Oil prices settle up; China demand hopes outweigh recession worry
NEW YORK, Oct 21 (Reuters) - Oil prices settled up on Friday as hopes of stronger Chinese demand and a weakening U.S. dollar outweighed concern about a global economic downturn and the impact of interest rate rises on fuel use.To fight inflation, the …
French refinery strike further hits petrol supplies, prime minister says
PARIS, Oct 16 (Reuters) - Petrol supplies at French service stations fell further over the weekend due to a weeks-long strike at oil major TotalEnergies (TTEF.PA), Prime Minister Elisabeth Borne said on Sunday, prompting possible further requisitionin…
EU countries eye deal on more energy measures within weeks
BRUSSELS, Oct 10 (Reuters) - European Union countries will seek a November deal on more emergency measures to tackle high gas prices, officials said, although countries still disagree on what form those measures would take and whether they should cap …
South African state utility reinstates rolling power cuts from Monday
JOHANNESBURG, Oct 9 (Reuters) - South African state utility Eskom said on Sunday it would resume rolling power cuts from Monday till Wednesday during night-time to attend to unplanned breakdowns and replenish generation capacity.The beleaguered state …
France struggles with refinery strikes, but not planning petrol rationing
PARIS, Oct 8 (Reuters) - More than a fifth of Frances service stations were grappling with supply problems on Saturday, the energy ministry said, as strikes at refineries run by oil majors TotalEnergies (TTEF.PA) and ExxonMobil (XOM.N) continued to st…
EU leaders reaffirm support for Ukraine, squabble over gas price cap
PRAGUE, Oct 7 (Reuters) - European Union leaders on Friday agreed to give more financial and military aid to Ukraine, but a full day of talks in Pragues ornate royal castle seemed to bring them no closer to deciding on whether or how to cap gas prices…
Rising energy prices could fuel social unrest across Europe this winter
LONDON, Sept 2 (Reuters) - Europes wealthiest nations face rising risks of civil unrest over the winter, including street protests and demonstrations, due to high energy prices and mounting costs of living, according to a risk consultancy firm.Both Ge…
This decade's oil boom is moving offshore - way offshore
Aug 31 (Reuters) - Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects including some in the remote iceberg waters far off Canadas Atlantic coast.Surging oil pr…
New Russia gas halt tightens energy screws on Europe
FRANKFURT/LONDON, Aug 31 (Reuters) - Russia halted gas supplies via a major pipeline to Europe on Wednesday, intensifying an economic battle between Moscow and Brussels and raising the prospects of recession and energy rationing in some of the regions…
Switzerland's engineering sector urges country to start energy saving now
ZURICH, Aug 30 (Reuters) - Switzerlands mechanical and electrical engineering sector said on Tuesday that businesses and households need to start energy savings immediately and called for more government support to help companies weather surging power…
Oil climbs on prospect of OPEC supply cut, demand growth
Aug 29 (Reuters) - Oil prices rose 1% on Monday, as expectations that OPEC would cut output if needed to support prices, coupled with conflict in Libya and rising demand amid soaring natural gas prices in Europe, helped offset a dire outlook for U.S. …
Exclusive: Chinese defense firm has taken over lifting Venezuelan oil for debt offset
SINGAPORE/HOUSTON, Aug 26 (Reuters) - China has entrusted a defense-focused state firm to ship millions of barrels of Venezuelan oil despite U.S. sanctions, part of a deal to offset Caracas billions of dollars of debt to Beijing, according to three so…
Oil Prices Rise On Major Crude Inventory Draw
The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.632 million barrels, while analysts predicted a draw of 448,000 barrels.The build comes as the Department of Energy released a massive 8.1 million barrels from t…
Europe Splurges on Russian Oil As EU Ban Nears
Ahead of the December 5th implementation of a European Union ban on seaborne imports of Russian crude, European buyers are now said to be buying up more Russian oil than they have in four months. Last week, seaborne exports of Russian crude oil to Eur…
Oil Jumps On Massive Crude Inventory Draw
Crude oil prices moved higher today, after the Energy Information Administration estimated a draw in oil inventories of 7.1 million barrels for the week to August 12.This compared with a build of 5.5 million barrelsreported for the previous week. A da…