DUBAI, United Arab Emirates—Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39 percent bumpbuoyed by the higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide. The oil firm’s profits will help fund the kingdom’s Crown Prince Mohammed bin…
CEOs Warn This Winter’s Energy Crisis Will Be Nothing Compared to Next Winter’s Crisis
CEOs during a recent panel discussion warned that an energy crisis during the 2023–24 winter months could be even more challenging than the coming “difficult winter.” “We’ve got a difficult winter ahead, and subsequent to that we’ve got a more difficult winter in the year ahead of that, because the production that is available to…
Oil up More Than 1 Percent as Weaker Dollar Offsets China COVID-19 Concerns
November 1, 2022
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LONDON—Oil prices rose on Tuesday, recouping losses from the previous session, as a weaker U.S. dollar offset widening COVID-19 curbs in China that have stoked fears of slowing fuel demand in the world’s second-largest oil consumer. Brent crude for January delivery rose $1.38, or 1.49 percent, to $94.19 per barrel at 0951 GMT. The December…
Biden Accuses Oil Companies of War Profiteering, Threatens Windfall Taxes and Restrictions
President Joe Biden took aim at oil companies on Monday, accusing them of profiting from Russia’s invasion of Ukraine while threatening to tax excess oil profits if companies do not bolster production in the United States. In remarks from the White House, Biden said he is a “capitalist” and has “no problem with corporations turning…
OPEC Raises Long-Term Oil Demand View, Calls for Investment
October 31, 2022
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ABU DHABI—OPEC raised its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition. The view from the Organization of the Petroleum Exporting Countries, in its 2022 World Oil Outlook, contrasts with that…
Oil Falls on China COVID-19 Curbs and Weak Factory Data
October 31, 2022
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LONDON—Oil prices fell by more than $1 on Monday after weaker than expected factory activity data out of China and on concerns that the country’s widening COVID-19 curbs will curtail demand. Brent crude futures dropped $1.17, or 1.2 percent, to $94.60 a barrel by 0900 GMT, extending Friday’s 1.2 percent decline. U.S. West Texas Intermediate…
Saudi Blasts Release of US Oil Reserves as an Attempt to ‘Manipulate Markets’
October 28, 2022
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The Saudi Arabian energy minister indirectly slammed the decision by the Biden administration to release oil from the Strategic Petroleum Reserve (SPR) as an attempt to “manipulate markets.” This is the latest spat between Riyadh and Washington over crude production. Saudi Energy Minister Prince Abdulaziz bin Salman did not directly mention President Joe Biden over…
Oil Falls as China Widens COVID-19 Curbs
October 28, 2022
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LONDON—Oil prices fell on Friday after top crude importer China widened its COVID-19 curbs, though benchmarks were poised for a weekly gain on supply concerns and surprisingly positive economic data. Brent crude futures dropped 50 cents, or 0.5 percent, to $96.46 a barrel by 1047 GMT, having climbed by 1.3 percent in the previous session….
House Republicans Launch Probe Into Biden’s Potential Oil Export Ban
October 27, 2022
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A group of House Republicans has begun a probe into a potential U.S. ban on fuel exports and what they called the “potential misuse” of the national strategic oil reserve by the Biden administration. In an Oct. 26 letter to Department of Energy (DOE) Secretary Jennifer Granholm, Republican lawmakers on the House Committee on Oversight…
Oil Rises on Strong Crude Demand, Despite China Fears
October 27, 2022
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LONDON—Oil rose on Thursday, extending a rally of nearly 3 percent in the previous session, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China. Figures on Wednesday showed record U.S. crude exports, a hopeful sign for demand, even as crude stocks rose. The…
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