Category: Oil

Facing Tough Midterms, Biden Releasing Oil From US Reserve

WASHINGTON—High gasoline prices are the problem that President Joe Biden keeps trying to fix—and roughly a year’s worth of extraordinary efforts have done little to significantly lower costs. With Biden’s latest push Wednesday to release 15 million barrels from the U.S. strategic reserve and consider additional withdrawals this winter, he’s telling frustrated voters ahead of…


UAE Says OPEC+ Output Cut Was Correct Decision, No Politics Behind It

ABU DHABI—The United Arab Emirates believes OPEC+ made the correct technical choice when it agreed to cut production targets and the unanimous decision had nothing to do with politics, energy minister Suhail al-Mazrouei said on Tuesday. His comments came after several members of the oil producers group endorsed the steep cut to output targets agreed…


Oil Prices Tick Up in Volatile Trade as US Stocks Fall in Tight Market

LONDON—Oil prices rose slightly on Wednesday amid plenty of caution as bullish signals like falling U.S. crude stocks and a generally undersupplied market were countered by bearish factors such as uncertain Chinese demand growth and falling gas prices. Brent crude futures for December settlement rose 60 cents, or 0.7 percent, to $90.63 a barrel by…


US Permian Oil Production Forecast to Hit Record in November: EIA

NEW YORK—Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is forecast to rise by about 50,000 barrels per day (bpd) to a record 5.453 million bpd in November, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday. U.S. crude oil output in major…


Oil Prices Fall on Fears of Economic Slowdown

LONDON—Oil prices edged lower on Tuesday on fears of an economic slowdown and lower fuel demand from China as it persists with its stringent zero-COVID policy. Brent crude futures fell 41 cents, or 0.45 percent, to $91.21 a barrel by 0948 GMT while U.S. West Texas Intermediate (WTI) crude futures fell 41 cents, or 0.48…


Oil Steady as Recession Fears Counter Positive Chinese Signals

LONDON—Oil prices were steady on Monday as China’s continuation of loose monetary policy was offset by fears that high inflation and energy costs could drag the global economy into recession. Brent crude futures rose 17 cents, or 0.2 percent, to $91.80 a barrel by 0915 GMT, recovering from a 6.4 percent fall last week. U.S….


Biden’s Saudi Threats Are Reckless, Dangerous

Commentary In an interview this week with Jake Tapper, President Joe Biden made veiled threats against the Kingdom of Saudi Arabia (KSA) as retaliation for OPEC’s cutback of 2 million barrels of oil per day. “There’s going to be some consequences for what they’ve done with Russia. I’m not going to get into what I’d consider…


Oil Prices Dip on Recession Worries, but Supply Cuts Support

LONDON—Oil prices dipped in a choppy trading session on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. Brent crude futures were down 76 cents, or 0.8 percent, at $93.81 a barrel at 1044 GMT while U.S. West Texas Intermediate (WTI)…


Congressman Urges Probe of Claims Biden Admin Officials Asked Saudi Arabia to Delay Oil Cuts

Rep. Tom Tiffany (R-Wis.) on Thursday urged House Speaker Nancy Pelosi (D-Calif.) to formally investigate whether Biden administration officials suggested Saudi Arabia delay the decision of a group of key oil-producing countries to cut oil output until after the midterms. Tiffany wrote to Pelosi asking for the Congressional probe after Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan…


Jury Announces Sentence for Parkland School Shooter; Judge Cites Trump Flag for Harsher Sentence | NTD News Today

A jury recommends life in prison for the Parkland school shooter. He pleaded guilty to 17 murders and 17 attempted murders during the 2018 shooting in Florida. The jury was deliberating between the death penalty and life imprisonment without parole. Saudi Arabia, accusing the White House of distorting the facts. The kingdom, giving its view of…