LAST UPDATE: 15:21 The world must continue to extract oil and natural gas to sustain today’s civilization, while also continuing to develop sustainable energy sources, Tesla chief Elon Musk told reporters during a conference in Norway on Monday, according to with Reuters. “Realistically I think we have to use oil and gas in the short […]
Tag: oil
Iran: Offshore stockpile of tens of millions of barrels poised to be shipped in case of nuclear deal
Progress on the Iran nuclear deal has put the spotlight on a significant crude stockpile held by Tehran that could be quickly shipped to buyers if a deal is struck. As Bloomberg reports, about 93 million barrels of Iranian crude and condensate are currently stored on ships in the Persian Gulf, off Singapore and near […]
Goldman Sachs: Buy commodities now, worry about recession later
By Eleftherias Kourtalis Overblown recession fears gripped commodity markets, particularly oil, in June, in one of the worst monthly performances in 8 years. Since then, major commodity indices have recovered, but prices for crude, petroleum products, aluminum, wheat and corn, among many others, remain well below previous highs. Judging by recent price action, Goldman Sachs […]
Oil prices increase by 1%
Oil prices rose 1% as expectations that OPEC would cut output if needed to support prices, combined with the conflict in Libya and rising demand amid rising gas prices in Europe, helped offset the bleak growth outlook in the US. U.S. WTI futures were up 45 cents, or 0.48 percent, at $93.51 a barrel, extending […]
Iran Could Distribute Its Offshore Crude Oil Deposits If Nuclear Deal Is Reached – Bloomberg
“Progress toward an Iranian nuclear deal has put in the spotlight a sizeable cache of crude held by Tehran that could be quickly shipped to buyers should a deal be struck.“Bloomberg said during a news story published early on Monday. Featured Statements Some 93 million barrels of Iranian crude and condensate are currently stored on […]
China: Record revenues for oil groups
Chinese oil giants Sinopec, PetroChina and CNOOC posted big increases in net income in the first half, after energy prices took off triggered by Russia’s invasion of Ukraine. State-owned Sinopec, Asia’s biggest refiner, yesterday reported net income of 43.53 billion yuan (6.37 billion euros) in the January-June period, up 10.4 percent year-on-year. And this despite […]
US crude jumps 3% in the week – Brent hits $100 again
Oil prices ended Friday’s session with gains, extending their upward trend for the week. The prospect of OPEC+ cutting output outweighed worries about a recessionary economy and fears of a drop in oil demand, although the latter were boosted by Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole conference, signaling that a further […]
Oil prices will continue to rise as Saudi Arabia considers cutting oil output – Commerzbank
Oil prices have risen sharply this week following verbal intervention from Saudi Arabia. Commerzbank economists they believe that the price recovery will continue. Saudi Arabia lends verbal support to oil “The energy minister of OPEC’s largest producer described cutting oil production as a possible way to bring oil prices back in line with fundamentals, speaking […]
Emirates joins Saudi Arabia in possible oil production cuts
The United Arab Emirates aligns with Saudi Arabia’s thinking on crude oil markets and supports its recent comments, a source with knowledge of the matter told Reuters today. OPEC’s de facto leader, Saudi Arabia, on Monday signaled the possibility of introducing production cuts to balance an oil market it described as “schizophrenic”. Possible OPEC+ production […]
Iran aims to replace Russian oil in Europe
Iran aims to fill the gap left behind by Russia in the European oil market if the country can secure an agreement with world powers over its nuclear program, Bloomberg reports. Iran’s state oil producer will try to win back customers in countries including Greece, Italy, Spain and Turkey if sanctions targeting the country’s energy […]