Europe is set to receive more cargoes of U.S. crude from the Strategic Petroleum Reserve (SPR) as the European Union discusses an oil embargo on Russia and looks to reduce reliance on Russian oil, Bloomberg reported on Thursday, citing tanker-tracking data and sources with knowledge of the shipments. In recent weeks, Europe has increased purchases …
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Germany said Russia is using energy as a “weapon” after Moscow reduced natural gas supplies in retaliation for Europe’s penalties over the war in Ukraine. A unit of Gazprom PJSC that was seized by Germany has had its deliveries reduced by about 10 million cubic meters a day, according to German Economy Minister Robert Habeck. …
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All 13 members of OPEC saw their production rise by just 153,000 barrels per day. OPEC’s collective production rose to 28.648 million bpd in April. Saudi Arabia, raised its production by 127,000 bpd to 10.346 million bpd in April. OPEC continues to undershoot its oil production target in the OPEC+ deal, failing in April to …
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Russia has slammed Finland’s announcement that it could apply to join the Western military alliance NATO in a matter of days. “Russia will be forced to take retaliatory steps, both of a military-technical and other nature, in order to stop threats to its national security arising,” the Foreign Ministry said in a statement. Russia shares …
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U.S. oil stockpiles rose in the latest week, the Energy Information Administration said on Wednesday. Crude oil inventories rose 8.487 million barrels last week, compared with analysts’ expectations for a draw of 0.457 million barrels. Distillate stockpiles, which include diesel and heating oil, fell by 0.913 million barrels in the week against expectations for a …
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WASHINGTON (AP) — Average long-term U.S. mortgage rates resumed their ascent this week, as the key 30-year loan reached its highest point since 2009. The increases came in the week preceding the widely anticipated action by the Federal Reserve, announced Wednesday, to intensify its fight against the worst inflation in 40 years by raising its …
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Apple Is No Longer the World’s Most Valuable Company.. Its now Saudi Aramco Oil is emerging as mightier than tech amid the turbulence that has defined financial markets the past few months. Saudi Aramco, the state-backed producer, has toppled Apple , the maker of iPhones and Mac computers, off its top spot as the world’s …
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As the European Union warns companies against paying for Russian gas in rubles, Italy’s prime minister has stated the opposite, saying that European companies are free to pay in Russian currency without finding themselves in breach of sanctions that lack clarity. “There is no official pronouncement of what it means to breach sanctions,” Draghi said …
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The Biden administration canceled one of the most high-profile oil and gas lease sales pending before the Department of the Interior Wednesday, as Americans face record-high prices at the pump, according to AAA. The DOI halted the potential to drill for oil in over 1 million acres in Alaska’s Cook Inlet, along with two lease …
Inflation rose again in April, continuing a climb that has pushed consumers to the brink and is threatening the economic expansion, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an …
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