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Tag: oil prices


Energy, Industry Focus Areas

OPEC+’s Warning Shot

September 5, 2022

Via: The Wall Street Journal

Russia 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 […]


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

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

Oil Giants Report Record Profits on High Energy Prices

July 29, 2022

Via: The Wall Street Journal

Exxon 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 […]


Energy, Industry Focus Areas

Shell Posts Record Quarterly Profit on Soaring Energy Prices

July 28, 2022

Via: The Wall Street Journal

Shell 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 […]


Energy, Industry Focus Areas

OPEC+ Oil Boost Unlikely to Ease Fuel Prices

June 30, 2022

Via: Transport Topics

The 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 […]


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

EU Proposes Ban on Russian Oil Imports, Sending Prices Higher

May 4, 2022

Via: The Wall Street Journal

The 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 […]


Energy, Industry Focus Areas

Exxon and Chevron, Buoyed by High Oil Prices, Shower Investors With Cash

April 29, 2022

Via: The Wall Street Journal

Big 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, […]


Energy, Industry Focus Areas

Germany Drops Opposition to Embargo on Russian Oil

April 28, 2022

Via: The Wall Street Journal

Germany 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 […]


Energy, Industry Focus Areas

US Sees Record Oil Production Next Year Moving Even Higher

February 8, 2022

Via: Transport Topics

U.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 […]


Energy, Industry Focus Areas

Chevron Rakes in $15.6 Billion in Annual Profits as Oil Prices Climb

January 28, 2022

Via: The Wall Street Journal

Chevron 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 […]


Energy, Industry Focus Areas

Energy prices are unlikely to fall in 2022 or beyond, not until major importers get serious about green transition

January 7, 2022

Via: Phys.org

With 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 […]


Energy, Industry Focus Areas

High Energy Prices Likely to Mean Less Oil Demand This Year, OPEC Says

November 11, 2021

Via: The Wall Street Journal

Soaring 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 […]


Energy, Industry Focus Areas

Why Rising Oil Prices Are Unlikely to Kill the Economic Recovery

July 8, 2021

Via: The Wall Street Journal

The 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 […]


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

Oil Demand Is Recovering Despite Vaccination Hiccups, IEA Says

April 14, 2021

Via: The Wall Street Journal

A 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 […]


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

Saudi Aramco Slows Diversification Plans Amid Industry Downturn

September 2, 2020

Via: The Wall Street Journal

DUBAI—Saudi Arabia’s state oil giant is reviewing plans to expand at home and abroad in the face of sharply lower oil prices and a heavy dividend burden it assumed as part of its recent initial public offering, according to people […]


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 […]