Oil News

 

OPEC+ Approves Tiny Oil Output Rise in Rebuff to Biden

Aug 03, 2022

OPEC+ is set to raise its oil output goal by 100,000 barrels per day, an amount analysts said was an insult to U.S. President Joe Biden after his trip to Saudi Arabia to ask the producer group's leader to pump more to help the United States and the global economy…

Oil Outshines Stocks and Dollar in 2022

Aug 01, 2022

Oil prices are proving resilient to global economic recession fears and have outperformed major equity indices and the U.S. dollar so far this year as Western sanctions on Russia further limit supplies to an already tight market.The two major…

Exxon, Chevron Post Blowout Earnings, Oil Majors Bet on Buybacks

Aug 01, 2022

The two largest U.S. oil companies, Exxon Mobil Corp and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European majors a day earlier.The U.S. pair, along with UK-based Shell and France's TotalEnergies…

CNOOC Finds Shale Oil in South China Sea Exploration Well

Jul 29, 2022

China's CNOOC Ltd has tapped commercial flows of oil and gas from a shale exploration well in the South China Sea, marking the first successfully drilled shale oil well offshore China, state media reported on Thursday.Exploration well Weiye-1…

Galp Profit Leaps 90%

Jul 25, 2022

Portuguese oil and gas company Galp Energia reported a 90% jump in adjusted second-quarter profit on Monday, citing soaring oil prices and a sharp increase in its refining margin.Rapid recovery in demand after pandemic lockdowns and a surge…

Swiss "Take Note" of EU Sanctions Tweak for Russian Oil

Jul 25, 2022

The Swiss agency in charge of sanctions said it was up to the Swiss government to decide whether to adopt a tweak to EU sanctions that eases shipments of oil from Russian state-owned firms Rosneft and Gazprom to third countries.Purchases of…

Oil Falls Anticipating Fed Hike will Dent Demand

Jul 25, 2022

Oil fell on Monday, reversing earlier gains but continuing a recent losing streak, on concerns that an expected increase in interest rates in the U.S., the world's biggest oil user, may limit fuel demand growth.Brent crude LCOc1 futures for September settlement dropped 48 cents…

ConocoPhillips Eyes US Gulf of Mexico Exit

Jul 20, 2022

ConocoPhillips is exploring a sale of its stake in the Ursa platform and Princess subsea well in the Gulf of Mexico, people familiar with the matter said on Wednesday, in what would mark its exit from deepwater energy production off the U.S…

Petrobras to Sell Deepwater Assets to BW Energy for Up to $75 Million

Jun 23, 2022

Brazilian oil company Petrobras' management approved on Thursday the sale of its entire stake in the Golfinho and Camarupim deepwater oil fields for up to $75 million to Norway's BW Energy Ltd.The sale is part of Petrobras' strategy to divest assets and focus on more profitable operations…

Oil Up on Tight Supply, But Interest Rate Hikes Weigh

Jun 17, 2022

Oil rose on Friday, supported by supply tightness and new sanctions on Iran, but prices were on track for a weekly decline amid interest rate hikes from major central banks that fuelled worries about a sharp economic slowdown.Brent crude was up $1…

IEA Says World Oil Demand to Rise 2% in '23

Jun 15, 2022

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook…

US Oil Lobby Pushes Biden to Roll Back Fossil Fuel Curbs

Jun 14, 2022

The American Petroleum Institute, the top U.S. oil lobby organization, on Tuesday urged President Joe Biden’s administration to lift a slew of restrictions on fossil fuel development to help ease soaring energy prices.The request underscores…

OPEC Sees Global Oil Demand Growth Slowing in 2023

Jun 14, 2022

World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy.Fuel use has rebounded from the 2020 pandemic-induced slump…

Russian Oil Production up 5%; Seaborne Exports up 9.5%

Jun 14, 2022

Russia's oil production rose almost 5% in the first half of June compared with May, the Interfax news agency reported on Tuesday, citing a source familiar with the output statistics.Average daily oil production, including condensate, was 1.46 million tonnes in the first 13 days of June…

Brent Bulls Get a Boost from EU Sanctions on Russia

Jun 13, 2022

EU sanctions on Russia’s petroleum exports and easing lockdowns in China have encouraged portfolio investors to become more bullish on oil prices despite the steadily darkening outlook for the major economies.Hedge funds and other money managers…

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