From Reuters Oil prices plummeted more than 7% on Thursday, with the U.S. benchmark posting its worst day in more than four years, after President Donald Trump said he would impose additional tariffs Chinese imports starting Sept. 1. The drop in Brent crude was the steepest in more than three years, undoing a fragile oil rally built on steady drawdowns
From The Houston Chronicle Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award. A U.S. appeals court ruled on Monday that Crystallex International Corp. may seize U.S.-based stock of Citgo’s parent, which is part of Venezuela’s state-owned oil company, to cover
From Reuters Trump administration infighting is holding up approval of the first major U.S. offshore wind energy project, with agencies sparring over whether the proposal does enough to protect the fishing industry, according to interviews and agency documents. The delays are a setback to President Donald Trump’s efforts to fast-track big energy infrastructure projects and could threaten the administration’s plans
From AP News The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending. The gross domestic product, the economy’s total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first quarter, the Commerce Department estimated Friday. But consumer spending, which drives about 70%
From CNBC Many cynics have long contended that the real reason the U.S. entered a slew of recent wars was only to protect American oil interests. But now it’s beginning to look like oil may be a major reason why the U.S. isn’t getting into a war with Iran. Believing that flies in the face of a common sentiment that
By Tyler Losier, Energy Reporter, Oil & Gas 360 Secretary of State Mike Pompeo announces sanctions for Zhuhai Zhenrong and its chief executive The United States government will be imposing sanctions on Zhuhai Zhenrong Company Limited, a state-run oil company in China, and its chief executive for purchasing crude oil from Iran. On Monday, Secretary of State Mike Pompeo announced
By Tyler Losier, Energy Reporter, Oil & Gas 360 British and Liberian-flagged vessels seized by Iran, who President Trump calls “nothing but trouble” Iran has seized two oil tankers – one British-flagged and one Liberian-flagged – in the Strait of Hormuz, following through on its threats to retaliate after one of its ships was seized by U.K. authorities off the
By Tyler Losier, Energy Reporter, Oil & Gas 360 New $8 billion project would include 2,000 KTA ethylene cracker Petrochemical company Chevron Phillips – equally owned by Chevron Corporation and Phillips 66 – has formed another joint venture with Qatar Petroleum (QP), this time to build an $8 billion petrochemical plant in the Gulf Coast region of the United States.
From Bloomberg Pacific Bravo en route Hong Kong, senior U.S. official says accepting the ship would expose city to sanctions The U.S. warned Hong Kong that it could face penalties if it does business with an oil tanker headed for the city that allegedly violated sanctions on Iran. Washington wants to put China and the autonomous city on notice that
President Trump gave energy infrastructure speech from Cameron LNG 12 MTPA Train 1 will allow export of approximately 1.7 Bcf/day from U.S. gas producers Sempra Energy (stock ticker: SRE) reported that it has begun producing liquefied natural gas (LNG) from the first liquefaction train of its Cameron LNG export project in Hackberry, Louisiana. Cameron LNG completed all major construction activities
From Reuters Oil prices rose about 1 percent on Tuesday as the market shifted focus to the possibility of increased Chinese demand, drawing attention away from trade tensions between that country and the United States after a series of tariffs imposed by both countries. Brent crude was up 76 cents at $73.82 a barrel by 12:27 p.m. EDT (1627 GMT).
From Reuters Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals. The specter of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world’s
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