U.S. consumer prices surged in February, culminating in the largest annual increase in 40 years, and inflation is poised to accelerate further in the months ahead as Russia’s war against Ukraine drives up the costs of crude oil and other commodities. The consumer price index increased 0.8% last month after gaining 0.6% in January, the …
Continue reading “US inflation hits record 7.9% in February”
HOUSTON – Any oil and gas company that can increase supply should do so quickly due to the growing energy crisis following Russia’s invasion of Ukraine, US Energy Secretary Jennifer Granholm said on Wednesday. Russia exports roughly four-million to five-million barrels of crude a day, more than any other nation other than Saudi Arabia. With global …
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UAE Ambassador to Washington says his country favours production increases and will encourage OPEC to consider higher production levels. The UAE marks the first OPEC+ member to call for more production. Brent crude has dropped more than $15 per barrel as traders have begun to take profits. In a complete oil industry turnaround, The UAE’s …
Continue reading “Oil Prices Crash By 11% As UAE Calls On OPEC To Open The Taps”
OPEC members raised their production in February by a collective 480,000 bpd. Combined, OPEC+ produced 560,000 bpd more in February than it did in January. The figures show that 14 members of the group underproduced their quota for the month. OPEC+ has found itself in the crosshairs of the global oil industry with its repeated …
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Germany has emerged as the main roadblock to broaden European Union sanctions against Russia by targeting the country’s biggest bank and its energy sector. Berlin is the leading power resisting efforts to add Sberbank PJSC to the list of Russian financial institutions cut off from SWIFT — the bank messaging system behind much of global …
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LONDON, March 8 (Reuters) – The U.S. ban on Russian oil and gas imports is likely to leave more cargoes at sea with no buyers, and the European Union’s decision to continue imports was unlikely to make much difference to disarray in Russian oil trade, analysts said on Tuesday. U.S. President Joe Biden on Tuesday …
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Saudi Crown Prince Mohammed bin Salman has reaffirmed his country’s commitment to the OPEC+ agreement with Russia. The Kingdom has not made a move to bring extra crude onto the market despite the current spike in crude prices. Since 2017, Russia and Saudi Arabia have signed a string of high-profile energy deals that have pulled …
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The de facto leaders of Saudi Arabia and the United Arab Emirates declined to arrange calls with President Joe Biden in recent weeks as the U.S. worked to contain a spike in oil prices driven by Russia’s war on Ukraine, Citing U.S. and Middle Eastern officials, the Journal reported that Saudi Crown Prince Mohammed bin …
https://youtu.be/DN9KQwA211w FRANKFURT (Reuters) – Wingas, a German subsidiary of Gazprom, is curbing gas deliveries in Germany by no longer offering new forward contracts, a German newspaper reported on Tuesday. Handelsblatt cited an unnamed Wingas salesperson as well as an unnamed broker for a portfolio manager that buys natural gas for German municipal utilities and energy …
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Poland has agreed to hand over all of its MIG-29 fighter jets to a US airbase “immediately and free of charge” as part of a plan to provide aircraft to the Ukrainians. “The MIG-29 is not the best aircraft around at the moment but it’s better than nothing. “NATO has been giving arms openly to …
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