G7 leaders are expected to announce on Wednesday a ban on Russian diamonds and measures to manage some 300 billion euros ($323.58 billion) in immobilised Russian central bank assets and the G7 oil price cap, sources familiar with the matter said. G7 leaders are having a virtual meeting later on …
Read More »Pressure between Titans before the OPEC Meeting
Oil prices – both WTI and Brent- are trading higher on Thursday, ahead of today’s meeting of the Organization of the Petroleum Exporting Countries (OPEC). “Although yesterday there was talk that Saudi Arabia was pressuring its partners to implement a new cut of 1 million barrels per day in the …
Read More »Gazprom Boosts Gas Exports to China, Surpassing Contractual Volumes
In a strategic pivot towards Asia, Gazprom PJSC has reported delivering record volumes of natural gas to China through the Power of Siberia 1 pipeline, exceeding its supply obligations. The Russian energy giant fulfilled an elevated request from China National Petroleum Corporation (CNPC) on Thursday, marking a significant moment as …
Read More »Exxon and Chevron’s Mega Deals Face Scrutiny over Potential Antitrust Violations
Democratic Senators, led by Chuck Schumer, have called for an investigation into ExxonMobil’s $59.5 billion acquisition of Pioneer Natural Resources and Chevron’s $53 billion purchase of Hess Corporation, citing potential antitrust violations. The lawmakers are concerned that these transactions could disrupt competition, increase gasoline prices, and have negative effects on …
Read More »Russia, Saudi Arabia to Discuss Oil Market, Prices on Wednesday
Russian Deputy Prime Minister Alexander Novak said that Russia and Saudi Arabia will discuss the oil market situation and oil prices later on Wednesday, news agencies reported, as the Israel-Palestinian conflict rages on. Saudi Arabia’s Minister for Energy Prince Abdulaziz bin Salman is due to take part in an energy …
Read More »Oil Industry Leaders Stress Role of Fossil Fuels in Energy Transition
Top executives of Exxon Mobil Corp. and Saudi Aramco voiced their backing for the global transition to cleaner energy forms, while emphasizing the lasting significance of oil in the energy sector for the foreseeable future. The statements were made on Monday at the World Petroleum Congress held in Calgary. Exxon …
Read More »Oil Prices Dip on Surprise U.S. Inventory Build, Weak China Inflation
Oil prices fell slightly in Asian trade on Wednesday as data pointed to a large weekly build in U.S. inventories, while weak economic signals from major importer China continued to dent the outlook for demand. After Chinese trade data disappointed markets on Tuesday, Chinese consumer inflation sank for the first …
Read More »Germany Triggers EU Investigation into Chinese Biofuels
Germany has asked the European Commission to investigate the flow of allegedly fraudulent biofuels into the European Union, a spokesperson for the German Environment Ministry said, stepping up scrutiny on trade in the fuel that has rattled the industry. EU incentives for biodiesel production made with waste oils and fat …
Read More »Oil Moves Little as Markets Await more Fed Cues
Oil prices kept to a tight range in early Asian trade on Tuesday as markets hunkered down before a widely expected Federal Reserve interest rate hike and more cues on U.S. monetary policy due later in the week. Crude markets saw increased volatility before the conclusion of a two-day Fed …
Read More »Oil Prices Flat as U.S. Inventories Shrink, more Fed Cues Awaited
Oil prices moved little in Asian trade on Wednesday as anticipation of a slew of indicators on U.S. monetary policy and the economy kept sentiment tepid, although signs of shrinking U.S. inventories pointed to tighter supplies. Data from the American Petroleum Institute showed that U.S. crude inventories shrank by a …
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