World Oil (WO) – The American Petroleum Institute (API) released a new national poll conducted by Ipsos demonstrating widespread concern over Washington’s approach on energy policy. Two out of three American voters say the country is on the wrong track on energy policy, and following the administration’s recent pause on LNG export permits, the poll found nine in 10 Americans
World Oil (WO) — American Petroleum Institute (API) President and CEO Mike Sommers gave remarks during the 19th Annual State of the Energy Industry Forum, hosted by the U.S. Energy Association. Sommers emphasized API’s recently announced plan for policymakers in Washington to secure a sustainable, reliable energy future and make, move and improve American energy. “Independent experts agree that global oil
Oil Price After drawing over 221 million barrels of oil from the Strategic Petroleum Reserve (SPR) in 2022, Washington is having a tough time refilling it in the New Year, with the Department of Energy (DoE) rejecting the first offers on the grounds that they failed to benefit taxpayers. The DoE has by now received several offers for February purchases to
World Oil Three weeks ago, President Joe Biden threatened Saudi Arabia with “consequences” after the kingdom that is the de facto leader of OPEC supported a decision to reduce oil production by about 1 million barrels daily. The U.S. president was so agitated because U.S. midterms were approaching, and his and his government’s rating was falling and gasoline prices were
CNBC Washington sees OPEC+’s decision to slash oil production by more than 2 million barrels a day as political interference and a “blow” against U.S. President Joe Biden, said Dan Yergin, vice chair of S&P Global. On Wednesday, the group of some of the world’s most powerful oil producers agreed to impose deep output cuts to shore up crude prices despite
World Oil During World War II, 44 oilfield workers left their homes in rural Oklahoma to lend a hand abroad. Secretly summoned by Winston Churchill to Sherwood Forest in fuel-deprived England, these men worked to drill 100 oil wells in crisis. Historians say the fuel derived from the dig helped the right side win the war and underscored America’s energy leadership.
Forbes There is simply no sanctuary for Iran’s state run oil industry. China has all but abandoned it because of U.S. sanctions. France will be hard pressed to do business with them due to the extraterritorial nature of the Iranian sanctions, coupled with a history of at least one French bank, BNP Paribas, being fined for running afoul of
From Reuters Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de Venezuela (PDVSA). Citgo cut ties with PDVSA earlier this year after U.S. President
From Reuters The U.S. Environmental Protection Agency on Friday unveiled a proposal that would curb state powers to block pipelines and other energy projects, as part of the Trump administration’s effort to boost domestic oil, gas and coal development. The move, swiftly criticized by an organization representing progressive states, comes four months after President Donald Trump ordered the EPA here
From Reuters Oil prices rose more than $1 a barrel on Friday, supported by a drop in European inventories and OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008. Brent crude LCOc1 futures gained $1.15, or 2%, to settle at $58.53 a barrel. U.S. West Texas Intermediate (WTI) crude
From Reuters China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves. According to the firms, which track tanker movements, between 4.4 million and 11 million barrels of Iranian crude were discharged into
From Reuters Oil prices tumbled more than 4.5% on Wednesday to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears that demand will shrink due to Washington’s escalating trade war with Beijing. Brent crude futures LCOc1 settled down $2.71, or 4.6%, at $56.23 a barrel, the lowest close since early January. Prices
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