- — Richest oil states should pay climate tax, says Gordon Brown
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at 9/25/23 3:00pmThe worlds richest oil states should pay a global windfall tax to help poorer nations combat climate change, ex-PM Gordon Brown has said. He said countries such as Saudi Arabia, the UAE, Qatar and Norway benefited from a lottery style bonanza last year, as the price of oil soared. Mr Brown argues a $25bn (£20.4bn) ...- — OPEC+ production cuts drive up sour crude oil price around the world
- at 9/25/23 3:00pmCrude oil production cuts among OPEC+ members are limiting the global supply of medium, sour and heavy, sour grades of crude oil. These cuts are increasing prices for these grades compared with sweet crude oils, reversing typical price relationships. Crude oil is classified into categories based on the oil’s density (light, medium, or heavy) and ...
- — Middle East Crude-Dubai and Oman firms; EFS retains volatile swing
- at 9/25/23 3:00pmMiddle East crude benchmarks Dubai and Oman rose on Monday, with two cargo deliveries of Upper Zakum emerging, while the Brents Exchange Futures for Swaps (EFS) to Dubai widened sharply again amid recent volatility. The November EFS spread DUB-EFS-1M was pegged at a premium of $2.70 a barrel at the Asia close (0830 GMT) on ...
- — Egypt launches bid round for gas and oil exploration in 23 new areas – statement
- at 9/25/23 3:00pmEgypts petroleum ministry launched on Monday an international bid round for gas and oil exploration in 23 new areas, it said in a statement. The bid includes 10 areas in Egypts Western Desert, two in the Eastern Desert, seven in the Gulf of Suez, and four areas in the Red Sea, it added. Source: Reuters ...
- — The ‘Crude’ Question: Despite restricted supply, can oil sustain at $100/bbl?
- at 9/25/23 3:00pmInternational crude oil prices have rallied more than 10 per cent and sizzled to 10-month high levels after oil producers Saudi Arabia and Russia extended their voluntary output cuts of a combined 1.3 million barrels per day (bpd) till the end of the year. Brent futures rose to a record $94.63 mark in the week ...
- — Oil prices nearly flat as Russia eases fuel export ban
- at 9/25/23 3:00pmOil prices were nearly flat in choppy trade on Monday as Russia relaxed its fuel ban, after earlier gains on a tighter supply outlook, while investors eyed elevated interest rates that could curb demand. Brent crude futures were flat at $93.27 a barrel by 1:04 p.m. EDT (1704 GMT). U.S. West Texas Intermediate crude was ...
- — Oil prices steady as Russia eases fuel export ban
- at 9/25/23 7:00amOil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand. Brent crude futures were up 17 cents, or 0.18%, at $93.44 a barrel by 1133 GMT after settling 3 cents lower on Friday. ...
- — Oil companies cautious about drilling as energy transition looms
- at 9/25/23 7:00amGovernment policies to fight climate change are discouraging oil companies from investing heavily in new production even as they turn in record profits a dynamic that could spell tight supply and high prices as clean energy alternatives seek to fill the void. Crude oil prices have surged above $90 a barrel and some analysts ...
- — The energy transition looks different to those in the oil patch: panel
- at 9/25/23 7:00amThe transition to a low-carbon economy can appear as a threat to livelihoods in the oil patch, and this perspective can be an obstacle to climate efforts, a Canadian executive said on a panel at the World Petroleum Congress in Calgary. If you live, as I do, in a region of a country with a ...
- — Iraq export pipeline closure wreaks havoc on Kurdish region economy
- at 9/25/23 7:00amThe once-thriving oil industry in the northern Kurdish region of Iraq has ground to a halt as the closure of the export pipeline to Turkey, now in its sixth month, continues, inflicting economic devastation. In late March, Turkey halted flows of oil produced in the region after an arbitration court ruled in favour of Baghdad, ...
