IEA chief criticizes artificial tightness in energy markets, says some failed to help cool prices

Petroleum pump jacks are pictured in the Kern River oil field in Bakersfield, California. Jonathan Alcorn | Reuters The head of the world’s leading energy authority has said that some countries had failed to adopt a helpful position to calm soaring oil and gas prices, criticizing “artificial tightness” in energy markets. “[A] factor I would … Read more

Asian shares on edge as US bond yields rise, oil volatile

HONG KONG: Share markets were jittery in early Asia on Wednesday as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations. MSCI‘s broadest index of Asia-Pacific shares outside Japan slid 0.24%, while Japan’s benchmark Nikkei … Read more

Saudi Arabia’s race to attract investment dogged by scepticism

By Davide Barbuscia, Saeed Azhar and Yousef Saba Saudi Arabia could have a credibility problem if it keeps shifting the goal posts for the amount of foreign investment it wants to turn its vision of a future beyond into a reality, financial sources and analysts said. Five years since Crown Prince Mohammed bin Salman launched … Read more

Investors want Exxon Mobil to pivot. Here’s the oil giant’s new playbook

Oil giant Exxon Mobil, once the most valuable company in the U.S., is fighting for its future. Over the summer, investors forced a change on Exxon’s board. Since then, the company has been speeding up plans for its green economy pivot, which includes carbon capture and storage. Carbon capture is the process of capturing CO2 … Read more

Trump’s former energy secretary claims Biden’s policies could lead to ‘disaster’

Donald Trump’s former energy secretary on Sunday attacked the Biden administration’s energy policies, linking them to inflation and claiming that restrictions on the U.S. oil industry and rising costs at home could lead to “disaster.” Energy prices have leaped globally in the last three months. Natural gas has soared almost 600% this year, and international … Read more

OPEC+ members likely to hold firm on slow oil output, despite international pressure

Oil pumping jacks, also known as “nodding donkeys,” operate in an oilfield near Almetyevsk, Tatarstan, Russia, on Wednesday, March 11, 2020. Andrey Rudakov | Bloomberg | Getty Images Oil prices have hit their highest levels since 2014, and crude importing countries are feeling the pain. But despite diplomatic pressure, OPEC and its allies are unlikely … Read more

OPEC+ sticks to planned moderate hike in output

London: The Organization of Petroleum Exporting Countries (OPEC)) and its key allies decided at a meeting on Monday to stick to planned moderate increases in output for November despite market expectations that the alliance would further boost production in order to dampen soaring crude prices. A statement released after the brief videoconference meeting of the … Read more

Oil at 7-year high after OPEC+ decides on cautious increase

FRANKFURT: Oil prices jumped Monday after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November. The decision Monday by the Vienna-based oil cartel tracks with its established schedule of adding back that amount of oil every … Read more

OPEC+ agrees to boost oil supply from August as prices surge

MOSCOW/DUBAI/LONDON: OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic. The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 to overcome differences between Saudi Arabia … Read more

OPEC+ meets to agree oil supply boost as prices surge

The Headquarters of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna, Austria on 17 December, 2018. Beata Zawrzel | NurPhoto | Getty Images OPEC+ ministers are meeting on Sunday in another attempt to agree a quick oil supply boost to address soaring prices as the global economy recovers from the coronavirus pandemic. An … Read more