Yahoo Finance (Bloomberg) — Republicans are floating legislation that would ease energy permitting in exchange for raising the US debt ceiling, creating a potential path to avoid a default. The White House is still insisting on a bill that simply raises the debt ceiling without conditions. But an agreement on energy permitting could benefit projects ranging from pipelines and
Nasdaq WASHINGTON – The Group of Seven countries is working to cap the price of Russian oil in an attempt to limit Moscow’s ability to fund its invasion of Ukraine, a plan analysts say could work in the long term but might boost oil prices in coming months. Officials in G7 countries, including U.S. Treasury Secretary Janet Yellen, say
World Oil (Bloomberg) — Bumping along the desolate highways of the Permian Basin, the world’s busiest oil field, there are long stretches where all you see are drilling rigs, sage brush and miles upon miles of sand. That’s why it’s so strange that Texas crude producers are facing a sand shortage of more than 1 million tons and prices that have jumped 150%. Frac sand, which
OPEC’s meeting to decide the future of production cuts is quickly approaching, and many expect that the group will extend their deal through at least the end of this year. The production cuts, when they were first initiated, helped to bring both WTI and Brent crude oils back above $50 per barrel, but prices have struggled to maintain that position
Regional rivalry between Saudi Arabia and Iran could scuttle OPEC production deal Bad blood between Saudi Arabia and Iran could threaten to halt yet another OPEC production deal. Reports from Reuters indicate that Saudi Arabia has threatened to increase production even further in an attempt to damage Iran’s oil profits if the Islamic Republic does not agree to cap its
Oil prices fall as crude storage climbs Oil fell more than 3% Thursday despite hopes that OPEC might freeze production. Investors were more concerned with this week’s crude oil stockpile build than talk from OPEC after the EIA announced a 2.3 MMBO build in storage for the week ended August 26. Both Brent and WTI crude oil prices climbed more
“The market’s not shocked anymore” The price of both U.S. and international crude oil benchmarks has been fluctuating this morning following news from the Energy Information Administration that crude stockpiles grew by more than 10 million barrels last week. The news initially sent prices down as much as 2%, but both have recovered, and are even showing gains since this
“There is no sense in wasting our time seeking production cuts” – Ali al-Naimi Both U.S. and international benchmark crude tumbled more than 4% this morning after making gains in the last week. The culprit was the comment from Saudi Arabian Oil Minister Ali al-Naimi that production cuts are not coming from OPEC’s largest producer. Hopes that a surprise deal
U.S. light tight oil production expected to fall 600 MBOPD in 2016 Oil prices are up more than 7% and 5% for WTI and Brent crude, respectively, today as news from the International Energy Agency forecasts production falling amid a global glut that has seen crude oil prices shed 70% of their value. The IEA still anticipates that overall global
Saudi Arabia continues its plan to protect market share Saudi Arabia today cut prices of its oil to customers in major markets including Europe, Asia and the Mediterranean in the hopes of defending its market share. The move is seen as a reaction to Iran’s return to global oil markets. Saudi Arabia discounted even its best-quality crude, similar in quality
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