Palm oil becomes costliest vegoil as Ukraine war halts sunoil supply
By Rajendra Jadhav MUMBAI – Palm oil has become the costliest among the four major edible oils for the first time as buyers rush to …
oil
Russian oil tanker hit by U.S. sanctions heading to Malaysia
By Rozanna Latiff KUALA LUMPUR -A Russian-flagged ship targeted by U.S. sanctions and suspected of carrying Iranian oil is heading to Malaysia, shipping data showed …
Shell Becomes Latest Big Oil Company To Distance Itself From Russia
Big Oil corporation Shell announced Monday that it would leave its partnership and ventures with Russian state-controlled energy giant Gazprom. Shell will divest from its …
U.S. December oil demand hits highest since before pandemic -EIA
-U.S. oil demand rose in December to its highest level since before the coronavirus pandemic began, the U.S. Energy Information Administration (EIA) said on Monday, …
Jen Psaki Says US Needs To ‘Move Away’ From Crude Oil Altogether Amid Ukraine Crisis
The White House has pushed the so-called green transition in the wake of the Ukraine crisis, arguing it proves global oil market dependence is unstable. …
Chinese investors make Ukraine war bets on oil, payment firms
SHANGHAI -Shares in energy firms and payment service companies rose sharply on Chinese markets on Monday as investors bet on stocks they saw potentially benefiting …
Economists say higher oil prices pose further risk to India’s growth momentum
By Manoj Kumar NEW DELHI – Rising crude oil prices and supply disruptions following Russia’s invasion of Ukraine could further sap an Indian economy already …
Oil could jump back above $100 as traders assess Russia SWIFT ban, analysts say
By Ahmad Ghaddar LONDON – A decision by Western allies on Saturday to block certain Russian banks from the SWIFT payments system is likely to …
White House Confirms Russian Sanctions Don’t Yet Affect Oil, Gas Exports
The White House confirmed that the administration’s sanctions targeting Russia don’t yet affect the country’s key oil and gas industry. “To be clear: Our sanctions …
Russian oil exports continue despite payment issues – sources
MOSCOW/LONDON – Russian oil exports continued to flow to Europe and onwards on Friday, even as Russian sellers and Western buyers said they struggled with …
Japan says it will deal with oil release from reserves in cooperation with IEA, other nations
TOKYO – Japan said on Friday it will appropriately deal with oil release from national reserves in cooperation with the International Energy Agency and relevant …
Canada’s Alberta province forecasts 2022/23 budget surplus as oil prices soar
By Nia Williams CALGARY, Alberta – Canada’s biggest oil-producing province Alberta is expecting its first budget surplus since 2014/15, Finance Minister Travis Toews said on …
Fed’s Barkin says sustained high oil prices could ‘dampen’ consumption, growth
COLONIAL HEIGHTS, Va. – If the conflict in Ukraine leads to sustained high oil prices it could hit U.S. consumer spending and pose a possible …
Gas Prices Set To Skyrocket After Oil Soars Beyond $100 For The First Time Since 2014
The worldwide price of crude oil skyrocketed to more than $100 per barrel for the first time since 2014 as Russia launched a full-scale offensive …
Aramco shares rise to record high as oil tops $100 for first time since 2014
DUBAI – Saudi Aramco shares surged as much as 4.2% to a record high 42.25 riyals ($11.26) on Thursday as oil prices breached the $100 …
Russia’s Urals oil at biggest discount to benchmark for 2 years, traders say
MOSCOW – Russia’s flagship Urals oil grade is trading at the biggest discount to global benchmark Brent since spring 2020, hit by rising tensions between …
Oil could jump by $20 if Ukraine crisis worsens, says BofA
– Global oil benchmark Brent crude could rise by $5-$20 a barrel depending on the severity of the Russia-Ukraine crisis, Bank of America (BofA) Global …
Russia’s energy minister deems oil price of $55-70/bbl as ‘optimal’
MOSCOW – Russia’s Energy Minister considers the oil price of between $55-70 a barrel as ‘optimal’ for the market, according to an interview published on …
Biden Administration Quietly Delays, Stops Oil And Gas Leasing After Legal Defeat
The Biden administration warned Saturday that the federal oil and gas leasing program would face significant delays amid its appeal in an ongoing legal fight …
US Set To Again Become Net Importer Of Oil Despite Vast Resources
The U.S. is projected to become a net importer of crude oil in 2022, just two years after the nation achieved net exporter status, according …
EU’s oil and petroleum consumption hit record low in 2020
– Pandemic restrictions in 2020 reduced the European Union’s oil and petroleum consumption in energy use to its lowest in 30 years, the bloc’s statistics …
Fleetscape probing possible Iran oil transfer to ship it finances
By Jonathan Saul LONDON – UK-based maritime company Fleetscape is investigating the possible transfer of Iranian oil to a tanker it finances, the Oaktree Capital …
Pioneer Natural Resources CEO calls for private oil firm’s flaring to be ‘reined in’
DENVER – Scott Sheffield, chief executive officer of U.S. public shale firm Pioneer Natural Resources Co, on Thursday said private oil and gas companies needed …
Exclusive-Iran nuclear deal draft puts prisoners, enrichment, cash first, oil comes later -diplomats
By Francois Murphy, Parisa Hafezi and John Irish VIENNA – A U.S.-Iranian deal taking shape to revive Iran’s 2015 nuclear agreement with world powers lays …
French insurer CNP to stop financing new oil and gas projects
