The price of oil is once again grabbing headlines, with its watchers and markets consistently indicating that more of the commodity is needed now, regardless of the green transition that governments envision
As Oil, Gas Prices Spike, Analysts Raise Questions Over Green Energy Transition
Oil Slips From Seven-Year High Ahead of More US–Iran Talks
LONDON—Oil slipped towards $90 a barrel on Tuesday ahead of the resumption of indirect talks between the United States and Iran, which could revive an international nuclear agreement and allow more oil exports from the OPEC producer. A deal could return more than 1 million barrels per day (bpd) of Iranian oil, equating to more…
‘Environmental, Social, and Corporate Governance’ Scores Are Changing the Oil Industry
February 6, 2022
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Environmental, social, and corporate governance—better known as ESG—is the order of the day in big business. According to its advocates, ESG rating provides investors with useful information on risks arising from climate change, pollution, and other environmental issues. Yet much of that information isn’t financially material. BlackRock, the world’s largest asset manager, notes on its…
Oil Hits Seven-Year Highs as US Storm Heightens Supply Concerns
LONDON—Oil prices reached seven-year highs on Friday as geopolitical tensions and a winter storm in the United States fuelled concerns over supply disruptions. Brent crude rose $1.32, or 1.5 percent, to $92.43 a barrel by 1120 GMT, having earlier touched its highest since October 2014 at $92.66. U.S. West Texas Intermediate crude rose $1.45, or…
Oil Prices Take a Breather, OPEC+ Sticks to Output Plans
LONDON—Oil prices eased on Thursday following weak U.S. payrolls data and some profit-taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases. Brent crude fell 61 cents, or 0.7 percent, to $88.86 a barrel by 0915 GMT, after rising 31 cents on Wednesday. U.S. West Texas Intermediate crude was…
Oil Climbs Toward 7-year Highs on US Stock Draw, Eyes on OPEC+ Move
LONDON—Oil prices climbed on Wednesday toward last week’s seven-year highs as a draw in U.S. crude stocks confirmed strong demand and tight supplies, but investors remained cautious ahead of an OPEC+ meeting later in the day. Brent crude rose 23 cents, or 0.26 percent, to $89.39 a barrel by 1050 GMT, after easing 10 cents…
Exxon Posts Biggest Profit in 7 Years on High Oil Prices
February 2, 2022
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HOUSTON—Exxon Mobil Corp. on Tuesday reported a fourth-quarter profit of $8.87 billion, its largest in seven years, as the top U.S. oil producer benefited from strong energy prices. The company slashed spending after fuel demand cratered two years ago. Since then, earnings have topped pre-pandemic levels, helped by the rise in oil prices, with the…
Germany: 2 Oil Storage and Supply Firms Hit by Cyberattack
BERLIN—Two companies involved in storing and supplying oil and other materials said Tuesday they have been hit by a cyberattack that has impacted operations in Germany. Oiltanking GmbH Group and Mabanaft Group on Saturday discovered what they called a “cyber incident affecting our IT systems” and launched an investigation together with external specialists, the companies…
Oil Slips Below $89 on Speculation of Faster OPEC+ Hike
LONDON—Oil slipped on Tuesday, staying close to a seven-year high, weighed by speculation OPEC+ could go further than expected to add supply at a meeting this week and expectations of a rise in U.S. inventories. While the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, has been expected to maintain its policy…
Oil Rises on Geopolitical Risks, Supply Shortage
LONDON—Oil rose on Monday as a supply shortage and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year. Brent crude had risen 66 cents, or 0.7 percent, to $90.69 a barrel by 1005 GMT. The front-month contract for March delivery expires later…
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