LONDON—Oil prices rose 2 percent on Friday, recouping most of the previous session’s declines, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand. Brent crude futures were up $2.07, or 1.9 percent, at $111.10 a barrel by 0911 GMT, having dropped to $108.03 a barrel…
OPEC+ Sticks to Oil Output Policy, Avoids Debate on September Plans
LONDON—OPEC+ said on Thursday it would stick to its planned oil output hikes in August but avoided discussing policy from September onwards as prices have risen on tight global supplies and worries that the group has little ability to pump more crude. Thursday’s meeting of the group that includes Saudi Arabia, Russia, and other major…
Oil Steady as Fuel Stocks Counter Supply Concerns
LONDON—Oil prices were largely steady in volatile trading on Thursday as the market weighed concerns over global supply against a build in U.S. fuel product inventories. Brent crude futures for September, the more actively traded contract, were up 28 cents, or 0.3 percent, at $112.73 a barrel by 0911 GMT. The August contract, which expires…
US Records Two Straight Weeks of Oil Supply Drawdowns
U.S. inventories of crude oil recorded two straight weeks of supply drawdowns, according to new data from the Energy Information Administration (EIA) on Wednesday. In the week ending June 17, crude stockpiles fell 386,000 barrels, falling short of the market estimate of a 569,000-barrel decline. The EIA further reported that oil stocks fell 2.762 million…
Oil Prices Rise for Fourth Day on Supply Worries
LONDON/SINGAPORE—Oil prices gained for a fourth straight session on Wednesday with tight supply worries offsetting concerns about a weaker global economy. Brent crude futures for August were little changed at $117.9 a barrel by 0917 GMT. The August contract will expire on Thursday and the more-active September contract was at $114.06, up 23 cents, or…
US Emergency Oil Reserves Fall to 25 Days As Biden Releases More Crude Into Market
June 28, 2022
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President Joe Biden’s efforts to lower energy prices have reduced the nation’s emergency oil reserves, new data shows. According to the Department of Energy, inventories in the Strategic Petroleum Reserve (SPR) declined 6.9 million barrels in the week ending June 24. In total, the world’s largest emergency supply of crude oil stood at 497.9 million…
Russia Bans Biden Family Members, Officials, and Others in Retaliatory Sanctions
Russia on Tuesday banned U.S. First Lady Jill Biden and her daughter from entering the country in retaliation for the growing number of U.S. sanctions against Russia over its invasion of Ukraine, the country’s foreign ministry announced. In total, 25 U.S. citizens were included in the round of retaliatory Russian sanctions, including academics, U.S. government…
Counterproductive California Environmental Bills
Commentary Back in March, Capital & Main ran a really biased headline, “Will California’s Fossil Fuel Industry Use the Ukraine War to Undermine Oil and Gas Legislation?” Subhead, “Three bills may fall victim to a new push for more oil drilling.” Let’s look at those bills today, three months later, and with gas prices now…
OPEC Boosts Oil Income in 2021, Well Completions Drop
LONDON—OPEC’s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID-19 pandemic, while the number of its members’ active rigs posted a modest rebound and new completed wells declined, data from the group showed. The value of petroleum exports by the 13-member Organization of the Petroleum Exporting Countries reached…
President Biden Asks the Saudis to Bail Him Out
Commentary President Biden will attend the Gulf Cooperation Council meeting in Saudi Arabia next month, with the explicit goal of convincing the GCC—that is, the Saudis—to increase production of crude oil as a tool with which reduce gasoline prices in the United States. From a recent press conference: Q: And my question on Saudi Arabia: Why not have the President go…
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