Oil slumps to three-week low after Fed minutes, big IEA reserve release announcement
NEW YORK, April 6 (Reuters) - Oil futures fell sharply on Wednesday after large consuming nations said they would release oil from reserves to counter tightening supplyand hawkish minutes from the U.S. central bank that bolstered the dollar.Selling ac…
Oil extends losses on higher dollar, U.S. stock build
TOKYO, April 6 (Reuters) - Oil futures slid on Wednesday, extending losses from the previous day, as a stronger U.S. dollar prompted fresh selling while data showing a build in U.S. crude stocks and Shanghais extended lockdown fuelled fears of slower …
Analysis: In Russia-Europe gas standoff, both sides lose
LONDON, April 1 (Reuters) - Europe and Russia will both lose heavily if President Vladimir Putin follows through on his threat to cut gas supplies to countries he judges "unfriendly" unless they pay in roubles.Even at the height of the Cold …
New U.S. rule requires pipeline operators to install valves to improve safety
March 31 (Reuters) - The U.S. Department of Transportations pipeline regulator on Thursday announced a new rule that would require automatic or remotely operated shut-off valves to mitigate safety-related and environmental impacts due to pipeline fail…
Oil prices tumble more than $5 a barrel as Biden weighs massive reserves release
March 31 (Reuters) - Oil futures dived more than $5 a barrel on Thursday morning on news that the Biden administration is weighing releasing some 1 million barrels of oil per day from strategic reserves for several months in a bid to calm soaring crud…
Oil rebounds on tight supply, prospects of new Russia sanctions
MELBOURNE/BEIJING, March 30 (Reuters) - Oil prices clawed back heavy losses on Wednesday, amid tight supply and growing prospects of new Western sanctions against Russia even as signs of progress emerged from peace talks between Moscow and Kyiv.Brent …
Israel-Turkey gas pipeline an option for Russia-wary Europe -sources
ANKARA/JERUSALEM, March 29 (Reuters) - A Turkey-Israel gas pipeline is being discussed behind the scenes as one of Europes alternatives to Russian energy supplies, but it will take complicated maneuvering to reach any deal, government and industry off…
China's Sinopec plans its biggest capital expenditure in history
BEIJING, March 27 (Reuters) - China Petroleum & Chemical Corp (600028.SS), better known as Sinopec, is planning its highest capital investment in history for 2022 after recording its best profit in a decade, echoing Beijings call for energy compan…
Explainer: Challenges arise as Russia calls for gas payments in roubles
HOUSTON, March 23 (Reuters) - Russian President Vladimir Putin on Wednesday said the worlds largest natural gas producer would soon require "unfriendly" countries to pay for their fuel in Russias currency, the rouble.The requirement raised n…
Oil prices rise as U.S. stockpiles decline amid tight market
NEW DELHI, March 23 (Reuters) - Oil prices rose on Wednesday as a reported drop in U.S. crude inventories increased concerns about tight global supplies amid the hit to Russian exports from economic sanctions.Brent crude futures climbed $1.77, or 1.53…
Oil opens higher as EU members weigh Russian oil ban
March 22 - Oil futures extended gains on Tuesday morning on news that some European Union members are considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market.Front-month West Texas Intermedi…
Saudi Aramco’s full-year profit more than doubles on soaring oil prices
Saudi Arabian oil giant Aramco reported blowout full-year earnings on Sunday, posting a more than doubling in year-on-year net profit to $110 billion.Aramco’s 2021 net income increased by 124% to $110 billion in 2021, compared to $49 billion in 2020,…
Ukraine’s oil and gas industry supplies only a small part of the country’s needs
As the Russian invasion of Ukraine continues, we at World Oil think it’s important to review the amount of oil and gas infrastructure that is at risk in Ukraine. Please note that some of the facts and figures cited here come from the U.S. Energy Info…
ConocoPhillips CEO says a decision to drill more today won’t see oil flowing for up to a year
ConocoPhillips CEO Ryan Lance told CNBC on Tuesday that a decision now to start drilling for new oil will not bring immediate relief to the elevated prices seen around the globe.Lance’s comments, made in an interview on “TechCheck,” come shortly af…
Marathon partnering with Neste on Martinez refinery-to-renewables project
Marathon Petroleum Corp. (MPC) is adding Neste Corp. as a partner on MPC’s previously announced strategic repositioning of its now-idled Martinez, Calif., refinery into a renewable fuels production site (OGJ Online, Aug. 3, 2020).As part of definitiv…
Oil Prices Break $130 As EU And U.S. Allies Consider Ban On Russian Crude
The United States has confirmed that it is in talks with European allies to potentially sanction Russian crude oil in response to Moscows ongoing aggression in Ukraine. US Secretary of State Antony Blinken noted on Sunday during the NBC talk show Meet…