Oil prices rose by 2% early on Monday, with the U.S. benchmark up above $70 a barrel again, driven up by a halt to Kurdistan’s 400,000-bpd of crude exports and signs of easing concerns about the global banking sector.
There is a narrative that I hear from time to time that President Biden made billions of dollars for the country by selling oil from the Strategic Petroleum Reserve (SPR) last year at high prices and buying it back at low prices. The only problem is that the story is only half true.
Russia’s crude oil exports by sea have held above the 3 million barrels per day (bpd) mark in the past six weeks, after the EU ban on fuel imports from Russia took effect and after Moscow said it would lower its production by 500,000 bpd, tanker-tracking data compiled by Bloomberg shows.
The US is weighing sanctions on Myanmar’s state-owned oil and gas company to choke funding to the nation’s military regime, according to people with direct knowledge of the matter, a move that risks hitting American allies involved in the sector.
This year’s U.N. climate talks could set the first ever global goal for renewable energy — so long as everyone is on board.
Saudi Aramco plans to build a $10-billion refining and petrochemical complex in China over the next three years, taking advantage of the country’s growing demand for energy.
The total number of total active drilling rigs in the United States rose by 4 this week, according to new data from Baker Hughes published on Friday.
During a visit to Algeria earlier this month, the European Union’s foreign policy chief, Josep Borrell, called for closer energy cooperation between the EU and the North African country, which happens to be the largest natural gas exporter on the continent.
After a major decline that saw oil prices fall to multi-year lows, oil markets appear to have bottomed out and begun an encouraging ascent higher. Over the past two weeks, a general bearish and risk-off sentiment cut across asset markets and triggered a lengthy unwind of speculative positions in oil futures.
New U.S. and Canadian LNG export projects show signs of accelerating but volatile natural gas prices are making bets on future supply and demand difficult, industrial market intelligence provider Industrial Info Resources (IIR) said in new research on Friday.