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…
Saud Arabia’s Foreign Reserves Plunged In July On Oil Production Cuts
Saudi Arabia’s net foreign assets plunged by as much as $16 billion in July, the biggest drop since the onset of the pandemic in 2020, as the Kingdom is slashing its crude oil production.The reserves in net foreign assets fell to the lowest level sin…
The Market Thinks There Will Be A Sanctions-Easing Deal With Iran
Prospects of reviving the Iran nuclear deal have swung dramatically, from near certain in March 2022 to almost nil by the end of the year and somewhere in the middle currently. Although prospects of a deal being signed any time soon appear dim, relati…
UK Oil And Gas Giant Cuts Investments And Defers Projects Over Windfall Tax
Ithaca Energy, one of the largest oil and gas producers in the UK, has reduced investments and is deferring some projects this year and next, due to the burden of the windfall tax Britain has levied on the industry.The windfall tax, the so-called Ener…
UK Oil And Gas Giant Cuts Investments And Defers Projects Over Windfall Tax
Ithaca Energy, one of the largest oil and gas producers in the UK, has reduced investments and is deferring some projects this year and next, due to the burden of the windfall tax Britain has levied on the industry.The windfall tax, the so-called Ener…
Cheniere Energy Strikes LNG Supply Deal With BASF
The United States’ largest producer of liquefied natural gas (LNG), Cheniere Energy (NYSE:LNG), has struck a deal with Germany’s BASF SE (OTCQX:BASFY) to supply the chemical giant with 0.8 million tonnes per annum (mtpa) of LNG to the chemicals gian…
Saudi Aramco Looks To Expand Downstream Business In China
Saudi Aramco looks to further bolster its downstream presence in the world’s top crude oil importer, China, the oil giant’s Downstream President, Mohammed Al Qahtani, has said.“China is strategically important to our business growth in Asia and wor…
LNG Tanker Prices Soar Earlier Than Usual Ahead Of Winter
The pre-winter seasonal rally of LNG tanker charter prices has started earlier than in previous years amid expectations of high demand for the winter and uncertainties over a potential strike in Australia that could curtail 10% of global LNG supply.Sp…
Saudi Aramco Tops Profit Chart, Leaving Tech Titans In Its Wake
According to the Forbes Global 2000, Saudi state oil enterprise Saudi Aramco is once again the worlds most profitable company - this time with a big lead over second-placed Apple as oil and gas prices skyrocketed as part of the global energy crisis in…
Investors Boost Bullish Bets On European Natural Gas Prices
Over the past week, portfolio managers have boosted their bullish bets on the benchmark European natural gas futures as supply concerns mounted with a potential strike at Australian LNG export facilities, adding to flow disruptions from Norway where s…