March 12, 2023
Via: The Wall Street JournalEnergy prices are roiling the global economy for the second time in a year. This time, it’s good news. Plunging oil and natural-gas prices are pumping up economic growth, putting money into consumers’ pockets, boosting confidence and easing pressures on […]
January 27, 2023
Via: The Wall Street JournalChevron Corp. banked historic profit last year as the pandemic receded and the war in Ukraine pushed oil prices to multiyear highs, with its shares climbing 53% while other sectors tumbled. The U.S. oil company in its quarterly earnings reported […]
September 5, 2022
Via: The Wall Street JournalRussia is using natural gas to punish Europe. Oil hasn’t yet been similarly weaponized, but talk of buyers imposing a price cap raises the risk that it could be. The Organization of the Petroleum Exporting Countries and Moscow-led allies decided […]
August 23, 2022
Via: The Wall Street JournalSaudi 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 […]
August 14, 2022
Via: The Wall Street JournalSaudi 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 […]
July 29, 2022
Via: The Wall Street JournalExxon XOM 4.30%▲ Mobil Corp., Chevron Corp. CVX 8.23%▲ and Shell PLC, SHEL 3.20%▲ the three largest Western oil companies, banked a record $46 billion in collective profits in the second quarter, fueled by the highest energy prices in over […]
July 28, 2022
Via: The Wall Street JournalShell SHEL 0.74%▲ PLC reported a second consecutive record quarterly profit as the oil major benefited from soaring global energy prices and a continued rebound in the global economy. The London-based company said Thursday that strong demand and higher prices […]
June 30, 2022
Via: Transport TopicsThe OPEC oil cartel and allied producing nations decided June 30 to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. The […]
June 9, 2022
Via: The Wall Street JournalThe 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 […]
May 4, 2022
Via: The Wall Street JournalThe European Union proposed a ban on imports of Russian crude within six months and on refined oil products from the country by year-end, prompting a jump in oil prices, while the bloc is set to impose sanctions on high-ranking […]
April 29, 2022
Via: The Wall Street JournalBig oil companies are continuing to reap the benefits of high commodity prices but aren’t backing off plans to reward investors while keeping production roughly flat. Exxon XOM -2.24% Mobil Corp. said Friday it collected $5.5 billion in first-quarter profit, […]
April 28, 2022
Via: The Wall Street JournalGermany is now ready to stop buying Russian oil, clearing the way for a European Union ban on crude imports from Russia, government officials said. Berlin had been one of the main opponents of sanctioning the EU’s oil-and-gas trade with […]
February 8, 2022
Via: Transport TopicsU.S. oil production will grow even more than the government previously expected as a scorching price rally drives producers to boost drilling. Oil output will average 12.6 million barrels a day in 2023, an increase from its previous estimate of […]
January 28, 2022
Via: The Wall Street JournalChevron Corp. had its most profitable year since 2014, reporting Friday that it earned $15.6 billion in net income in 2021, as commodity prices surged on the back of a global economic recovery. The U.S. oil giant’s annual earnings were […]
January 7, 2022
Via: Phys.orgWith today’s high oil prices and record gas prices, it is easy to forget that the situation was reversed as recently as two years ago. At the end of 2019, an over-supply of fossil fuels had left producers concerned about […]
November 11, 2021
Via: The Wall Street JournalSoaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday. In a closely watched monthly market report, OPEC said global demand for […]
July 8, 2021
Via: The Wall Street JournalThe recent bout of higher oil prices is unlikely to make much of a dent in the global recovery, according to economists who say strong growth and flush consumers in advanced economies will help the world absorb much of the […]
June 24, 2021
Via: Transport TopicsCrude 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 […]
April 14, 2021
Via: The Wall Street JournalA year after the pandemic and a price war sparked one of the weakest months in history for oil prices, the global energy market is well on its way to recovery, the International Energy Agency said Wednesday. In its monthly […]
January 11, 2021
Via: Transport TopicsOil 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 […]