BP’s energy transition plan will receive a boost from rising oil prices, and the company is already winning back investors after a difficult year, Chief Executive Officer Bernard Looney said. SourceContinue Reading
A key spread between monthly oil futures contracts has blown out to the widest level in seven years as traders bet that U.S. crude inventories are about to get a whole lot tighter. SourceContinue Reading
Oil retreated after hitting $75 a barrel in London for the first time in more than two years, as Russia and other OPEC+ nations were said to consider increasing production. SourceContinue Reading
Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the matter. Other OPEC+ nations are also discussing a potential supply hike in August, although specific numbers haven’t been mentioned. SourceContinue Reading
Exxon Mobil Corp. is preparing to reduce headcount at its U.S. offices by between 5% and 10% annually for the next three to five years by using its performance-evaluation system to suss out low performers, according to people familiar with the matter. SourceContinue Reading
“They blocked us, they sanctioned us, they stole all our foreign assets,” said Venezuelan oil minister Tareck El Aissami. “Without any financing, with our own money, we’ve been able to invest enough to stop the slide and start a gradual recovery.” SourceContinue Reading
Oil held near $72 a barrel as inconclusive nuclear talks between world powers and Iran — which has elected a new hardline president — allayed prospects for a swift revival of the Islamic Republic’s crude exports. SourceContinue Reading
Odfjell’s WindGrid is a solution for providing an uninterrupted power supply from Mobile Offshore Wind Units to micro-grids. It combines energy storage, grid converters and floating wind turbines in order to enable gas turbine generators to be shut down during peak wind power production. SourceContinue Reading
Global oil consumption will continue to outstrip supply in 2022 as the economic recovery from the pandemic boosts fuel consumption, while investment in new crude production is crimped by environmental concerns, the bank said in a report. SourceContinue Reading
