But high oil prices may not be good for economy, oil companies: CEO From Bloomberg Total SA is among a growing chorus that sees $100 oil on the horizon. But the French energy giant isn’t thrilled about it. Chief Executive Officer Patrick Pouyanne sees supportive elements, such as looming sanctions on Iran and disruptions in Venezuela, that are stripping supply from the
From S&P Global/Platts Washington — In a speech before the United Nations, US President Donald Trump took aim at OPEC for increasing global oil prices while benefiting from US military security. “OPEC and OPEC nations are, as usual, ripping off the rest of the world and I don’t like it, nobody should like it,” Trump said, claiming that the US defends
From WorkBoat Higher oil prices and lower costs for offshore projects are driving increased demand for offshore drilling rigs through 2020, particularly for deepwater projects, according to new analysis released yesterday by IHS Markit. In its first worldwide mobile rig forecast for 2020, IHS Markit, which relies on data from its Petrodata RigPointdatabase, estimates that the average global demand for mobile offshore
China said retaliates against U.S. tariffs by slapping additional import duties of 25 percent on $16 billion worth of American goods China reports July crude oil imports showing shipments are at the third-lowest level this year U.S. crude stocks fall by 1.4 million barrels last week, according to the Energy Information Administration From CNBC Oil prices fell sharply on Wednesday,
U.S. oil transport infrastructure probably contributing price factor, with continued ‘pronounced increases’ in production slimming back due to pipeline constraints From Reuters NEW YORK (Reuters) – Oil futures rose on Monday after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the United States prepares to reinstate sanctions against major exporter Iran.
From Forbes The U.S. uses very little oil to generate electricity, but our energy sectors are inextricably connected, so changes in one often affects others. For example, we are starting to see the rumblings of how the price of oil might affect wind indirectly through natural gas prices. Last Thursday, the Public Utility Commission of Texas (PUCT) dealt what turned out to
China-U.S. trade tension could disrupt economic growth, causing oil demand destruction U.S. shale ramp-up unlikely due to constraints from limited pipeline capacity From Xinhua News HOUSTON, July 8 (Xinhua) — In the week ending July 6, global oil markets closely watched the tension between Saudi Arabia, Iran and the United States and the U.S. weekly inventory report. U.S. President Donald
From the Fuse Bernstein warning not clickbait Last week, Bernstein Research said that oil prices could hit $150 per barrel, breaking the all-time record of $147 in 2008. Analysts at the investment bank cite chronic underinvestment as the main factor that could increase prices to damaging levels. “At some point the proverbial ‘chickens will come home to roost’. The impact
From the New York Times HOUSTON — It is unusual for the United States, Saudi Arabia and Russia to see eye-to-eye, much less try to achieve common energy policy goals, even indirectly. But that is what seems to be happening, and it is taking the edge off the yearlong rise in oil and gasoline prices. Even if those countries have
From Bloomberg Bank says central banks may ignore acceleration Economist says markets underestimating size of surprise The recent surge in the price of oil is set to propel global inflation faster than historically and by more than investors are anticipating, in part because key central banks are unlikely to respond by tightening monetary policy, according to Citigroup Inc. In a
From Reuters NEW YORK (Reuters) – Global benchmark Brent crude surged nearly $2 a barrel on Thursday, lifted by concern about a steep drop in exports from Venezuela and worries OPEC may not raise production at its meeting this month. Brent crude futures LCOc1 settled up $1.96 a barrel, or 2.6 percent at $77.32. U.S. West Texas Intermediate (WTI) crude
An Iranian exit from the 1968 treaty would be like “rocket fuel” for oil prices, could spark an arms race in the Middle East: Croft “Saudis are more in control now than I’ve ever seen”: analyst From CNBC The U.S. exit from the Iran nuclear deal creates the risk that Iran will drop out of a separate 50-year-old United Nations treaty meant to stop
