Oil Price Exports of crude oil from the United States have surged since Russia invaded Ukraine last year, with Europe turning into the biggest buyer of U.S. crude. The story is pretty much the same as in gas. And so is the production side of this story. When gas prices plummeted in December amid milder-than-expected weather despite a couple of
World Oil (Bloomberg) — U.S. shale companies are set to post yet another strong set of earnings, off the back of robust oil and gas prices in the fourth quarter. But the biggest question for analysts and investors remains whether the industry’s bumper cash flow will tempt them to drill more. The focus of attention will be on operators’
World Oil The American Petroleum Institute, Consumer Energy Alliance, Louisiana Mid Continent Oil and Gas Association, National Oceanic Industry Association and U.S. Chamber of Commerce today joined with more than 80 trade groups representing a diverse cross section of industries in calling on the Biden administration to act on policies that support U.S. energy security and increase domestic production of
World Oil (Bloomberg) –OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit as the world recovers from the coronavirus pandemic. OPEC+ cut its production 15% deeper than planned in September, compared with 16% in August and 9% in July, according to delegates with knowledge of the matter. This reflects
CNBC Energy prices around the world are at record highs as a power crunch hits Europe and Asia — and the International Energy Agency warned Wednesday that volatility is here to stay. In its annual report, the Paris-based agency said the world is underinvesting now for future energy consumption, which will make the transition to net-zero emissions unstable. “There is a looming risk of
Nasdaq How high are oil prices really and what signal are they currently sending to producers and consumers about the need for more output and lower fuel use? The strength of a price signal depends on both the real level of prices adjusted for inflation and the rate of change compared with recent years. In terms of the rate of change, prices are already
Reuters SINGAPORE – Top oil exporter Saudi Arabia is expected to raise prices across various grades of crude oil it sells to Asia in September for a second straight month, tracking the strength in Middle East benchmarks, trade sources said. The September official selling price (OSP) for Arab Light crude may rise by 36 cents a barrel on average after
Reuters LONDON – Oil slipped further below $74 a barrel on Friday but was on track to end the week little changed after a surprising recovery from Monday’s slide, underpinned by expectations that supply will remain tight as demand recovers. The price of oil and other riskier assets tumbled at the start of the week on concern over the impact
Reuters BOGOTA – Colombia’s majority state-run oil company, Ecopetrol, will make up to $15 billion of organic investment between 2021 and 2023, it said on Tuesday, as it reported an 87.3% drop in 2020 net profit.The company will invest $12 billion to $15 billion over the next three years, Ecopetrol said in a statement, averaging $4 billion to $5 billion
Reuters NEW YORK – Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said. The winter storm that gripped Texas and much of
Reuters LONDON- Oil prices hovered near 13-month highs on Tuesday, supported by a U.S. cold snap that shut wells in the oil-producing state of Texas, though gains were capped by a Norwegian wage deal that averted supply disruptions in Europe. The global rollout of coronavirus vaccinations, fueling expectations of a recovery in the global economy and oil demand, has also
Reuters LONDON – Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in. Brent crude was up 88 cents, or 1.4%, at $63.31 a barrel at 1320 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020. U.S. West Texas
