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 rapprochement that could ease the tight oil market. The Hamas attack on Saturday took place just as several Middle Eastern
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 of the country’s relations with Saudi Arabia, and the associated boost to Saudi production over time. Hamas’ assault on Israel drove
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 by Israel’s Ministry of Energy to shut in production at the Tamar Production Platform,” the local unit of the U.S.
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 $3.07, or 3.6%, to $87.65 a barrel by 1341 GMT, while U.S. West Texas Intermediate crude was at $86.15 a barrel,
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 release of five Iranian prisoners being held by Americans, two of whom plan to stay in the U.S. As of late morning
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. The request for affidavits from major U.S. oil and renewable energy companies represents the latest and clearest signal that the
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 reported, citing unnamed sources. “Should Venezuela take concrete actions toward restoring democracy, leading to free and fair elections, we are prepared to
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 has released five Iranian/American dual citizens, which now remain under house arrest in a hotel in Tehran. The prisoners will
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 barrel. The Department of Energy is not taking up offers it got for a potential purchase, said the people, who
Oil Price The U.S. Administration will refill the Strategic Petroleum Reserve (SPR), which saw millions of barrels of drawdowns last year, but the reserve will not be filled up soon, U.S. Secretary of Energy Jennifer Granholm told CNN in an interview this week. “The bottom line is we are going to replenish,” Granholm said, adding that it was unlikely that the refill
World Oil WASHINGTON, July 11, 2023 — The American Petroleum Institute (API) joined with over 100 other trade groups representing diverse businesses across the transportation sector in urging the Biden administration to reverse course on its proposed tailpipe emissions standards for light, medium and heavy-duty vehicles. In a letter to President Biden, the organizations outlined significant concerns with the EPA’s
World Oil (Bloomberg) – The Biden administration has formally rebuffed a bid by environmental activists to phase down oil and gas production on federal lands and waters, marking its latest nod to the endurance of fossil fuels in a warming world. Laura Daniel-Davis, the Principal Deputy Assistant Secretary of Land and Mineral Management at the Interior Department, said in
