Today RIYADH :Russian President Vladimir Putin landed in Saudi Arabia on Wednesday for hastily arranged talks with Crown Prince Mohammed bin Salman on oil, Gaza and Ukraine. It was not immediately clear what Putin, who has rarely left Russia since the start of the Ukraine war, intends to raise specifically about oil or geopolitics in a face-to-face meeting with the crown
Oil Price Total revenues for Russia’s largest oil and gas exporters plunged by 41% between January and September compared to the same period last year, due to lower commodity prices and lower exports, Russia’s central bank said on Thursday. Oil and gas production and exports have dropped this year, the Bank of Russia said in a financial stability review on Thursday. Re-directing
Nasdaq MOSCOW – As the world’s most powerful oil producers ponder further supply cuts, Russia has little incentive for a radical change as its energy revenue is strong, oil prices are higher than its forecasts and its budget deficit is narrowing. Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet
Oil Price The world faces the highest geopolitical risks since the 1973 oil embargo, the chief executive of one of the largest oilfield service providers, Baker Hughes, told the Financial Times. “From a historical context I’ve heard people say, you go back to the oil embargo of 1973 — that being somewhat similar,” Baker Hughes CEO Lorenzo Simonelli told FT in an
Yahoo Finance (Bloomberg) — Oil gained after Saudi Arabia and Russia reaffirmed they will stick with oil supply curbs of more than 1 million barrels a day through the end of the year. West Texas Intermediate crude increased more than 2% to trade above $82 a barrel. The announcement by the OPEC+ heavyweights on Sunday came after concerns about weaker global
World Oil (Bloomberg) – bp Plc’s temporary boss gave a robust defense of the company’s strategy, batting away suggestions that he needs to follow the big oil deals done by U.S. competitors Exxon Mobil Corp. and Chevron Corp. “We’re focused really on transition” to net zero emissions, Interim Chief Executive Officer Murray Auchincloss said on Tuesday. bp’s growth engines will be clean
Yahoo Finance Halliburton’s third-quarter profit beat market expectations on Tuesday as higher international drilling and equipment demand helped overcome weakness in North America. The increased demand comes as oil and gas companies reinvest their record profits from the market disruption caused by Russia’s invasion of Ukraine to intensify the hunt for new offshore and international sources. “Looking ahead expect to see
World Oil (Bloomberg) – The U.S. imposed the first sanctions for violations of the price cap on Russian oil introduced by the Group of Seven nearly a year ago, as signs mount the restriction is failing to cut Kremlin revenues as hoped. The Treasury Department called the steps a new phase in the enforcement of a policy aimed at limit
Nasdaq LONDON – Saudi Arabia and Russia’s crude supply cuts in tandem with U.S. interest rate rises have disrupted oil’s tendency to move in the opposite direction to the U.S. dollar, although analysts say the darkening economic outlook will eventually restore the equation. A strong dollar typically weighs on oil prices as it makes the commodity more expensive for holders
Yahoo Finance LONDON – Premiums for the type of crude oil best suited to producing diesel, heating oil and jet fuel have risen sharply as the Northern hemisphere heads into winter amid a global supply crunch, several traders told Reuters. Oil markets are tight as OPEC and its allies restrict supplies. Saudi Arabia and Russia have curbed output by
Nasdaq MOSCOW – Russian President Vladimir Putin has ordered the government to provide state funds to ensure a smooth heating season, including the introduction of regulated prices for fuel oil supplied for household heating in some regions, the Kremlin said on Thursday. Russia has been tackling shortages and high fuel prices in recent month. Fuel oil is in high demand
World Oil (Bloomberg) – Saudi Arabia and Russia reaffirmed that they will stick with oil production curbs of more than 1 MMbpd until the end of the year as a rally in prices falters. The leaders of the OPEC+ coalition announced the plans in separate official statements on Wednesday. Riyadh has slashed crude oil production by 1 MMbpd, and Moscow
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