Persistently low investment in conventional energy sources risks leaving the world running out of spare production capacity for crude oil, refined products, and natural gas, the energy ministers of two of OPEC’s top producers, Saudi Arabia and the United Arab Emirates (UAE), said on Tuesday. Officials from the oil and gas producing countries in the …
Continue reading “Saudis, UAE: The World Has A Serious Energy Spare Capacity Problem”
The highest inflation in the U.S. in four decades is set to persist and even increase in the coming months as the price of diesel is at record highs amid very tight domestic inventories and a global shortage of supply. Diesel is used in every part of the industrial activity and supply chain, from goods …
Continue reading “Record High Diesel Prices……. U.S. Gasoline Prices Hit All-Time High”
The price of crude oil rose on Wednesday as markets waited for news on the new package of sanctions imposed on Russia by the European Union. The member states are still in disagreement over the oil embargo, with Hungary leading countries opposing the ban. Meanwhile, crude oil inventories in the United States increased by 1.62 …
Continue reading “Crude up over 2% amid EU sanctions uncertainty”
Ukraine and Russia clashed over natural gas sent via pipelines to Europe in a spat that could disrupt supplies transiting the former Soviet Union nation for the first time since the war started. Russian gas flowing via one of two key entry points will stop from Wednesday as occupying forces disrupt operations, the Gas Transmission …
Continue reading “Russian Gas Flows To Europe Via Ukraine To Stop Wednesday”
The prices of oil futures extended losses on Tuesday, with West Texas Intermediate (WTI) falling under $100 per barrel at 11:51 am ET. The growing recession worries seemingly continued to raise concerns in investors. Meanwhile, natural gas prices jumped after Ukrainian gas operator OGTS announced earlier that from tomorrow it will be halting the transmission …
Continue reading “Oil prices fall further, WTI goes under $100 per barrel”
The bodies of 44 civilians have been found in the rubble of a building destroyed by Russia, a Ukrainian official said. It comes as Ukraine’s vital Black Sea port of Odesa is repeatedly bombed, including by hypersonic missiles. The civilians were inside a five-storey building that collapsed in Izyum in the Kharkiv region in March, …
Continue reading “Ukraine says Russia hit Odessa with hypersonic missiles”
Crude oil prices fell amid a broader market selloff but news that Europe could soften sanctions on Russian oil also weighed on sentiment, Australia’s ANZ Bank said in a Tuesday note. The European Union has been struggling to garner support for the proposed Russian oil import ban and countries that are highly dependent on Russia …
Continue reading “Crude Oil Prices Down on Broader Market Selloff”
Saudi Aramco has reduced its oil export prices for the first time in four months amid Covid lockdowns in China that are spurring concern about demand stability. According to a Bloomberg report, Aramco cut the price for its Super Light for Asia by more than $5 per barrel and the price for its Extra Light …
Continue reading “China’s COVID Lockdowns Force Aramco To Slash Oil Export Prices”
The European Union is set to soften its sanctions package on Russian oil exports after a weekend of wrangling, though it aims to keep a key shipping provision that will hinder Moscow’s ability to export its crude. The bloc will drop a proposed ban on EU-owned vessels transporting Russian oil to third countries, according to …
Continue reading “EU drops plan to stop Russian oil tankers”
The European Union’s proposal to embargo Russian oil by the end of 2022 has kicked up a storm. After Hungary and Slovakia showed resistance to join the plan, the European Union is now planning tweaks to its proposal. A ban on Russian oil, essentially means that the 27 member political and economic bloc will move …