Fatih Birol is the executive director of the International Energy Agency (EIA). According to Birol, some countries failed to adopt a helpful position to stabilize oil and gas prices, criticizing “artificial tightness” in energy markets. Some of the key strains in today’s markets may be considered as artificial tightness according to Fatih Birol. OPEC and …
Fatih Birol Explained His Position Regarding Oil Prices Read More »
Oil prices dropped on Thursday with investors waiting to see how OPEC and its allies respond to the emergency crude release by major consuming countries to stabilize the oil market, even as data pointed to healthy U.S. fuel demand. Brent crude futures fell 7 cents to $82.18 a barrel at 07:26 GMT, after losing 6 …
Major Oil Producing Countries vs. Major Consumers Read More »
President Joe Biden wants to reduce oil prices as soon as possible. He even asked OPEC to increase production. However, OPEC and its allies decided not to change their plans. On Tuesday, President Biden made an important announcement. Biden’s administration will release oil from reserves as part of a global effort by energy-consuming nations to …
Oil companies and the industry as a whole have to deal with numerous challenges on a regular basis. Crude oil dropped to seven-week lows on Monday due to a combination of factors. One very serious issue is Covid-19 and its impact on oil consumption. Currently, countries across Europe are struggling to improve the situation. The …
Oil prices strengthened their positions on Friday thanks to investors. They bet that potential coordinated releases by the U.S as well as other countries of their strategic reserves may have less of an impact on markets than anticipated. On Friday, Brent crude futures gained 77 cents or 0.9% to $82.01 a barrel by 07:33 GMT. …
Investor Sentiment and its Influence on Oil Prices Read More »
There is no lack of factors that have the potential to influence oil prices. On Thursday, oil prices declined as China said it decided to release crude oil from its strategic reserves. President Joe Biden’s administration asked big crude consumers to consider a coordinated release of stocks to lower prices. U.S. West Texas Intermediate (WTI) …
Oil Prices Fell as China Decided to Release its Reserves Read More »
Oil prices declined on Wednesday after U.S. gasoline stocks fell more than expected last week. The situation regarding gasoline stocks could heighten pressure on the Biden administration to release oil from emergency reserves to cap soaring gasoline prices. U.S. West Texas Intermediate (WTI) crude futures dropped 0.9% to $80.00 a barrel, extending a 12 cent …
Oil Prices, U.S. Gasoline Stocks, and Politicians Read More »
Oil companies have to defend their business empires on a regular basis, as many people criticize them due to their impact on the environment. The CEOs of major energy companies defended their position in the energy mix. Many energy industry leaders attended the COP26 climate summit in Glasgow. Attendees clashed over emission-reduction targets, pledges, and …
Oil Companies Are Trying to Defend Their Positions Read More »
Many oil companies are willing to tackle climate change and BP is not an exception. BP’s CEO Bernand Looney stated that BP is willing to fight against climate change. Still, BP’s boss insisted that hydrocarbons such as oil and gas will have an ongoing role to play in the energy mix in the future. According …
Oil giant Royal Dutch Shell made an important announcement on Monday. The oil and gas major will abandon its dual share system in favor of a single class of shares to boost shareholder payouts as well as simplify its structure. Moreover, the current complex share structure is subject to constraints and may not be sustainable …
How Oil Giant Shell Plans to Adapt to the New Reality Read More »
Thermal coal accounts for roughly 60% of the world’s second-largest economy’s electricity needs. China is trying to regulate the price of coal ahead of winter. Last month, Chinese regulators nearly halved domestic prices for thermal coal. Nonetheless, the country still faces the daunting task of keeping the fuel cheap and abundant through winter. The price …
On Thursday, oil prices were stable after falling in the previous session. One day earlier, oil prices fell due to concerns regarding the inflation in the U.S. Problems may prompt the federal government to release more strategic crude stockpiles to drive down prices. Brent crude futures dropped 2.5% and West Texas Intermediate (WTI) futures fell …
Oil Prices Were Steady After Suffering Losses on Wednesday Read More »
Oil prices jumped to a two-week high on Tuesday after the U.S. lifted travel restrictions. Other signs of a global post-pandemic recovery also helped to boost the demand outlook, while supply remained tight. Oil prices rallied on Tuesday after the U.S. Energy Information Administration in its Short Term Energy Outlook (STEO) projected retail petrol prices …
Oil Prices Reached Great Results Thanks to Strong Demand Read More »
China is an economic superpower, nonetheless, the world’s second-largest economy requires huge amounts of coal on daily basis. It imported nearly twice as much coal in October as it did a year ago, in spite of signs the country’s power shortage is easing, according to customs data released on Sunday. In October, the monthly purchases …
Oil prices increased on Monday morning in Asia, with the supply the center of investors’ focus as Saudi Aramco raised the official selling price for its crude. Brent oil futures gained 1.04% to $83.60 by 12:55 AM ET. West Texas Intermediate (WTI) futures jumped 1.21% to $82.25. Last week, the company from Saudi Arabia raised …
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