Oil Price Inflation concern. Rate hike fears. These have been the drivers of oil market moves for months now. Demand and supply have largely remained ignored. But this may be about to change. “This is in a year where there [are] economic headwinds, where there [are] recessionary signs everywhere … China’s still picking up,” the chief executive of Aramco acknowledged earlier
World Oil (Bloomberg) – The Biden administration announced Friday it’s purchasing 6 million more bbl of crude oil for the Strategic Petroleum Reserve as it continues to slowly refill the emergency stockpile. The purchases, scheduled for October and November, come as the nation’s oil reserve is at its lowest point in 40 years following a historic 180 MMbbl drawdown in
Oil Price Argentina inaugurated on Sunday a natural gas pipeline from the Vaca Muerta shale to a town in the Buenos Aires province, as part of its efforts to become energy independent and stop paying billions of dollars for LNG imports. Argentinian President Alberto Fernández officially launched the first leg of the Néstor Kirchner gas pipeline (Gasoducto Presidente Néstor Kirchner), which runs
World Oil (Bloomberg) – Petroleos Mexicanos said it lost production capacity for about 700,000 bbl of oil, more than a third of its daily output, after a massive platform explosion on Friday that left at least two people dead. The company is working to recover production, Pemex Chief Executive Officer Octavio Romero confirmed in a video late Saturday, adding that
Nasdaq Without a single sales contract in hand, Dutch fertilizer company OCI OCI.AS is building a $1 billion plant in Texas to produce ammonia with low greenhouse gas emissions, a gamble requiring heavy government subsidies, new markets and a contingency plan. OCI’s plant would be the world’s first new commercial facility to capture and sequester 95% of the emissions produced
Investing LONDON – Oil prices dipped on Monday after weak economic data from top consumers the United States and China, though expected crude supply cuts from Saudi Arabia and Russia limited losses. Brent crude futures fell 19 cents, or 0.2%, to $78.28 a barrel by 1416 GMT. U.S. West Texas Intermediate crude was down 24 cents, or 0.3%, at $73.62. “Oil
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