Tag Archives: Oil Price

Several major oil-producing countries, including Saudi Arabia and Russia, are pushing back against talks on an agreement at the upcoming COP29 climate summit to mitigate the use of fossil fuels, negotiators from Western countries told the Financial Times. The group of oil-rich nations, which include Saudi Arabia, Russia, and Bolivia, …

A significant increase in EU electricity exports to Ukraine in the wake of Russian strikes on its grid has caused a surge in prices in Southeastern Europe, Greece’s Prime Minister has warned. In a letter to European Commission President Ursula von der Leyen cited by the Financial Times, Kyriakos Mitsotakis …

Libya’s crude oil exports are projected to fall by at least 300,000 barrels per day (bpd) in September, despite a modest recovery in production. Analysts at FGE have reported that Libya’s crude production has risen by around 200,000 bpd since the beginning of the month, now standing between 650,000 and …

The Grangemouth refinery, Scotland’s only crude processing facility, is set to close in the second quarter of 2025, its owners confirmed on Thursday, as the refinery has been struggling to compete with the new complex facilities in Asia, Africa, and the Middle East. The Grangemouth refinery, which was opened by …

Saudi Arabia is expected to increase its crude oil supply to China in October after the world’s top crude exporter cut the prices of the oil it sells in Asia, trade sources told Reuters on Thursday. The Kingdom is set to ship a total of 46 million barrels of its …

Chinese authorities have asked local carmaking companies to make sure key electric vehicle technology stays home even as they expand their manufacturing capacity across the world. The government is recommending carmakers to produce the key parts of the cars domestically and then export the so-called knock-down kits to the factories …

Hoping to drum up some much-needed cash to help fuel the Kremlin’s war effort in Ukraine, Rosatom, Russia’s state-controlled nuclear entity, is hyping atomic energy as a “green” solution to Central Asia’s power problems. But Rosatom’s efforts to assuage Central Asian citizens on the safety and greenness of Russian nuclear …

Crude oil prices moved higher earlier today on anticipation that tropical storm Francine would disrupt oil and gas production in the Gulf of Mexico. News that Exxon was reportedly cutting production rates at its refinery in Baton Rouge, Louisiana, helped prices move higher. Reuters reported on Tuesday, citing unnamed sources, …

China’s natural gas in storage is nearing capacity, which could spell a decline in imports of liquefied natural gas, Bloomberg has reported, citing data releases from several regional gas storage hubs. If this year’s winter is cold, imports of LNG should remain strong because the gas in storage would be …

Saudi Arabia has long prided itself on being the lowest-cost oil producer in the world—and has taken maximum advantage of this fact. Now, with ambitious spending plans for a diversified economy, that lowest cost is becoming less relevant. It’s the breakeven cost of oil that matters. And that’s going up. …