Temperatures across much of Europe and Asia are well below normal and forecasters expect them to stay there for most of January. The chill is supporting oil prices, which are holding above $50 a barrel, while the profit from turning crude into diesel climbed in Europe to the most since August in recent weeks as...Continue Reading
The U.S. didn’t import any Saudi crude last week 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 exports into a market decimated by the pandemic. SourceContinue Reading
OPEC+’s agreement, which will see most producers keep output steady while the Saudis cut, prompted a sharp rally in the structure of the oil futures curve as traders anticipated lower supply in the coming months. SourceContinue Reading
“We are the guardian of this industry,” Saudi Energy Minister Prince Abdulaziz bin Salman said as he announced Saudi’s production cut on Tuesday, preserving the OPEC+ deal and sending oil prices to 10-month highs. He emphasized that the decision was made unilaterally by Crown Prince Mohammad bin Salman himself. SourceContinue Reading
Market conditions that might have triggered U.S. oil explorers to raise output and grab market share in recent years are, this time around, more an opportunity for them to pay down debt or boost dividends. SourceContinue Reading
The decision is a victory for the administration, which has been racing to issue oil leases in the refuge’s coastal plain before the Jan. 20 inauguration of President-elect Joe Biden. SourceContinue Reading
Since taking over for Hugo Chavez in 2013, Nicolas Maduro has resisted efforts to force him out, presiding over a precipitous deterioration of the oil-rich country. SourceContinue Reading
Exxon has come under pressure from activist investors in recent weeks for its poor returns and environmental record. The company said last month that it would set new, more ambitious targets to reduce emissions per barrel of crude. SourceContinue Reading
The “fair access” rule proposed by the Office of the Comptroller of the Currency on Nov. 20 would create undue burdens for lenders and could threaten their business models, banking industry groups said in comment letters to the agency. SourceContinue Reading