- — Rise in refinery outages, tighter supplies pushing up US fuel prices
- at 9/25/23 7:00amU.S. oil refiners that cranked up processing this year amid soaring demand for gasoline and diesel are being hit by outages weighing on their ability to rebuild thin fuel stockpiles and helping drive up fuel prices. A more than 50% jump in mechanical outages in the first nine months this year combined with higher planned ...
- — BRICS expansion to widen the renewable energy gap with the G7, ushering in new global market dynamics
- at 9/25/23 7:00amThe planned expansion of the BRICS bloc, through the addition of new members Saudi Arabia, Iran, United Arab Emirates (UAE), Egypt, Ethiopia and Argentina, will transform the grouping into a global leader in renewable energy in the coming decades, Rystad Energy research shows. The six new members will join the BRICS group of Brazil, Russia, ...
- — Nigeria to boost oil production to 2.1 million bpd by end of 2024
- at 9/25/23 7:00amNigeria expects to lift oil production to 2.1 million barrels per day by the end of next year after oil companies operating in the country committed investments of $13.5 billion in the short term, the presidency said on Saturday. Nigeria is Africas largest oil producer but its output has been in decline due to massive ...
- — The Commodities Feed: Oil fundamentals remain supportive
- at 9/25/23 3:00amEnergy Speculative appetite grows The oil market has held relatively steady in recent days with tightness in the physical market coupled with Russia’s recent export ban on diesel and gasoline offset by a fairly hawkish FOMC meeting last week. As a result, Brent continues to hold above US$93/bbl. Speculators continue to become more constructive ...
- — Oil prices rise, tight supply back in focus
- at 9/25/23 3:00amOil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Brent crude futures climbed 71 cents, or 0.76%, to $93.98 a barrel by 0809 GMT after settling 3 cents lower on Friday. ...
- — Promise of calmer markets as US oil wrests pricing power from Brent
- at 9/25/23 3:00amIncreased exports of oil from the United States into Europe and Asia mean U.S. crude has snatched back its primacy in setting international pricing after North Sea grades have for decades determined the value of the worlds most traded commodity. The trend has calmed volatility and limits the potential for trading plays, known by traders ...
- — Oil markets’ decades-long dependence on China could be ending
- at 9/25/23 3:00amChina’s demand for oil could peak by the end of the decade — and with its economic recovery still in limbo, can global oil markets continue to rely on China? “For 20 years, the oil market is dependent on China, China, China, supporting the markets. The story is coming to an end,” said Facts Global ...
- — Nigeria’s colossal Dangote refinery to start operating in October at 370,000 b/d
- at 9/25/23 3:00amThe long-awaited Dangote refinery billed as a game-changer for Nigeria and sub-Saharan Africa will receive its first cargo of crude in the next two weeks and will begin producing up to 370,000 b/d of diesel and jet fuel from October, a senior company executive told SP Global Commodity Insights. In a wide-ranging exclusive ...
- — LNG deals ramp up amid green transition
- at 9/25/23 3:00amChina has been stepping up its natural gas purchases as well as facilitating construction in recent years, as part of efforts to ensure sufficient energy supply amid its green transition, said industry experts. The country is looking to sign more deals to avoid future shortages and reduce dependence on spot deliveries, with 33 percent of ...
- — Russia slashes forecast for natural gas export price for 2024-2026
- at 9/25/23 3:00amThe Russian government cut its price forecast for its natural gas exports outside the former Soviet Union for 2024-26, according to figures presented by the economy ministry. Russia relies heavily on sales of oil and natural gas, which account for around a third of federal budget revenues, while the government has been discussing budget plans ...
- — Brazil’s diesel market faces uncertainty amid Russian oil products ban
- at 9/25/23 3:00amDiesel importers in Brazil are grappling with uncertainty after Russias announcement on Sept. 21 that it was temporarily banning exports of diesel and gasoline to ease domestic fuel prices and alleviate supply shortages. In recent months, Russian product has accounted for about 78% of diesel imports into Brazil, data from SP Global Commodities at Sea ...
As of 9/25/23 9:25pm. Last new 9/25/23 5:00pm.
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