New York billionaire and refiner John Catsimatidis warned that rising interest rates could produce ill effects on the U.S. economy. The White House’s “obsession” against “turning on North American oil spigots” has triggered a significant hike in energy costs and inflation, Catsimatidis told Fox Business on Tuesday. He noted that the Biden administration asked Saudi Arabia…
Oil Billionaire Warns: ‘Somebody’s on the Path to Destruct America’
June 8, 2022
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Indonesia to Cut Maximum Palm Oil Export Tax and Levy to a Combined $488 per Tonne—Trade Minister
June 8, 2022
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Asia & PacificBusiness & Marketscommoditieseconomic policieseconomyexportIndonesiaMarketsOilpalmtaxWorld
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JAKARTA— Indonesia Trade Minister Muhammad Lutfi said on Tuesday the government would bring down its combined maximum crude palm oil export and levy rate to $488 per tonne from $575 per tonne to encourage shipments. Indonesia, the world’s biggest palm oil producer, has allowed palm oil exports to resume after a three-week ban, but progress…
Indonesia to Cut Maximum Combined Palm Oil Export Tax and Levy: Trade Minister
June 8, 2022
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Asia & PacificBusiness & Marketscommoditieseconomic policieseconomyexportIndonesiaMarketsOilpalmtaxWorld
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JAKARTA—Indonesia will slash its combined maximum crude palm oil export and levy rate to $488 per metric ton from $575 to encourage shipments, Trade Minister Muhammad Lutfi said on June 7. Indonesia, the world’s biggest palm oil producer, has allowed palm oil exports to resume after a three-week ban, although progress has been slow due…
Consultants to Russian Oil, Including PR and Advertising, Targeted in Fresh Sanctions
Advertising and public-relations agencies have been banned for working for Russian oil and gas firms as part of a new wave of sanctions designed to increase pressure on the Putin regime. The latest round of sanctions following Russian President Vladimir Putin’s invasion of Ukraine includes a ban on the export of services, including engineering and…
Oil Prices Advance Despite US Inventory Rise
LONDON—Oil prices rose on Wednesday, despite a likely rise in U.S. oil stocks, on the easing of Chinese COVID-19 related lockdowns and a possible strike by Norwegian oil workers. Brent crude futures were up $1.01, or 0.8 percent, at $121.58 a barrel at 0927 GMT. U.S. West Texas Intermediate crude was at $120.62 a barrel,…
Oil Prices Stable as Market Juggles Risk Sentiment With Tight Supplies
LONDON—Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its COVID-19 curbs. Brent crude futures were down 38 cents, or 0.3 percent, at $119.13 barrel at 0926 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 25 cents, or…
Soaring Oil Prices: An Unnecessary Hit to a Vulnerable Economy
Commentary Soaring oil prices are not only a serious threat to travelers, crazy high fuel prices seriously disrupt businesses, the economy. They even promote wars. There are a number of reasons for the current surge in oil prices. The Federal Reserve’s monetary policy is primarily responsible for the overall rise in all prices. Without the…
EU Formally Approves Embargo on Russia Oil
June 3, 2022
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Business & Economycommoditiescrisiseconomic policieseconomyembargoEUEuropeMarketsOilRussiaRussia-Ukraine WarUkraineWorld
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BRUSSELS—The European Union on Friday formally approved an embargo on Russian oil and other sanctions targeting major banks and broadcasters over Moscow’s war on Ukraine. EU headquarters says Russian crude oil will be phased out over six months, and other refined petroleum products over eight months. It says that “a temporary exception is foreseen” for…
Oil Slips After OPEC+ Hike, Tight Supply Limits Loss
LONDON—Oil slipped on Friday after OPEC+ decided to increase production targets by slightly more than planned, although tight global supply and rising demand as China eases COVID-19 restrictions limited the decline. The Organization of the Petroleum Exporting Countries and allies, or OPEC+, on Thursday, increased their output boost to 648,000 barrels per day (bpd) in…
Oil Toxicity: Examining the Evidence
Commentary Oil is a high energy plant-based liquid. It is organic and naturally occurring, and it has been around for millions of years. Oil leaks spontaneously from the ocean floor worldwide. Cracks in the earth’s crust allow this oil to escape from natural underground reservoirs. California experiences 30 such natural oil seepages per year. The…
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