Saudi Arabia has signalled it will stand by Russia as a member of the Opec+ group of oil producers despite tightening western sanctions on Moscow and a potential EU ban on Russian oil imports. Prince ...
Tag: OPEC
Can The U.S. Outlaw OPEC+?
(Original Caption) U.S.A. Texas Beaumont spindle top oil fields. Bettmann Archive Ever since the first oil price crisis in 1973 there have been numerous ideas bruited about to ‘defeat’ or counter OPEC...
Congress Picks Populism Over Increased Supply With Price Gouging Legislation
WASHINGTON – APRIL 26: U.S. Senator Chuck Schumer (D-NY) reacts as he leaves a news conference on … [+] high gasoline prices at a gas station on Capitol Hill April 26, 2006 in Washington, ...
OPEC Kingpins Sound Alarm Over World’s Dwindling Energy Capacity
(Bloomberg) — Sign up for our Middle East newsletter and follow us @middleeast for news on the region. Most Read from Bloomberg The oil ministers of Saudi Arabia and the United Arab Emirates war...
OPEC Stays Silent As EU Rushes To Ban Russian Oil
The Organisation of Petroleum Exporting Countries and its partners in OPEC+ led by Russia decided this week they would not increase their target production figure for next month. Effectively, OPEC+ sl...
If Oil Companies Control Prices, Why Do They Ever Lose Money?
Prices for a gallon of gasoline are posted on the sign of an Exxon gas station Monday, March 7, … [+] 2022, in the Capitol Hill neighborhood of Washington. (AP Photo/Alex Brandon) ASSOCIATED PRE...
Pandemic Demand Destruction No Match For Supply Shortages
TOPSHOT – A man wears a protective face mask on the promenade of the Bund along the Huangpu River in … [+] Shanghai. (Photo by Hector RETAMAL / AFP) (Photo by HECTOR RETAMAL/AFP via Getty ...
The Oil Market After The War
TOPSHOT – Ukrainian servicemen get ready to repel an attack in Ukraine’s Lugansk region. (Photo by … [+] Anatolii STEPANOV / AFP) (Photo by ANATOLII STEPANOV/AFP via Getty Images) AF...
OPEC Is Treading Lightly As Bearish News Mounts
This week saw some good news finally for oil consumers. Both OPEC and the International Energy Agency revised down their demand projections, suggesting that prices finally had some meaningful downward...
Supply Chain Woes, Inflation Crimp U.S. Producers’ Growth Potential
A pulling unit or workover rig providing maintenance on an oil well in the canyon country of Utah.. … [+] (Photo by: Jon G. Fuller / VWPics/Universal Images Group via Getty Images) VW Pics/Unive...
OPEC Assurances That It Will Help To Dampen Down Oil Prices Are Worthless
Key Highlights OPEC’s and OPEC+’s commitments to dampen oil prices are meaningless OPEC leader Saudi Arabia itself has long overstated its oil capabilities OPEC and Saudi Arabia have reaffirmed suppo...
Russia will ‘always’ be a part of OPEC+, UAE energy minister says
The United Arab Emirates’ energy and infrastructure minister has insisted that Russia will always be a part of OPEC+ even as governments across the globe shun the oil exporter over its war in Uk...
Will Opec increase oil output as Russia disruption lifts prices?
Will Opec boost oil output to counter Russia supply disruptions? In the oil market this week all eyes will be on Opec’s next ministerial meeting on Thursday, after G7 leaders called on the producer gr...
Unless OPEC increases output, oil market will fall into deficit after Russian invasion, IEA says
Russia’s invasion of Ukraine and sanctions on its oil exports threaten a supply shock that will weigh on the global economy and push the oil market into a deficit unless major producers increase outpu...
9,000 Permits, Windfall Profits Tax, Keystone XL, And Russian Oil
HOUSTON, TX – JULY 3: The Russian supertanker Astro Lupus waits to unload its cargo of the first … [+] direct shipment of Russian crude oil to the United States 03 July 2002 in the Gulf of...
IEA, OPEC Likely to Lower Crude Supply Forecasts
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures went on a volatile, two-sided trade last week before posting a potentially bearish closing price reversal top. The char...
Western Oil Companies, Facing New Demands, Find It Easier To Exit Russia
Loren Steffy, UH Energy Scholar NOVOKUIBYSHEVSK, RUSSIA – MARCH 15: A general view of the Novokuibyshev Refinery owned by Rosneft … [+] oil company on March 15, 2012 in Novokuibyshevsk, Sa...
Oil Drops as UAE Calls For OPEC+ to Increase Oil Ouput Faster
(Bloomberg) — Crude futures dipped lower as the United Arab Emirates called on its fellow OPEC+ members to boost oil output faster. Most Read from Bloomberg Brent extended earlier losses to fall...
Elon Musk IDs The Global Energy Problem, But Who Has The Solution?
Tesla CEO Elon Musk gestures as he arrives to visit the construction site of the future US electric … [+] car giant Tesla, on September 03, 2020 in Gruenheide near Berlin. (Photo by Odd ANDERSEN...
Could 1979’s Oil Market Chaos Be Repeated?
Russian President Vladimir Putin (Photo by Peter Muhly – WPA Pool/Getty Images) Getty Images After the first oil crisis, many politicians pompously proclaimed that they didn’t want to see their ...
Iraq Shuts Down Two Oil Fields, Further Curtailing OPEC Output
(Bloomberg) — Iraq stopped oil production from two southern fields with a combined capacity of almost half a million barrels a day. Most Read from Bloomberg The shutdowns curtail the ability of ...
Opportunity Or A Fool’s Errand?
Emily Pickrell, UH Energy Scholar Bolivian President Evo Morales (R) receives from Mining Minister Roberto Echazu, the first … [+] laboratory samples of lithium carbonate, a compound used in med...
Gas Tax Holiday Could Backfire On Democrats
Gasoline prices are displayed at a station Friday, Dec. 10, 2021, in Shoreline, Wash. Prices for … [+] U.S. consumers jumped 7.5% in recent months as surging costs for food, energy, housing, aut...
ESG And The Dangerous Structural Increase In The Price Of Oil
NEW YORK, NY – NOVEMBER 09: (L-R) Andrew Ross Sorkin, Kenneth I. Chenault and Larry Fink speak … [+] onstage at The New York Times 2017 DealBook Conference at Jazz at Lincoln Center on Nov...
One Year Into President Biden’s Disastrous Middle East Policies
RAMALLAH, WEST BANK, MARCH 10: (ISRAEL OUT) US Vice President Joe Biden (L) waves as he reviews a … [+] guard of honour alongside Palestinian President Mahmoud Abbas prior to their meeting on Ma...
In Speedy Meeting, OPEC Promises More Oil — But Can It Deliver?
Russian ministers chaired December’s OPEC meeting via video conference. Alexei Maishev/POOL/TASS With the winter Olympics around the corner it’s fitting that OPEC+ today held a record-fast meeti...
Energy Sector Predictions For 2022
July 2021, Westlands Solar Park, near the town of Lemoore in the San Joaquin Valley of California is … [+] the largest solar power plant in the United States and could become one of the largest ...
Crude oil price prediction with the OPEC+ meeting in focus
Crude oil price is hovering below the psychologically crucial level of $80 per barrel, which has been the case since late last week. Investors are keen on the OPEC+ meeting scheduled for Tuesday. OPEC...