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Oil Price News

 

Soaring Prices Set Stage for Drop in Oil, Gas Demand

Mar 08, 2022

Oil prices running at their hottest level in 14 years are poised to cut post-COVID pandemic fuel demand as consumers react to surging pump and power prices by pulling back on spending and travel, top energy executives warned on Monday.Global oil futures hit as much as $139 a barrel this week as gasoline, diesel and power prices to multi-year highs. The surges come as oil buyers shun cargoes from the world's No…

Brent Climbs Above $120/bbl after Saudi Arabia Hikes Crude Prices

Jun 06, 2022

Oil futures jumped on Monday, with Brent rising above $120 a barrel after Saudi Arabia hiked prices for its crude sales in July, signaling tight supply even after OPEC+ agreed to accelerate output increases over the next two months.Brent crude was up 91 cents…

Chevron 1Q Income Nearly Quadruples as Oil Prices Surge

Apr 29, 2022

Chevron Corp's first-quarter profit nearly quadrupled from the same period a year ago, easily surpassing Wall Street's forecasts as oil and gas prices surged following Russia's invasion of Ukraine.The second-largest U.S. oil producer on Friday posted adjusted earnings of $6…

Oil Prices Steady Amid Fears Over Slowing China Demand

Apr 18, 2022

Oil prices steadied on Monday as worries over slowing demand in China prompted investors to take profits on gains made earlier in the day on concerns over tight supply and the deepening Ukraine crisis.Brent futures LCOc1 were up 27 cents, or 0…

Oil Prices Drop on Concerns of Weaker Chinese Demand

Mar 28, 2022

Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID-19 infections.Brent crude LCOc1 futures slid as low as $113.72 a barrel and were trading down $5…

Brent Crude Soars to $139 a Barrel as U.S., Europe Mull Russian Oil Import Ban

Mar 07, 2022

Oil prices spiked to their highest levels since 2008 on Monday as the United States and European allies weighed a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled supply fears.In the first few minutes of trade Brent crude reached $139…

Brent Crude Tops $112. Tanker Owners "Are Having a Ball"

Mar 02, 2022

Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers.The…

Oil Rises Past $102 as Russian Energy Supply Fears Intensify

Feb 28, 2022

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.Brent crude LCOc1 rose $4.82, or 4.9%, to $102…

Oil's Journey from Worthless in the Pandemic to $100 a Barrel

Feb 25, 2022

In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak - all but condemning his company's core business to eventual obscurity…

Oil Prices Retreat on Prospect of Iran oil Sanctions Easing

Feb 18, 2022

Oil prices retreated on Friday after wild swings during the week, as the prospect of extra supply from Iran returning to the market outweighed fears of a possible Russian invasion of Ukraine, which could disrupt supply.Brent crude LCOc1 futures fell 68 cents…

Oil Prices Stable at $90 a Barrel But Iran Supply Prospects Add Pressure

Feb 09, 2022

Oil prices were stable around $90 a barrel on Wednesday but the prospect of increased supply from Iran and the United States kept pressure on the market.Brent crude futures edged down 36 cents, or 0.4%, to $90.42 a barrel by 1150 GMT.  U.S. West Texas Intermediate crude fell 43 cents…

"Triple deficit": Morgan Stanley Expects $100 a Barrel in 2H 2022

Jan 21, 2022

Morgan Stanley expects Brent crude oil prices to advance to $100 a barrel in the second half of this year, with the market heading for a simultaneous 'triple deficit' of inventories, spare capacity, and investment.'The key oil products markets (gasoline…

Oil Prices Climb to Highest Since 2014

Jan 18, 2022

Benchmark oil prices climbed to their highest since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook.Brent crude futures rose by $0.74, or 0.9%, to $87.22 a barrel at 1446 GMT…

Oil Prices Rise but Omicron Worries Linger

Dec 21, 2021

Oil prices rebounded on Tuesday after a sharp fall in the previous session as investors' appetite for risk improved, although they remained cautious amid the rapid spread of the Omicron coronavirus variant across the globe.Brent crude was up 84 cents…

Oil Rises on OPEC+ Plan to Meet if Omicron Hits Demand

Dec 03, 2021

Oil prices climbed on Friday, extending gains after OPEC+ said it would review supply additions ahead of its next scheduled meeting if the Omicron variant dents demand, but prices were still on course for the sixth week of declines.Brent crude futures rose $1…

Current News

Russia's Control of Sakhalin Project Could Pose Upside Risk to LNG Prices

Russia's Control of Sakhalin Project Could Pose Upside Risk to LNG Prices

Portugal's EDP to Scale Up Offshore Solar Plants in Southeast Asia

Portugal's EDP to Scale Up Offshore Solar Plants in Southeast Asia

India Imposes A Windfall Tax On Oil Producers and Export Duties For Oil Products

India Imposes A Windfall Tax On Oil Producers and Export Duties For Oil Products

Russia to Replace Sakhalin-2 Project Operator with New Firm

Russia to Replace Sakhalin-2 Project Operator with New Firm

State Agency Wants Net-zero Carbon Emissions from Australia's Giant LNG Plant

State Agency Wants Net-zero Carbon Emissions from Australia's Giant LNG Plant

Gazprom Cancels Dividend for First Time Since 1998. Shares Drop

Gazprom Cancels Dividend for First Time Since 1998. Shares Drop

Offshore Helicopters: Bristow in Long-term Maintenance Support Deals for AW139 Fleet

Offshore Helicopters: Bristow in Long-term Maintenance Support Deals for AW139 Fleet
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