LONDON—Oil prices firmed on Thursday, finding continued support from an OPEC+ decision last week to cut supplies, as the International Energy Agency warned that those cuts may push the global economy into recession. Brent crude futures rose 49 cents, or 0.5 percent, to $92.94 a barrel by 0833 GMT. U.S. West Texas Intermediate crude was…
Oil Prices Rise on Tight Supplies, as IEA Warns of Global Recession
October 13, 2022
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OPEC Cuts 2022, 2023 Oil Demand Growth View as Economy Slows
October 12, 2022
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LONDON—OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and high inflation. Oil demand will increase by 2.64 million barrels per day (bpd) or 2.7 percent in 2022, the…
Oil Gains on Tight Supply, but Dollar Weighs
October 12, 2022
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Oil futures recouped some losses on Wednesday, recovering from a 2 percent slide in the previous session, supported by supply concerns stemming from last week’s OPEC+ cut to its production target, though a stronger dollar weighed on sentiment. Brent crude futures were up 62 cents, or 0.7 percent, at $94.91 a barrel by 1120 GMT…
‘Neath the Arizona Skies (1934)
October 12, 2022
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A cowboy escorts a little girl whose mother made her the heir of a cashable oil company, and must protect her from an outlaw as they search for the girl’s father. Credit: Public Domain Movies – Feature Films: Cinema collection: epochcinema.com Epoch Original content: epochoriginal.com Feature Films: www.theepochtimes.com/featured-films * Click the “Save” button below the…
Democrats Introduce Bicameral Bill Banning Arms Sales to Saudi Arabia After OPEC+ Decision
Sen. Richard Blumenthal (D-Conn.) and Rep. Ro Khanna (D-Calif.) on Oct. 11 introduced legislation that would ban arms sales to Saudi Arabia for a year. Saudi Arabia, long one of the best allies of the United States in the otherwise turbulent and hostile region, has faced attacks by Democrats recently due to a decision by…
Oil Falls More Than 2 Percent on Recession and China COVID-19 Fears
October 11, 2022
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LONDON—Oil slid more than 2 percent on Tuesday, extending losses of nearly 2 percent in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of…
Senate Foreign Relations Committee Chair Calls to ‘Freeze’ US-Saudi Cooperation
U.S. Sen. Bob Menendez (D-N.J.), chair of the Senate Foreign Relations Committee, on Monday called for the United States to “immediately freeze” all cooperation with Saudi Arabia after Russia’s air strikes in Ukraine. Menendez cited the kingdom’s decision with the Organization of the Petroleum Exporting Countries, or OPEC+, cartel to cut oil output by 2 million…
The Beginnings of an All-Out Energy Catastrophe
Commentary Those waggish stickers we’ve been seeing at gas pumps, with President Joe Biden pointing to the inflated price, saying “I did that,” won’t be going away any time soon now that OPEC is cutting global oil supplies by two million barrels a day. But too few realize that this White House’s foreign policy is…
Oil Falls as China Demand Concerns Fuel Recession Fears
October 10, 2022
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LONDON—Oil prices fell on Monday, ending five straight days of gains, as investors looked to slowing economic activity in China, the world’s biggest crude importer, which revived concerns about a global recession and falling global fuel demand. Brent crude futures for December settlement fell by as much as 1.1 percent, and was last down 77…
OPEC Oil Cuts Bad for Global Economy, Says Yellen
Treasury Secretary Janet Yellen said a decision by the OPEC+ grouping to cut oil production was “unhelpful and unwise” for the global economy, especially emerging markets, the Financial Times said on Sunday. “We’re very worried about developing countries and the problems they face,” Yellen told the newspaper in an interview. She also criticized allies for…
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