Tag Archives: Bloomberg News Agency

Surging oil and natural gas prices are spurring production increases from West Texas to the Upper Great Plains that probably will lift output to levels not seen since the early days of the pandemic, according to Rystad Energy AS. U.S. shale-oil production is expected to reach 8.68 million barrels a …

The U.S. government projected that the global oil market will become oversupplied and prices will fall by early next year, cooling expectations that the White House may tap the nation’s emergency reserves. Supply increases next year from OPEC nations as well as U.S. drillers will ultimately pressure prices lower. The …

The world will see its level of spare oil production capacity dwindle next year as jet fuel demand returns to pre- or near-pre-crisis levels, Amin Nasser, the chief executive of Saudi Aramco, said on Tuesday. “The industry’s spare capacity, currently at 3-4 million barrels per day (bpd) is providing some …

Russia’s Gazprom PJSC said it’s kicking off a plan to send gas into five European storage facilities in November, delivering on a promise made by President Vladimir Putin to the energy-hungry continent last month. “The volumes and gas-transportation routes have been determined,” Gazprom said in a statement, without giving further …

Saudi Arabia’s economy grew at its fastest pace in nearly a decade in the third quarter, boosted by higher oil prices, according to preliminary estimates from the government. Gross domestic product expanded by 6.8% compared to the same quarter of 2020, the General Authority for Statistics said Tuesday, its fastest …

Saudi Arabia sent another bullish jolt into the oil market a day after OPEC+ ignored Biden’s calls for more oil, raising the official selling price of all the nation’s crudes to all buyers. Aramco increased pricing for its key Arab Light grade of crude for Asian customers in December by …

Russia’s Nord Stream 2 may need a few more months to clear remaining red tape before the controversial pipeline begins pumping natural gas to Germany to help ease Europe’s energy crunch. The Baltic Sea project, which has raised concerns over the Kremlin’s control of energy supplies to the continent, is …

As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the Covid-19 pandemic, according to BP Plc. Fossil fuel consumption is recovering despite growing urgency in the effort to curb emissions of …

South Korea’s aggressive new climate target will require the country to significantly ramp up its renewable energy generation, particularly in the wind sector. President Moon Jae-in pledged to cut the nation’s greenhouse gas emissions by 40% from 2018 levels by 2030 in his speech at the annual U.N. climate conference …

Saudi Aramco’s earnings soared as oil prices and production climbed, allowing the company to easily cover its quarterly dividend of $18.75 billion with free cash flow. The world’s biggest crude producer’s third-quarter profit climbed to 114.1 billion riyals ($30.4 billion) from 44.2 billion riyals year ago. Free cash flow was …