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Energy / Crude Oil

U.S. Strategic Oil Reserves Could Fall By 50% Over The Next Decade

Nov 29, 2021 at 11:28 | Tsvetana Paraskova

Recent legislation and last week’s announcement of a release of 50 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR) could see America’s strategic stockpiles…

Canada's Ambitious New Plan To Save Its Oil Sands

Nov 26, 2021 at 09:36 | Felicity Bradstock

In Canada, a renewable energy trend could lend itself to the oil and gas industry, with the potential for geothermal energy to help oil sands to thrive for…

The Real Reason Why OPEC+ Won’t Open The Taps

Nov 24, 2021 at 17:06 | Tsvetana Paraskova

The United States announced a release from its Strategic Petroleum Reserve (SPR) on Tuesday, saying at the same time that it hopes OPEC+ would continue to add 400,000…

Oil Bulls Rejoice As Biden’s Supply Strategy Backfires

Nov 24, 2021 at 16:16 | Cyril Widdershoven

President Biden’s threat to oil producers that he would force prices down has already backfired. Oil markets were unimpressed by the U.S. administration’s plan to coordinate a strategic…

UAE Pumps $6 Billion Into Oil And Gas Expansion Projects

Nov 24, 2021 at 16:03 | Simon Watkins

The U.S.-sponsored ‘relationship normalisation’ deal signed last year between Israel and the UAE is a core element of Washington’s attempt to counterbalance the advance of China and Russia…

China Keeps Markets In The Dark About SPR Release

Nov 24, 2021 at 15:55 | Tsvetana Paraskova

The volume of the expected Chinese release of crude oil from its state reserves will be decided according to the country's actual needs, China said on Wednesday, declining to comment…

Oil Markets Unimpressed By Small Crude Inventory Build

Nov 24, 2021 at 09:40 | Julianne Geiger

Crude oil inventories rose last week, while gasoline inventories declined, the Energy Information Administration said on Wednesday. The EIA has reported that crude oil inventories increased by 1 million barrels…

SPR Release Only Triggered A Brief Selloff In Crude Oil

Nov 23, 2021 at 10:57 | Irina Slav

Media reports about the joint release of millions of barrels of oil by the United States, China, and Japan prompted a selloff across oil futures contracts and a…

Biden Administration Considers Ban On U.S. Oil Exports

Nov 23, 2021 at 09:50 | Charles Kennedy

A potential ban on crude oil exports is under consideration at the White House, a Democratic Congressman told Bloomberg, adding that “The economics of it makes sense.” Rep. Ro Khanna,…

Biden Announces 50 Million Barrels SPR Release To Lower Oil Prices

Nov 23, 2021 at 07:46 | Tsvetana Paraskova

US President Joe Biden announced on Tuesday that the Department of Energy would release 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) in a bid to…

U.S. Shale Is Refusing To Reinvest Despite Record High Cash Flow

Nov 22, 2021 at 16:55 | Rystad Energy

Reinvestment rates among US shale oil producers hit an all-time low in the third quarter of 2021, resulting in a record free cash flow for the quarter, and…

India May Join Coordinated Strategic Oil Reserves Release

Nov 22, 2021 at 10:02 | Tsvetana Paraskova

India is ready to join the global efforts of major oil consumers led by the United States to reduce oil prices. The world's third-largest oil importer, India, plans to release…

Big Oil Is Finally Exercising Restraint, And Biden Is Pissed

Nov 19, 2021 at 13:12 | Haley Zaremba

This week, the Najah’s Desert Oasis gas station in southeastern California put up a sign of the times. It read: $6.39 for regular. This remote…

Biden Asks The World For Help Easing The Global Energy Crisis

Nov 19, 2021 at 13:04 | Alex Kimani

Oil prices have dipped to their lowest levels in six weeks, with both Brent and WTI dropping below the psychologically important $80 per barrel mark for the first…

EIA Sees Brent Oil Price Falling To Average $72 In 2022

Nov 18, 2021 at 10:45 | Tsvetana Paraskova

Crude oil prices are set to decline next year from the current levels of around $80 a barrel as global inventories will start to build again with supply rising more…

China Prepares To Release Oil From Strategic Reserve

Nov 18, 2021 at 08:03 | Irina Slav

China is preparing to release crude oil from its strategic reserve, Reuters has reported, citing the country's National Food and Strategic Reserves Administration. The news comes on the heels…

Chevron’s Latest Oil Deal With Iraq Is One To Watch

Nov 17, 2021 at 14:14 | Simon Watkins

The newly resuscitated Iraq National Oil Company (INOC) has been authorised by the government in Baghdad to directly negotiate with U.S. oil giant,…

Breakeven Price For New Oil Projects Drops In 2021

Nov 17, 2021 at 10:38 | Rystad Energy

Rystad Energy’s annual cost of supply analysis has revealed that costs within the upstream sector have come down considerably in 2021, making new oil more competitive and significantly cheaper to produce.…

Oil Inches Higher After EIA Reports Surprise Crude Draw

Nov 17, 2021 at 09:51 | Irina Slav

Crude oil prices gained today after the Energy Information Administration reported a crude oil inventory draw of 2.1 million barrels for the week to November 12. At 433 million…

U.S. Asks China To Release More Oil From Its Reserves

Nov 17, 2021 at 09:05 | Irina Slav

President Joe Biden has asked his Chinese counterpart Xi Jinping to release more crude oil from its reserves in concert with the U.S., in a bid to stabilize international oil…

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