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News

Chinese Top Battery Maker Halts N. American Plans After Pelosi Visit To Taiwan

Chinese Top Battery Maker Halts N. American Plans After Pelosi Visit To Taiwan

Aug 03, 2022 at 09:32 | Charles Kennedy

Note: According to Reuters' sources, CATL is pressing ahead with plans to deliver lower-cost lithium iron batteries to Ford Motor Co. and with plans for battery production…

Occidental Petroleum Bucks Oil Profit Trend With Lower Q2 Profit

Occidental Petroleum Bucks Oil Profit Trend With Lower Q2 Profit

Aug 03, 2022 at 08:10 | Charles Kennedy

Occidental Petroleum reported a net profit of $3.6 billion for the second quarter of the year, down from $4.7 billion for the first quarter, boasting the highest quarterly free cash…

WTI Eases After API Reports Surprise Build

WTI Eases After API Reports Surprise Build

Aug 02, 2022 at 15:58 | Julianne Geiger

The American Petroleum Institute (API) reported a surprise build this week for crude oil of 2.165 million barrels, while analysts predicted a draw of 467,000 barrels. The build comes as…

India Increases Crude Oil Windfall Tax

India Increases Crude Oil Windfall Tax

Aug 02, 2022 at 14:32 | Julianne Geiger

India may have rolled back its jet fuel and diesel taxes, but the government increased its windfall tax on crude oil exports by 4.41% on Tuesday to take effect on…

Oil Prices Rebound Ahead Of API Data As OPEC JTCC Sees Tighter Market

Oil Prices Rebound Ahead Of API Data As OPEC JTCC Sees Tighter Market

Aug 02, 2022 at 13:48 | Julianne Geiger

Oil prices resumed their climb on Tuesday ahead of the American Petroleum Institute inventory report later in the day, with both crude oil benchmarks regaining some of the lost ground…

Venezuela’s Oil Exports Drop By More than A Third In July

Venezuela’s Oil Exports Drop By More than A Third In July

Aug 02, 2022 at 12:58 | Julianne Geiger

Venezuela’s crude oil exports fell in July, Refinitiv Eikon data showed on Tuesday, as oil markets are on the prowl for additional oil supplies to ease the tight market. Venezuela’s…

Global Refining Capacity To Expand With New Projects In Middle East, Asia

Global Refining Capacity To Expand With New Projects In Middle East, Asia

Aug 02, 2022 at 12:56 | Tsvetana Paraskova

The world’s refining capacity is expected to increase by nearly 3 million barrels per day (bpd) by the end of next year when at least nine refinery projects are expected…

G7 Continues To Seek Ways To Limit Russia’s Oil Revenues

G7 Continues To Seek Ways To Limit Russia’s Oil Revenues

Aug 02, 2022 at 11:28 | Charles Kennedy

The G7 group of leading industrialized nations continues to explore ways of curbing Russia’s huge revenues from oil, including by considering a ban on all services enabling transportation of Russian…

Approval For Battered Mountain Valley Gas Pipeline Could Be Accelerated

Approval For Battered Mountain Valley Gas Pipeline Could Be Accelerated

Aug 02, 2022 at 10:38 | Charles Kennedy

The Mountain Valley natural gas pipeline project in West Virginia and Virginia could get an accelerated approval timeline under a side-deal between West Virginia Senator Joe Manchin and Senate Majority…

Marathon Petroleum Q2 Earnings Surge As Fuel Demand And Margins Spike

Marathon Petroleum Q2 Earnings Surge As Fuel Demand And Margins Spike

Aug 02, 2022 at 09:30 | Tsvetana Paraskova

Marathon Petroleum Corp. (NYSE: MPC) saw its second-quarter adjusted earnings surge to beat expectations as fuel demand jumped and refining margins soared between April and June. On Tuesday, Marathon…

BP Quarterly Profit Jumps To 14-Year High

BP Quarterly Profit Jumps To 14-Year High

Aug 02, 2022 at 08:52 | Tsvetana Paraskova

BP (NYSE: BP) on Tuesday increased its quarterly dividend by 10% and extended share buybacks after high oil and gas prices in the second quarter resulted in the supermajor's…

Russian Oil Exports Have Stabilized, Revenues Steady

Russian Oil Exports Have Stabilized, Revenues Steady

Aug 01, 2022 at 18:08 | Charles Kennedy

Russia’s oil exports appear to have stabilized, based on Bloomberg data released Monday showing a steady level of 500,000 barrels per day below the peak reached prior to…

Reuters Survey Shows 310,000 Bpd OPEC Output Increase

Reuters Survey Shows 310,000 Bpd OPEC Output Increase

Aug 01, 2022 at 17:44 | Charles Kennedy

A Reuters survey on Monday showed that OPEC produced 310,000 bpd more in July to fill in the gaps from reduced production in…

As Political Deadlock Simmers, Libya Hits 1.2M Bpd Oil Production

As Political Deadlock Simmers, Libya Hits 1.2M Bpd Oil Production

Aug 01, 2022 at 17:41 | Charles Kennedy

Oil production in Libya has hit 1.2 million barrels per day, the level the country was producing prior to its declaration of force majeure in April, according to…

Russia Says It Can't Help With Nord Stream Gas Turbine Repairs

Russia Says It Can't Help With Nord Stream Gas Turbine Repairs

Aug 01, 2022 at 13:42 | Tsvetana Paraskova

There is little Russia can do to help with repairs of equipment at Nord Stream compressor stations, according to Kremlin spokesman Dmitry Peskov. The situation with the necessary repairs needs…

Saudi Arabia’s Economy Grows 12% In Q2 On High Oil Prices

Saudi Arabia’s Economy Grows 12% In Q2 On High Oil Prices

Aug 01, 2022 at 13:16 | Charles Kennedy

Saudi Arabia recorded a GDP growth rate of 11.8 percent for the second quarter, driven by a 23.1-percent rise in oil income, according to preliminary data cited by Reuters.…

Australia May Limit LNG Exports Amid Domestic Gas Shortage

Australia May Limit LNG Exports Amid Domestic Gas Shortage

Aug 01, 2022 at 11:02 | Irina Slav

Australia is again facing a domestic gas shortage because of excessive exports, and the Australian Competition and Consumer Commission is warning that the government must impose limits on LNG exports…

Tesla Shareholders To Vote On Yet Another Stock Split

Tesla Shareholders To Vote On Yet Another Stock Split

Aug 01, 2022 at 10:44 | City A.M

Tesla shareholders are expected to vote on Thursday whether to green-light the company’s latest stock split – the second in two years.  “We believe the stock…

Germany Restarts Oil-Fired Power Plants As It Seeks To Save Gas

Germany Restarts Oil-Fired Power Plants As It Seeks To Save Gas

Aug 01, 2022 at 10:38 | Tsvetana Paraskova

The utility in the large German city of Munich has restarted two power plants running on oil in a bid to save natural gas amid very low and highly uncertain…

U.S. Gasoline Prices Continue To Slide Toward $4

U.S. Gasoline Prices Continue To Slide Toward $4

Aug 01, 2022 at 09:58 | Julianne Geiger

The national average for a gallon of gasoline in the United States fell again on Monday to $4.212, according to AAA data. U.S. gasoline prices are down 14.3 cents from…

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