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Strong Fuel Demand Boosts Oil Prices

Strong Fuel Demand Boosts Oil Prices

Strong demand for oil products…

Energy / Energy-General

Colombia’s President May Have To Rethink His Oil And Gas Exploration Ban

May 31, 2023 at 09:40 | Matthew Smith

Colombia’s economically crucial energy patch is facing a grave crisis due to its shortage of proven oil and natural gas reserves coupled with leftist President Gustavo Petro’s plan to end…

Gasoline Prices Tick Up For The Summer

May 31, 2023 at 08:25 | Julianne Geiger

Gasoline prices are on the rise—increasing from a week ago by 2.7 cents on average in the United States, Gas Buddy said in a note on Tuesday. The nation’s average…

Oil Prices Extend Losses On Weak Economic Data From China

May 31, 2023 at 07:03 | Tsvetana Paraskova

Oil prices slumped by another 3% early on Wednesday, extending the 4% losses from Tuesday after manufacturing data from China disappointed and the U.S. dollar strengthened. As of 7:27 a.m.…

Singapore Detains Record Number Of Oil Tankers As Shadow Fleet Expands

May 31, 2023 at 03:55 | Tsvetana Paraskova

Singapore, a major hub for oil transportation and storage, has detained this year a record-high number of oil and chemicals tankers that have failed to pass inspection—more than the number…

The Battle For Water: Iran And Afghanistan's Taliban In Conflict

May 30, 2023 at 13:51 | RFE/RL staff

Water has exposed cracks in the Taliban's fragile relationship with Tehran, with both sides exchanging pointed barbs over scarce supplies before coming to deadly blows along the Afghan-Iranian border. Tensions…

Three New China-Russia-Iran and Iraq Agreements Confirm The New Oil Market Order

May 30, 2023 at 13:40 | Simon Watkins

The last week or so has seen a flurry of major cooperation agreements - including in energy, security, and logistics – between various permutations of Iran, Iraq, Russia,…

Companies Lash Out At SEC’s Proposed Scope 3 Rules

May 30, 2023 at 12:16 | Tsvetana Paraskova

A new climate-risk disclosure rule that the U.S. Securities and Exchange Commission (SEC) is expected to finalize this year is dividing companies, industries, and lawmakers.   SEC’s proposed rules to “Enhance…

Russia’s Seaborne Oil Exports Dip But Remain High

May 30, 2023 at 09:11 | Charles Kennedy

Russia’s crude oil exports by sea fell last week for the first time in six weeks, but they are still much higher than in February, when Russia announced a production…

Oil Markets On Edge Over OPEC And Debt Ceiling Uncertainty

May 30, 2023 at 08:18 | Michael Kern

With the next OPEC+ meeting taking place this Sunday and the U.S. debt ceiling saga set to draw a conclusion around the same time, oil markets are sure to be…

Oil Prices Slip As Fears Of A U.S. Default Return

May 30, 2023 at 02:55 | Irina Slav

Crude oil prices retreated today in Asian trade following modest gains made on Monday on the news that President Biden and House Speaker and top Republican Kevin McCarthy had sealed…

New Debt Limit Deal Commits To Speeding Up Energy Projects

May 29, 2023 at 12:39 | Alex Kimani

U.S. financial markets breathed a collective sigh of relief on Monday after negotiators from Democratic and Republican parties reached an agreement to raise the debt limit on Sunday night,…

Norway Looks To Ramp Up Exploration In Arctic Waters

May 29, 2023 at 11:42 | Felicity Bradstock

Norway appears to remain firmly committed to its oil and gas operations despite leading the green transition. Norway has long used almost entirely renewable energy to power its domestic consumption, yet it…

Is This The Supermajor Of The Century?

May 29, 2023 at 09:57 | Robert Rapier

On May 22, 2023, Chevron announced that it had entered into a definitive agreement with PDC Energy, Inc. Chevron will acquire all of the outstanding shares of PDC…

Memorial Day Drivers Get Cheaper Gasoline Prices Thanks To Flagging Crude

May 29, 2023 at 09:42 | Charles Kennedy

Gasoline prices in the United States were up slightly on Memorial Day, the official start of the summer driving season, though Americans are still paying less at the…

Canadian Oil And Gas Producers Restart Production As Wildfires Abate

May 29, 2023 at 08:33 | Michael Kern

Canadian oil and gas producer Crescent Point Energy Corp on Monday said it had brought back online full production volumes at its operations in the Kaybob Duvernay play that…

Saudi Arabia Is Profiting From Its Record-Breaking Diesel Trade

May 29, 2023 at 06:42 | Tsvetana Paraskova

Saudi Arabia is making money from diesel trading after the EU embargo on Russian fuels, as the world’s top crude exporter is now importing record volumes of cheap diesel from…

Oil Prices Climb As Default Fears Fade

May 29, 2023 at 03:05 | Irina Slav

Crude oil began trading this week with a gain after President Biden and House Speaker Kevin McCarthy were reported to have reached a provisional agreement on raising the debt…

Solar Is Cheapest Energy Source Says IEA

May 26, 2023 at 15:26 | Irina Slav

Solar power has been touted as the cheapest available source of energy for several years now. Solar power proponents have been talking about the consistent decline in the cost of…

The Race To Dominate The LNG Sector Is Creating A Buyer’s Market

May 26, 2023 at 13:45 | Haley Zaremba

Back in February of 2021, Qatar laid out a plan to ensure its dominance in liquefied natural gas exports for at least two decades. Already the world’s top exporter of…

Oil Rebounds As U.S. Drillers Continue To Pull Back

May 26, 2023 at 12:13 | Julianne Geiger

The total number of total active drilling rigs in the United States fell by 9 this week, according to new data from Baker Hughes published Friday, after falling by 11…

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