Crude oil inventories in the United States decreased this week by 4.382 million barrels, the American Petroleum Institute (API) data showed on Wednesday, after falling by 2.408 million barrels in the week prior as the IEA eyes a supply deficit in this half of the year. Crude oil production in the United States stayed at …
Federal Reserve Bank of New York President John Williams said on Wednesday that he is not content with the current inflation picture in the United States. Speaking at a Central Bank Research Association-hosted event, he noted that price pressures remain elevated although there is progress on that front as coronavirus-pandemic effects have weakened and inflation …
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Saudi Energy Minister Abdulaziz bin Salman said on Wednesday that the latest cuts in oil production announced by both Riyadh and Moscow demonstrate the two nations’ “strong” relations and collaborative efforts to support the market. “What we have done, with the help of our colleagues in Russia, is also partly aimed at alleviating the skepticism …
The head of the International Energy Agency has said that energy prices could rise again this winter, potentially forcing governments to subsidize consumption. A combination of China’s economic recovery and a harsh winter in the northern hemisphere has the potential to send energy demand climbing. The warning from the IEA echoes the recent message from …
Saudi Arabia, on Monday morning, announced that it is extending its voluntary 1 million bpd production cut through August. OPEC and Saudi Arabia are preparing the ground for future oil price-supportive cuts in production when Asian demand growth disappoints. OPEC and Saudi Arabia want oil prices much higher than they are now but know that …
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The spread between the yield on the 10-year United States Treasury note and the two-year note was the highest since 1981 on Monday. This is known as a inverted yield cure. It is widely believed that a recession usually follows a period during which short-term Treasury yields are persistently higher than their longer-term counterparts. The …
Russian Deputy Prime Minister Alexander Novak announced on Monday that Russia will decrease its oil output by 500,000 barrels per day (bpd) in August “to ensure market balance.” He said Russia intends to cut its exports after reports that Saudi Arabia will extend its own voluntary cuts for another month. In late June, Russian President …
https://youtu.be/uHk8W6DbfxU Satellite images analyzed by The Associated Press on Saturday showed what appeared to be a newly built military-style camp in Belarus, with statements from a Belarusian guerrilla group and officials suggesting it may be used to house fighters from the Wagner mercenary group. The images provided by Planet Labs PLC suggest that dozens of …
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Crude oil prices are expected to soar due to all the uncertainty surrounding new developments within Russia. Oil closes at its highest price Prior to the Wagner Group’s advance toward Moscow, Russia restored its domestic crude oil processing to 5.49 million barrels a day in the week ending June 14, down from a peak of …
Continue reading “Russia’s Energy Markets Effected by Coup Attempt…….. Putin on his way OUT!tin”
MOSCOW (Reuters) -Russia said on Friday it saw no reason to extend the Black Sea grain deal beyond July 17 because the West had acted in such an “outrageous” way over the agreement, but assured poor countries that Russian grain exports would continue. The United Nations and Turkey brokered the Black Sea Grain Initiative last …
Continue reading “Russia to cancel Black Sea grain deal…. The Fallout from the Mutiny has Started”