• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 7 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 4 hours Let’s Try This....
  • 4 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 38 mins New Aussie "big batteries"
  • 38 mins COVID 19 May Be Less Deadly Than Flu Study Finds
  • 2 hours China to Impose Dictatorship on Hong Kong
  • 1 hour Would bashing China solve all the problems of the United States
  • 23 mins Monetary and Fiscal Policies in Times of Large Debt:
  • 40 mins 60 mph electric mopeds
  • 23 hours Iran's first oil tanker has arrived near Venezuela
  • 1 day Nothing can shake AMLO’s fossil-fuel fixation
  • 1 day US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China

Saudis Raise Crude Prices To Asia In Jittery Oil Markets

Leading crude producers finally decided to reassure the markets, availing themselves of the platform of the World Energy Congress in Abu Dhabi. The new Saudi Energy Minister Abdulaziz bin Salman assured everyone that OPEC+ is here to stay “for the long term”, with other participants to the deal reiterating their support for it. Concurrently, the firing of national security adviser John Bolton has revived hopes that a deal with Iran might still be possible, feeding speculation that Teheran’s renunciation of uranium enrichment might bring some „legal” Iranian volumes back to the global market.

US commercial crude stocks have been a great support for crude prices in the past month – the week ended September 06 produced another larger-than-anticipated crude drawdown. As a consequence, global crude benchmark traded around $63 per barrel on Wednesday afternoon, whilst US benchmark WTI was assessed at $57.5-57.8 per barrel.

1. Colombia Court Upholds Fracking Ban

- Colombia’s State Council upheld a temporary ban of hydraulic fracturing in the country, creating a major roadblock for state company Ecopetrol and fracking-friendly President Iván Duque.

- Colombian environmentalists have hailed the court’s decision as they perceive fracking a major threat to the Latin American country’s water supply.

- Ecopetrol CEO Felipe Bayon warned that the decision would result in Colombia being…




Oilprice - The No. 1 Source for Oil & Energy News