Goldman Sachs Raises Year-Ahead Brent Oil Forecast To $100
Goldman Sachs raised on Wednesday its 12-month ahead forecast for Brent Crude oil prices to $100 per barrel from $93 previously expected as it sees stronger inventory draws with the extended OPEC+ cuts and global demand growth.“We have nudged up our …
$6 Billion In Iranian Oil Funds Unfrozen As Tehran Releases U.S. Prisoners
Five Americans imprisoned in Iran were officially flown out of Tehran on Monday as the U.S. unfroze some $6 billion in Iranian oil funds held for five years in South Korea.The prisoner swap deal also included the release of five Iranian prisoners bein…
Libya’s Oil Ports Are Operating Normally Despite Deadly Storm
Libya’s deadly flood that is estimated to have killed more than 11,000 people with thousands more missing hasn’t harmed oil export terminals in the African OPEC member and ports are operating normally, the head of Libya’s state oil firm told Bloomb…
Guyana's Oil Boom Challenges OPEC+ Dominance
In a mere four years, Guyana went from first discovery to first oil, a rapid timeframe in an industry where it can take years to bring major energy projects online. The former British colony is now a major South American oil producer and global petrol…
Headline Inflation Up On ‘Huge’ Hike In Energy Prices
The U.S. consumer price index (CPI) for August rose 3.7% year-over-year, according to the Depart of Labor, with the increase largely accounted for by a spike in gasoline prices, while CPI data overall showed a decrease in inflation. The August CPI dat…
UAE’s ADNOC Looks To Boost Its Oil Trading Business In Europe
Abu Dhabi National Oil Company (ADNOC) plans to expand its oil, fuels, and LNG trading business in Europe as it looks to boost its global presence in the downstream and fuel supply, anonymous sources familiar with the plans told Bloomberg on Wednesday…
International Energy Majors Interested In Colombia’s Offshore Gas
International oil and gas majors, including UK-based Shell and Brazil’s Petrobras, have shown interest in expanding their participation in natural gas projects offshore Colombia, Ricardo Roa, the head of Colombia’s state energy firm Ecopetrol, has t…
Russia Ships First Oil To Brazil
Russia—after suffering Western oil embargos and price caps on its oil and oil products, has shipped its first crude oil cargo to Brazil in its quest to find more outlets for its fossil fuels.The Aframax tanker Stratos Aurora is now less than 500 mile…
U.S. Pump Prices Hit Highest Seasonal Level In A Decade
U.S. gasoline prices have declined slightly from their recent year-to-date high but remain at their highest summertime levels in over a decade even as the summer driving season comes to an end. National average gas prices in the United States currentl…
Soaring Fuel Costs Trigger Airline Warnings
Airlines are warning of a disappointing third quarter in the wake of higher fuel costs courtesy of rising crude oil prices.Southwest Airlines said its August bookings were at the low end of what it expected, and cut its expectations for revenue per se…
Soaring Fuel Costs Trigger Airline Warnings
Airlines are warning of a disappointing third quarter in the wake of higher fuel costs courtesy of rising crude oil prices.Southwest Airlines said its August bookings were at the low end of what it expected, and cut its expectations for revenue per se…
Venezuela Seeks Chinese Oil Investments
Venezuela’s vice president and oil ministers are visiting China with the mission of securing investments in the country’s energy industry, Bloomberg has reported, citing unnamed sources.The move to further strengthen ties with China comes as the Bid…
UK Fuel Prices See One Of The Largest Monthly Increases In 23 Years
UK drivers experienced a big shock at the pump in August as the prices of gasoline and diesel saw some of the biggest monthly jumps in 23 years amid rallying international crude oil prices, RAC, the UK’s longest-serving motoring organization, said on…
Oil Reaches New 2023 High
The per barrel price for the WTI grade of crude oil reached $85 on Friday—the highest price point yet this year as falling inventory levels spook the market.WTI crude oil briefly reached $85 per barrel before sagging to $84.90 around 10:00 a.m. ET. T…
Brazil's Oil & Gas Production Hits Record Highs
Brazils oil and gas production hit the highest level ever for a single month in July, with production totaling 4.48 million barrels of oil equivalent per day in the period, data from oil regulator ANP has revealed. According to ANP, oil output increas…
The Completion Of This Mega Refinery Is Crucial For China
Oman has an importance to China and Iran that goes way beyond its relatively small oil and gas reserves (only around five billion barrels of oil reserves and about 24 trillion cubic feet of gas). Crucial to both countries is Oman’s geographically-str…