In response to the IEA’s warning made on Wednesday that OPEC should be careful not to cut too much production lest they jack up prices too high, the Organization of the Petroleum Exporting Countries (OPEC) issued a warning of its own to the IEA: your calls to stop investing in oil and gas is what could lead to future price volatility, OPEC said in a Thursday statement.
Calgary-based Suncor Energy will acquire French TotalEnergies’ Canadian operations in a US$4.1-billion deal for the oilsands patch.
West Texas Intermediate Midland crude is about to be added to the Brent benchmark contract this June. This would be the first time a non-North Sea crude has been added to the benchmark basket. And it will change the oil market forever.
Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling US crude oil and fuel inventories refocused investors on robust demand in the world’s top oil consumer
Environmentalists are up in arms over apparent slack added to the Group of Seven’s energy and environmental goals, after ministers decided that the ‘war in Ukraine and its effects on oil and gas’ warrant breaking what are supposed to be ‘firm commitments’ that climate advocates say are necessary to limit global warming.
It should be an advance considered a breakthrough in computational chemistry research.
Saudi Arabia and the UAE, traditional Middle Eastern allies of the United States, are not shying away from importing, storing, trading, or re-exporting Russian fuels.
A report from the Centre for Research on Energy and Clean Air suggests that a loophole in the G7 price cap is undermining sanctions on Russian oil.
Oman is of vital strategic importance to the U.S.-Europe-Japan axis and the China-Russia axis because of its uniquely advantageous geographical position, which makes it one of key oil and gas hubs in the world.
The last decade or so has been tumultuous for the oil industry.