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Breaking News:

Oil Should Stay In Triple Digits: Analyst

News

Biden Threatens Oil Firms: Increase Gasoline Production, Lower Prices

Biden Threatens Oil Firms: Increase Gasoline Production, Lower Prices

Jun 15, 2022 at 09:46 | Tsvetana Paraskova

Faced with record-high prices at the pump, U.S. President Joe Biden escalated the rhetoric against oil companies on Wednesday, telling them in a letter to produce more gasoline and lower…

Crude Prices Unmoved By Small Crude Build As Gasoline Inventories Drop

Crude Prices Unmoved By Small Crude Build As Gasoline Inventories Drop

Jun 15, 2022 at 09:36 | Irina Slav

Crude oil prices moved little today after the U.S. Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to June 10. This…

Republican States Want Large Offshore Lease Sale Restored

Republican States Want Large Offshore Lease Sale Restored

Jun 15, 2022 at 08:12 | Charles Kennedy

Fourteen Republican-governed states are asking a court to restore the largest oil and gas lease sale in the Gulf of Mexico that the Biden Administration canceled, Fox News reports.…

Germany Lends $10 Billion To Save Ex Gazprom Unit And Ensure Supply Security

Germany Lends $10 Billion To Save Ex Gazprom Unit And Ensure Supply Security

Jun 15, 2022 at 07:51 | Tsvetana Paraskova

Germany is saving a former Gazprom unit it had expropriated in April with a multi-billion-euro loan to ensure security of supply, the German government said in a statement.  …

Top U.S. Senator Proposes Higher Taxes For Oil Companies

Top U.S. Senator Proposes Higher Taxes For Oil Companies

Jun 15, 2022 at 07:48 | Irina Slav

Amid calls from the Biden administration to the U.S. oil industry to increase production, a Democratic senator has come up with a plan to increase the tax burden on the…

Oil Prices Unmoved After API Reports Small Crude Build

Oil Prices Unmoved After API Reports Small Crude Build

Jun 14, 2022 at 15:42 | Julianne Geiger

The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as…

Freeport LNG Not Expected To Resume Full Operations Until Late 2022

Freeport LNG Not Expected To Resume Full Operations Until Late 2022

Jun 14, 2022 at 13:02 | Julianne Geiger

Freeport LNG will not resume full operations at its liquefication plant on Quintana Island until the end of this year, according to the company’s Tuesday press release. While China’s LNG…

Europe Imports Record LNG Volumes

Europe Imports Record LNG Volumes

Jun 14, 2022 at 11:23 | Tsvetana Paraskova

Europe is importing record levels of liquefied natural gas (LNG) this year as it looks to reduce dependence on Russian pipeline gas and fill gas storage ahead of next winter.…

Germany Scrambles To Take Control Of Russia-Owned Refinery

Germany Scrambles To Take Control Of Russia-Owned Refinery

Jun 14, 2022 at 10:56 | Charles Kennedy

Germany is considering various ways of keeping the fourth-largest refinery in the country operating as it looks to eliminate oil import dependence on Russia by the end of the year…

Oil Billionaire Harold Hamm Proposes To Take Continental Resources Private

Oil Billionaire Harold Hamm Proposes To Take Continental Resources Private

Jun 14, 2022 at 10:29 | Charles Kennedy

Billionaire shale tycoon Harold Hamm has offered to take private Continental Resources, the company he founded in the 1960s, in a deal valuing the company at $25 billion, the shale…

Strong Demand Pushes LNG Tanker Rates Through The Roof

Strong Demand Pushes LNG Tanker Rates Through The Roof

Jun 14, 2022 at 09:48 | Irina Slav

LNG carrier rates on the spot market hit a record amid strong demand and limited supply as many opt for a long-term commitment to using the vessels. According to a…

Japanese Refiner To Cut Capacity: Report

Japanese Refiner To Cut Capacity: Report

Jun 14, 2022 at 08:50 | Charles Kennedy

Japan's Idemitsu will shut down a refinery in 2024 in response to an anticipated decline in gasoline demand, Nikkei has reported. The report noted that the expected decline in…

UN Secretary-General: New Fossil Fuel Funding Is “Delusional”

UN Secretary-General: New Fossil Fuel Funding Is “Delusional”

Jun 14, 2022 at 07:25 | Tsvetana Paraskova

The global rush to secure new funding for exploration and production of fossil fuels in the aftermath of the Russian invasion of Ukraine is “delusional,” UN Secretary-General António Guterres

American Shale Drillers Set To Boost Production In July

American Shale Drillers Set To Boost Production In July

Jun 13, 2022 at 14:37 | Charles Kennedy

U.S. Shale production in the seven most prolific shale basins is set to increase 143,000 bpd in July to 8.91 million bpd, according to the Energy Information Administration’s…

Oil Climbs Back To Nearly $123 After China COVID Scare

Oil Climbs Back To Nearly $123 After China COVID Scare

Jun 13, 2022 at 12:41 | Charles Kennedy

Bearish sentiments on oil demand coming from renewed COVID lockdowns in China that shaved $4 off oil prices early on Monday failed to maintain traction, with sweeping production…

EIA: Listed Oil And Gas Firms Spent Significantly Less On Exploration In 2021

EIA: Listed Oil And Gas Firms Spent Significantly Less On Exploration In 2021

Jun 13, 2022 at 11:24 | Charles Kennedy

Global public companies representing 60% of total non-OPEC liquid fuels production spent last year $244 billion on exploration and development, down by 28% compared to the pre-pandemic average, the Energy…

Germany Could Spend $10 Billion To Bail Out Expropriated Ex Gazprom Unit

Germany Could Spend $10 Billion To Bail Out Expropriated Ex Gazprom Unit

Jun 13, 2022 at 11:04 | Charles Kennedy

Germany could lend up to $10.4 billion (10 billion euro) to bail out a former unit of Russia’s Gazprom, which the German government expropriated earlier this year, sources with knowledge…

Gasoline Prices In U.S. See Eighth Rise In As Many Weeks

Gasoline Prices In U.S. See Eighth Rise In As Many Weeks

Jun 13, 2022 at 10:12 | Julianne Geiger

Gasoline prices rose for the eighth straight week, according to a Monday GasBuddy newsletter, cautioning that the United States is just one supply jolt away from even higher prices…

BP Quits Canada’s Oil Sands

BP Quits Canada’s Oil Sands

Jun 13, 2022 at 09:43 | Tsvetana Paraskova

BP is divesting its last interest in Canada’s oil sands to Canadian firm Cenovus Energy as part of a portfolio reshaping that will see it buy into an offshore oil…

UK Considers Decoupling Power From Gas Prices In Biggest Reform In Decades

UK Considers Decoupling Power From Gas Prices In Biggest Reform In Decades

Jun 13, 2022 at 09:24 | Tsvetana Paraskova

The UK government is considering ending the pricing system of British power prices, which are now linked with natural gas prices, in a bid to reduce energy bills for millions…

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