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Tag: crude oil


Energy, Industry Focus Areas

Chevron Explores Algerian Gas Plans Amid Russian Sanctions

February 6, 2023

Via: The Wall Street Journal

Oil giant Chevron Corp. is looking to seal an energy exploration deal with Algeria, as the North African country steps up efforts to replace sanctioned Russian supplies in nearby Europe, according to people familiar with the matter. Over the past […]


Energy, Industry Focus Areas

U.S.-Backed Plan to Cap Price of Russian Oil Hits Delays

October 28, 2022

Via: The Wall Street Journal

The Biden administration’s effort to roll out a price cap on Russian oil has hit delays, as the Treasury Department tries to ease industry concerns about the novel sanctions regime at the center of the West’s economic battle with Russia. […]


Energy, Industry Focus Areas

Saudis, Allies Open Door to Oil-Output Cut to Keep Prices High

August 23, 2022

Via: The Wall Street Journal

Saudi Arabia and some of its oil-producing allies have suggested cutting crude production, disappointing U.S. officials who predicted the kingdom would be instrumental in cooling the market after President Biden met Crown Prince Mohammed bin Salman for the first time […]


Energy, Industry Focus Areas, Regulations

Oil Giants Must Face Climate-Liability Suits in States, Appeals Court Rules

August 17, 2022

Via: The Wall Street Journal

A federal appeals court ruled that lawsuits by Delaware and Hoboken, N.J., seeking compensation from oil companies for the impacts of climate change should be decided in state, not federal courts. The decision Wednesday is the latest procedural victory by […]


Energy, Industry Focus Areas

Saudi Aramco Posts 90% Jump in Profit, Generating Billions for Kingdom

August 14, 2022

Via: The Wall Street Journal

Saudi Arabia’s national oil company on Sunday posted a 90% jump in quarterly profit on the back of high oil prices, generating billions of dollars in cash that is infusing fresh momentum into the kingdom’s ambitious economic makeover and strengthening […]


Energy, Industry Focus Areas

Drill Pipe Market to Reach $2.2 Bn, Globally, by 2031 at 5.4% CAGR: Allied Market Research

July 25, 2022

Via: PR Newswire

Rise in exploration & drilling activities for oil across the globe and increase in the redevelopment of mature oil wells drive the growth of the global drill pipe market. Allied Market Research published a report, titled, “Drill Pipe Market by […]


Energy, Industry Focus Areas

U.S., Allies Try to Restrain Surging Global Oil Prices

June 9, 2022

Via: The Wall Street Journal

The U.S. and its allies are searching for ways to limit further surges in global oil prices, attempting to balance efforts to cut off Russia’s revenue from its energy sales while shielding the global economy from a possible recession. Treasury […]


Energy, Industry Focus Areas

Dems Accuse Oil Execs of Profiteering as War Strains Supplies

April 6, 2022

Via: Transport Topics

Congressional Democrats excoriated executives from some of the world’s biggest oil companies on April 6, accusing them of exploiting the war in Ukraine and a surge in crude prices to secure windfall profits at the expense of American motorists. Oil […]


Energy, Industry Focus Areas

Shell Apologizes, Says It Won’t Buy Russian Oil

March 8, 2022

Via: Transport Topics

Shell said March 8 that it will stop buying Russian oil after Ukrainian officials criticized the energy giant for buying a shipment of crude from Moscow and demanded that all multinational companies sever ties with Russia over the war. The […]


Energy, Industry Focus Areas

Oil Refiners Say Shift in Biofuel Quotas Will Raise Diesel Costs

December 7, 2021

Via: Transport Topics

The Biden administration sought to thread the needle between warring oil and renewable fuel interests Dec. 7 by proposing modest quotas for the use of plant-based fuels while moving to block exemptions for dozens of oil refineries. The U.S. Environmental […]


Energy, Industry Focus Areas

Key US Oil Storage Hub Seen Depleting as Producers Hold Tight

June 24, 2021

Via: Transport Topics

Crude oil inventories in America’s largest storage hub are falling fast as the post-pandemic demand rebound continues to outpace production. Stockpiles in Cushing, Okla., the delivery point for West Texas Intermediate oil futures fell nearly 4 million barrels in the […]


Energy, Industry Focus Areas

Slow Vaccinations in Developing World Set to Drag on Oil Demand

June 11, 2021

Via: The Wall Street Journal

The world’s appetite for crude oil will return to its pre-pandemic highs by the end of next year but low coronavirus vaccination rates in emerging economies are pushing the pandemic’s end date further away, the International Energy Agency said Friday. […]


Energy, Industry Focus Areas, Logistics, Process

Oil Tanker Owners Pay to Move Crude in Wake of Supply Cuts

January 20, 2021

Via: Transport Topics

Saudi Arabia’s oil production cuts have hit the tanker market so hard that owners of the biggest vessels are effectively subsidizing cargo deliveries on the industry’s main trade route. Supertankers delivering 2 million-barrel shipments of the kingdom’s oil to China […]


Energy, Industry Focus Areas

Oil Dips Below $52 With Dollar Rising as Rally Takes Breather

January 11, 2021

Via: Transport Topics

Oil fell as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months. Futures in New York lost 1% Jan. 11 as the dollar’s gains reduced the appeal of […]


Energy, Industry Focus Areas, Logistics, Process

US Imports No Saudi Crude Oil for First Time in 35 Years

January 6, 2021

Via: Transport Topics

The U.S. didn’t import any Saudi crude the week of Dec. 28 for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of […]


Energy, Industry Focus Areas

Oil’s Brief Rally Fades With Supply Risks Countering Stimulus

December 28, 2020

Via: Transport Topics

A brief rally in crude oil deflated Dec. 28 as investors ignored a broader market surge that pushed equities to an all-time high and focused instead on looming new supply from OPEC+. Futures in New York were little changed in […]


Energy, Industry Focus Areas

OPEC+ Meets to Seek Compromise on Plan to Delay Output Hike

November 30, 2020

Via: Transport Topics

OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market. The coalition that pumps half the world’s crude is debating […]


Energy, Industry Focus Areas

Oil Advances to Eight-Month High on Demand Optimism

November 25, 2020

Via: Transport Topics

Oil extended gains, trading at its highest level since March, on mounting optimism that recent breakthroughs on a COVID-19 vaccine will lead to a swift recovery in global energy demand next year. Futures in New York on Nov. 25 rose […]


Energy, Industry Focus Areas

Texas Oil Port Hit by One-Two Punch: Falling Demand and Overproduction

April 28, 2020

Via: The New York Times

CORPUS CHRISTI, Texas — Ever since this Gulf Coast city’s leaders helped persuade the Obama administration and Congress to lift the export ban on liquid fossil fuels in 2015, the Port of Corpus Christi has been a steady tide of […]


Energy, Industry Focus Areas, Regulations

Trump calls for cash injection for ailing U.S. drilling industry

April 21, 2020

Via: Reuters

U.S. President Donald Trump said on Tuesday he has asked his government to come up with a way to inject cash into the ailing U.S. drilling industry to help it survive a historic collapse in global crude oil prices. The […]