Oil Price The world’s largest crude importer and main customer of Iranian oil, China, is seeking increasingly closer ties with Iran while the United States steps up pressure on the Islamic Republic’s oil exports. Chinese President Xi Jinping pledged to continue to develop “friendly cooperation” with Iran during a visit of Iranian President Ebrahim Raisi to Beijing this week. “Xi stressed that
World Oil (Bloomberg) – Alaska’s senators sharply condemned any potential Biden administration move to authorize ConocoPhillips’ $8 billion Willow oil project with restrictions so onerous it wouldn’t be viable, warning that would be seen as a rejection — and an unacceptable blow to residents across the nation’s largest state. “They damn well better not kill the project,” Republican Lisa Murkowski
Nasdaq LONDON – Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections. Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned
Oil Price Brazil’s state oil major Petrobras has stepped up security at its refineries in response to threats of attacks on the infrastructure, Reuters has reported, citing unnamed sources. The threats come as supporters of Brazil’s previous president, Jair Bolsonaro, stormed Brazil’s Congress, the presidential palace, and the Supreme Court this weekend. The riots first erupted following the narrow victory of President
World Oil (Bloomberg) — Energy Secretary Jennifer Granholm extended an olive branch to the oil and gas industry, telling executives at a meeting in Washington that she recognizes fossil fuels will be around for a long time, even as the Biden administration works to transition away from them to cleaner alternatives. “We are eager to work with you,” she
World Oil A bid by Democratic leaders to add a plan by Senator Joe Manchin to fast-track energy projects to a must-pass defense bill failed amid a revolt by progressive Democrats and pushback from Republicans. Manchin’s proposal, which would have sped approval of a stalled $6.6 billion natural gas pipeline by Equitrans Midstream Corp. in his home state of
World Oil (Bloomberg) — A previously-stalled legislative effort to fast-track energy projects backed by West Virginia Senator Joe Manchin could be attached to a must-pass defense bill after a last-minute push by Democratic leadership, people familiar with the effort said. Negotiations about attaching the legislation, which could speed approval of Equitrans Midstream Corp.’s stalled $6.6 billion Mountain Valley natural
Oil Price California legislators have tabled a bill aimed at extracting more money from oil companies who they blame for excessive gasoline prices in the state, local media report. Per the Sacramento Bee, the bill was proposed by Democratic Senate Chairwoman Nancy Skinner at the request of Governor Gavin Newsom. In essence, it involved setting a cap on oil companies’ profits,
Investing WASHINGTON – The Biden administration has asked Congress for $500 million to modernize the U.S. strategic petroleum reserve (SPR), a document outlining the request shows. If approved by Congress, the request, issued by the White House on Tuesday, provides the Department of Energy (DOE) with funding to improve the four SPR sites along the Texas and Louisiana coasts. President
World Oil Three weeks ago, President Joe Biden threatened Saudi Arabia with “consequences” after the kingdom that is the de facto leader of OPEC supported a decision to reduce oil production by about 1 million barrels daily. The U.S. president was so agitated because U.S. midterms were approaching, and his and his government’s rating was falling and gasoline prices were
World Oil (Bloomberg) – U.S. House Republicans made the case for more U.S. oil production at the UN climate summit in Egypt, arguing that cleaner domestically produced crude is needed to meet growing demand. “If we are going to be increasing global demand of oil and gas we must ensure that the extraction, exploration and production activities are occurring in
World Oil (WO) – Five U.S. Senators have sent letters to 51 law firms detailing the possible antitrust violations that their clients may commit if they pursue collusive Environmental, Social, and Governance (ESG) initiatives. The letter, signed by Marsha Blackburn (R-Tenn.), Tom Cotton (R-Ark.), Chuck Grassley (R-Iowa), Mike Lee (R-Utah) and Marco Rubio (R-Fla.), advises the law firms to
