from the previous session, on worries that the U.S. Federal Reserve will accelerate plans to boost interest rates to tame inflation. Brent crude futures fell 87 cents, or 1.1%, to $82.00 a barrel by 1:27 p.m. EST (1827 GMT). U.S. West Texas Intermediate (WTI) crude fell 90 cents, or
Nasdaq LONDON, Nov 11 – Oil prices are expected to stabilise near current levels over the next few months, then decline progressively over the course of next year, according to the latest forecasts from the U.S. Energy Information Administration. The EIA expects output increases from OPEC+, U.S. shale firms and other oil producers will outpace slowing growth in consumption, helping
Reuters LONDON – Oil fell further below $85 a barrel on Tuesday, but it was still not far from a three-year high in choppy trade ahead of weekly U.S. supply reports expected to show a rise in crude inventories and of Thursday’s OPEC+ meeting. Analysts in a Reuters poll expect U.S. crude inventories to have increased by 1.6 million barrels
World Oil (Bloomberg) –OPEC+ headed for a clash with the U.S. as more members rejected President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices. On Monday, Kuwait said the cartel should stick with its plan to increase output gradually because oil markets were well-balanced. That followed similar statements from other key members
CNBC DUBAI, United Arab Emirates — Saudi Arabia’s oil giant Aramco has posted a 158% increase in third quarter net income to $30.4 billion, as the world’s largest oil companies continue to benefit from the reopening of the global economy and soaring oil and gas prices. The result beat expectations, with analysts expecting a median net income of $29.1 billion for
