OPEC oil producers are discussing an output increase, the group’s delegates said, a move that could help heal a rift between Saudi Arabia and the Biden administration and keep energy flowing amid new attempts to blunt Russia’s oil industry over the Ukraine war. A production increase of up to 500,000 barrels a day is now … Read more
/cloudfront-us-east-2.images.arcpublishing.com/reuters/5YA3JPJPYRP6VKAF7NSRWLFGKY.jpg)
Says Saudi Arabia has lowest methane missions Kingdom could reach net zero before 2060 target Developing renewables in parallel with oil, gas SHARM EL SHEIKH, Egypt, Nov 11 (Reuters) – The world was hoping to crucify Saudi Arabia as a top oil exporter, its energy minister said on the sidelines of the COP27 summit in … Read more
/cloudfront-us-east-2.images.arcpublishing.com/reuters/UXKRFGGPWNL6RO3L446FARUWBI.jpg)
LONDON/BRUSSELS, Nov 10 (Reuters) – Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters. The Group of Seven (G7), which includes the United States, Britain, Germany and France, … Read more
Major oil companies saw profits soar in the third quarter of 2022, continuing a trend of massive industry profits even as Russia’s invasion of Ukraine causes soaring prices for consumers. Exxon Mobil on Friday morning reported its highest earnings ever at $19.7 billion for the quarter, while Shell reported its second highest of $9.5 … Read more
New York CNN Business — The relationship between the United States and Saudi Arabia is one of the most important on the planet. And lately, it’s also been one of the most awkward. Angry officials in Washington vowed “consequences” after Saudi-led OPEC sharply cut oil production earlier this month, driving up pump prices just weeks … Read more
North Korea could test tactical nuclear weapon before midterm elections, U.S. official says – CBS News Watch CBS News North Korean leader Kim Jong-un could soon test a tactical nuclear weapon, according to U.S. and South Korean officials. CBS News chief foreign affairs correspondent and “Face the Nation” moderator Margaret Brennan joins CBS News’ John … Read more
The immediate aftermath of the 1973/74 oil embargo in which Saudi Arabia led its OPEC brothers to block oil exports to the U.S., the U.K., Japan, Canada, and the Netherlands – causing oil prices to spike from around US$3 per barrel (pb) to nearly US$11 pb and stoking the fire of a global economic slowdown … Read more
Saudi Arabia’s Energy Minister has warned countries against misusing their crude oil stockpiles to manipulate the oil markets. According to the Kingdom’s Energy Minister, Prince Abdulaziz bin Salman, who has been sparring with U.S. President Joe Biden in recent weeks, strategic crude oil stockpiles are designed to be used to manage supply shortages, not to … Read more
USA Bends the Knee Before OPEC+ | G7’s Oil Price Cap against Russia Dead on Arrival? Firstpost Fuel for Thought: As Asia focuses on energy security, diplomacy takes a backseat S&P Global US Eyes Russia Oil Price Cap Above $60 to Keep Supply Flowing Bloomberg Why the West is seeking to cap Russian crude oil price BusinessLine Russia poised … Read more
DUBAI, United Arab Emirates (AP) — Saudi Arabia’s powerful 37-year-old crown prince will not attend an upcoming summit in Algeria after his doctors advised him not to travel, the royal court said Sunday. The acknowledgement from the state-run Saudi Press Agency came hours after Algeria’s presidency said Crown Prince Mohammed bin Salman will not be … Read more