By Simon Jessop LONDON – France’s CNP Assurances will no longer finance new oil and gas projects or invest more money in companies planning to …
Biden Administration Defies Court Ruling Again, Opts Against Holding Oil Drilling Sales
The Biden administration missed another deadline to hold quarterly onshore oil drilling lease sales after a federal court ruled it was legally required to do …
Alberta’s finances set to flip back to black as oil surges, helping premier
By Nia Williams CALGARY, Alberta – Canada’s main oil-producing province of Alberta looks set to return to a budget surplus this coming fiscal year, ending …
Crescent Energy buys EP Energy’s Uinta oil and gas assets for $815 million
– Oil and gas producer Crescent Energy said on Wednesday it would buy around 145,000 net acres of oil- and gas-producing assets in the Uinta …
Malaysia keeps March crude palm oil export duty at 8%
KUALA LUMPUR – Malaysia has maintained its March export tax for crude palm oil at 8% and raised its reference price, a document on the …
TSX tracks global rally, shaking off pullback in oil prices
By Fergal Smith TORONTO – Canada’s main stock index rose on Tuesday, helped by a rally in global equity markets after Russia indicated it was …
Oil hits 7-yr highs as market fears Russian attack on Ukraine imminent
By Stephanie Kelly NEW YORK – Oil prices surged over 2% on Monday to their highest in more than seven years as Ukraine’s president declared …
Apache aims to boost oil and gas output in Egypt, says CEO
CAIRO – Apache aims to raise its oil and gas output in Egypt by 10% to 15% within five years, CEO and President John Christmann …
Exclusive-Brazil has oil. Exxon can’t seem to find it
By Sabrina Valle HOUSTON – Exxon Mobil Corp has bet billions of dollars on offshore drilling in Brazil, an area it once abandoned and now …
‘Only A Small Cushion’: Oil Prices Surge Again As Demand Approaches Highest Level Ever
Global crude oil prices surged Friday, continuing their steady approach toward $100 per barrel, as a top energy group projected greater demand through 2022. The …
Exxon Mobil expands oil futures, products trading in Europe
By Julia Payne LONDON – Exxon Mobil is injecting new cash into oil trading in Europe after a retreat on its ambitious expansion plans last …
Consumers face years of high energy prices, Big Oil CEOs warn
By Ron Bousso and Nerijus Adomaitis LONDON – Consumers should brace for years of high energy prices, heads of top oil and gas companies said, …
All options on the table to address high oil prices, White House says
WASHINGTON -The Biden administration is in talks with both oil-producing and consuming countries to tackle high oil prices, White House spokeswoman Jen Psaki said on …
BP Oil Rakes In Biggest Profit Since 2013
Big Oil corporation BP reported its highest quarterly earnings in eight years in 2021, buoyed by diminished supply and increasing prices worldwide. BP earned a …
Exclusive: Canada’s Crescent Point looks to sell some oil and gas assets -documents
(Drops inaccurate reference to Crescent Point being an oil sands company in last paragraph) By Shariq Khan – Canadian oil and gas producer Crescent Point …
Exclusive-Spanish oil major Repsol looking to sell parts of its Canadian assets -sources
By Shariq Khan and Rod Nickel – Spanish oil major Repsol SA is considering putting some of its Canadian assets for sale later this year …
‘Snake oil salesmen’ advised Trump on 2020 election, Pence aide says
By Sarah N. Lynch WASHINGTON – Former President Donald Trump received bad advice from “snake oil salesmen” who falsely told him Vice President Mike Pence …
Oil refiners offer union workers 9% pay raise over three years -sources
HOUSTON – U.S. oil refiners have offered union oil and chemical workers a 9% pay raise over three years, according to people familiar with the …
Oklahoma’s oil regulator to shut some disposal wells following large quake
By Liz Hampton – Oklahoma’s oil and gas regulator said on Monday it would shut deep saltwater disposal wells and restrict others near where a …
Pipeline Rupture Causes Massive Oil Spray Into Amazon Rainforest
A South American energy company was forced to halt operations of a pipeline traveling through the Amazon rainforest after a rupture caused a large leak …
Oil forward curves signal tight market, supporting price rally
By Bozorgmehr Sharafedin LONDON – The risk of geopolitical disruption to oil supply at a time of already tight inventories due to the strong post-pandemic …
Rising geopolitical tension and demand send oil price outlook soaring – Reuters poll
By Kavya Guduru – Oil prices will build on a strong start to the year with geopolitical risks to supply complementing a strong demand rebound …
Biden administration to release 13 million more barrels of oil from strategic reserve
The Department of Energy (DOE) announced Tuesday the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) to combat soaring gas …
Largest US Oil Producer Vows Net Zero Emissions By 2050
ExxonMobil, the largest American producer of crude oil, outlined its plan Tuesday to achieve net zero carbon emissions by 2050, improving upon previous goals. The …
Russia Again Rebukes Biden On Oil, Gas Production
A top Russian official said Wednesday that Russian and Middle Eastern energy producers will continue to disregard the Biden administration’s pleas for boosted output. Deputy …
‘Mild Symptoms’: Stocks, Oil Surge To Highs As Investors Shake Off Omicron Concerns
The stock and oil markets surged Monday as investors brushed aside concerns that the Omicron variant of COVID-19 would slow economic growth in the near …