European countries have boasted that their gas storage facilities have been filled at higher than usual levels before the start of winter. Yet more LNG cargos are arriving in Europe at such rates that they are jamming ports. And freight rates are through the roof, adding to already record LNG prices. Earlier this week, the …
LNG Bottlenecks Are Emerging In Crisis-Struck Europe | OilPrice.com Read More »
The energy sector has enjoyed bumper profits in the current year, with Big Oil companies setting records right, left and center. ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX) swear Shell (NYSE: SHEL) together brought in $46 billion in earnings in the second quarter, with all three setting new records for quarterly earnings. Overall, high commodity prices …
Energy Earnings Set To Ease, But Oilfield Services Remain Strong | OilPrice.com Read More »
OPEC+ may have to make much deeper cuts to their collective oil production targets this winter as a recession looms over Europe as it struggles with a severe energy crisis and China shows signs of waning oil demand. The token 100,000-barrels-per-day (bpd) cut announced this week is largely irrelevant to the oil market balance. But …
All Eyes On OPEC+ As Oil Prices Drop Below $90 | OilPrice.com Read More »
In Europe, fears of a potentially deep recession continue to take hold. Meanwhile, these fears seem to have subsided in North America—at least in the oil industry. Instead, it’s back to growth mode for the shale patch and the oil sands. This is according to Schlumberger, whose chief executive said this week that activity in …
What Recession? The US Oil Industry Won’t Stop Growing | OilPrice.com Read More »
OPEC+ reversed on Monday this month’s increase in oil production targets and cut the group’s collective quota by 100,000 barrels per day (bpd) for the month of October. While the move is totally negligible in terms of actual supply to the market, considering not only the slight change in the overall target but also the …
Further OPEC+ Production Cuts Could Be Looming | OilPrice.com Read More »
Brent crude held above $90 per barrel at the beginning of the week after OPEC+ announced a tiny, symbolic output cut. Chart of the Week Demise of Gas Paves the Way for Reenergized Coal Sector – Coal prices across all continents have soared to all-time highs this week, almost triple of what it was a …
Can OPEC+ Keep Oil Prices Above $90? | OilPrice.com Read More »
The energy crisis in Europe is not only disrupting businesses and household finances, but it’s also hitting at the heart of crucial scientific research and experiments. The European Organization for Nuclear Research, CERN, the world’s largest particle physics lab and home of the Large Hadron Collider, could shut down some accelerators and could even idle …
Europe’s Energy Crisis Could Force The Large Hadron Collider To Be Idle | OilPrice.com Read More »
Saudi Arabia’s signal from two weeks ago that OPEC+ could decide to cut production at any time, in any form, managed to lift Brent oil prices above $100 per barrel for around a week. But this week, fresh lockdowns in China, intensified fears of recession, and guidance that the Fed will continue with the large …
Will OPEC Cut Oil Output On Labor Day? | OilPrice.com Read More »
Crude oil prices began to slip on Friday after Federal Reserve Chair Jerome Powell spoke for a mere 8 minutes, warning that there would be pain ahead. Friday, August 26th, 2022 Oil prices have remained in limbo this week, with ICE Brent trending around $100 per barrel, as the market zoomed in on the prospects …
Iran Nuclear Deal Keeps Oil Markets On Edge | OilPrice.com Read More »
Warren Buffett, through Berkshire Hathaway Inc., (NYSE:BRK.A), (NYSE:BRK.B) has been quietly amassing a significant stake in Occidental Petroleum, (NYSE:OXY). As of early August, he had acquired a 20% stake in the common shares of OXY, arousing speculation about what his true plans were. On Friday the 19thth of August the Federal Energy Regulatory Commission-FERC, granted …
What’s Behind Buffett’s Renewed Interest In Occidental? | OilPrice.com Read More »
