Oil prices fell more than $1 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation and ahead of expected builds in U.S. crude inventories as fuel demand weakens. Brent crude prices for September fell $1.06, or 0.9 percent, to $106.29 a barrel by 0946 GMT, while U.S. West Texas Intermediate…
Federal Proposals for Reduced Oil and Gas Emissions Could Be Counterproductive in Limiting Emissions: Analysts
News Analysis A federal government discussion paper on the “next steps” to reduce greenhouse gas emissions in the energy sector threatens to burden the industry with increased complexity, analysts say, while ignoring the potential for Canadian exports to indirectly reduce emissions elsewhere. Released July 18, the paper proposes either a cap-and-trade system under the Canadian…
Federal Proposals for Reduced Oil and Gas Emissions Could Be Counterproductive in Limiting GHGs: Analysts
News Analysis A federal government discussion paper on the “next steps” to reduce greenhouse gas emissions in the energy sector threatens to burden the industry with increased complexity, analysts say, while ignoring the potential for Canadian exports to indirectly reduce emissions elsewhere. Released July 18, the paper proposes either a cap-and-trade system under the Canadian…
Iran and Russia’s Gazprom Sign Primary Deal for Energy Cooperation
July 19, 2022
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LONDON—The National Iranian Oil Company (NIOC) and Russian gas producer Gazprom signed on Tuesday a memorandum of understanding worth around $40 billion, Iran’s oil ministry’s news agency SHANA said. The deal was signed during an online ceremony by the CEOs of both companies on the day Russian President Vladimir Putin arrives in Tehran for a…
Oil Prices Soften but Supply Tightness Trims Losses
July 19, 2022
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LONDON—Oil prices softened on Tuesday after soaring by more than $5 barrel in the previous session on expectations that U.S. crude inventories may have risen last week, but tight supplies and a weaker dollar curbed losses. Brent crude futures for September settlement fell 68 cents or 0.6 percent to $105.59 a barrel by 0949 GMT….
Top US Energy Envoy Expects Further Steps From OPEC Producers on Supplies
July 18, 2022
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Amos HochsteinBusiness & MarketseconomyExecutive BranchGold and CommoditiesInternationalMarketsMiddle EastOilOPECPoliticsUSUS NewsWorld
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WASHINGTON—Major crude oil producers have spare capacity and are likely to boost supplies following President Joe Biden’s visit to the Middle East, a senior U.S. energy envoy said on Sunday. Speaking on CBS’ “Face the Nation,” Amos Hochstein, senior U.S. State Department adviser for energy security, said: “Based on what we heard on the trip,…
Oil Jumps After Biden Fails to Win Saudi Pledge to Pump More Crude
July 18, 2022
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Oil prices rose on July 18 as the U.S. dollar softened and after President Joe Biden wrapped up his trip to Saudi Arabia, failing to secure a pledge from the Middle Eastern country to boost crude output. Brent crude futures for September settlement rose $2.42, or 2.4 percent, to $103.58 a barrel by 5:30 a.m….
American Oil Producers Issue New Message to Biden During Saudi Trip
After President Joe Biden met with Saudi leaders abroad, American oil producers said that the federal government should stop targeting the industry. “In spite of … attempts to limit supply, we’re doing everything we can to increase our production,” Tall City Exploration President and CEO Mike Oestmann told Fox Business. “We’re spending all the money…
US Oil Producers Issue New Message to Biden During Saudi Trip
After President Joe Biden met with Saudi leaders abroad, U.S. oil producers said that the federal government should stop targeting the industry. “In spite of … attempts to limit supply, we’re doing everything we can to increase our production,” Tall City Exploration President and CEO Mike Oestmann told Fox Business. “We’re spending all the money…
Saudi Crown Prince Says Unrealistic Energy Policies Will Lead to Higher Inflation
July 16, 2022
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JEDDAH, Saudi Arabia—Saudi Arabia’s Crown Prince Mohammed bin Salman said on Saturday more investment was needed in fossil fuel and clean energy technologies to meet global demand, and that unrealistic emission policies would lead to unprecedented levels of inflation. The prince said Saudi Arabia had announced raising its production capacity to 13 million barrels per…
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