BEIJING—The Chinese regime plans its first public auction of state crude oil reserves to a select group of domestic refiners, the reserves administration announced, as Beijing looks to cool high raw material costs for manufacturers. The releases will take place in phases and are intended for integrated refining and chemical plants, the National Food and…
Oil Recovers as Tight US Supplies Offset China Reserves Sales Plan
SINGAPORE—Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of about 1 percent after China announced plans to sell crude from its strategic reserves. Brent crude futures for November rose 44 cents, or 0.6 percent, to $71.89 a…
OPEC+ Keen to Keep Oil Prices at $65–$75 a Barrel, Lukoil Chief Says
MOSCOW—The head of Russia’s No. 2 oil producer Lukoil said that oil prices of $65–$75 were “comfortable” for consumers and that the OPEC+ group of leading oil-producing nations was striving to maintain that price range by regulating output. In an interview with the Kommersant newspaper published on Tuesday, Vagit Alekperov said curbs on oil output…
Biden Says Feds ‘Moving Quickly’ to Boost Gasoline Deliveries to Areas Hit Hard by Hurricane Ida
President Joe Biden said Friday that his administration is pushing to boost gasoline deliveries to regions badly impacted by Hurricane Ida, where flooding, road closures, and downed power lines have led to gas shortages, leaving residents scrambling to find fuel for generators. Biden said at a Friday press briefing in LaPlace, Louisiana, that measures to…
S&P 500, Nasdaq Hit Record Highs on Boost From Tech, Oil Stocks
The S&P 500 and Nasdaq hit record highs on Thursday on gains in heavyweight technology and energy companies, as well as hopes that the Federal Reserve will maintain an accommodative policy amid signs that an economic recovery was slowing. The energy sector rose 3.1 percent, with oil majors Exxon Mobil, Chevron Corp, Schlumberger NV, and…
Indonesian Navy Seizes Oil Tanker Wanted in Cambodia
JAKARTA, Indonesia—Indonesia’s navy said Wednesday that it seized an oil tanker that was wanted by Cambodian authorities on suspicion of stealing nearly 300,000 barrels of crude oil. The Bahamas-flagged tanker MT Strovolos was detained in waters off Indonesia’s Riau Islands in late July, the navy said in a statement. The captain and 18 other crew…
NTD Business Full Broadcast (Aug. 19)
Another setback for American oil. An Obama-appointed judge reverses approval for oil extraction in Alaska. Fidelity says Americans’ retirement savings are at record high levels, thanks to stock market highs and some people setting aside more money. Demand for industrial commodities like copper is falling. What does that tell us about the economic recovery?
Federal Judge Revokes Permits for Major Alaska Oil Project
A federal judge on Wednesday said the U.S. government failed to properly conduct environmental reviews for a major oil project in Alaska and voided permits issued for the drilling. Work on the Willow oil project, which could produce up to 160,000 barrels of oil per day if carried out, is halted because of the judge’s…
Oil Industry Sues Biden Administration, Wants Resumption of Federal Leasing
The Biden administration’s pause on the leasing of federal lands and waters for oil and natural gas drilling is illegal, a dozen oil industry groups argue in a lawsuit filed in federal court on Monday. The Department of Interior, in apparent response to President Joe Biden’s Jan. 27 executive order on “tackling the climate crisis,”…
Saudi Oil Giant Aramco Sees Half-Year Earnings Climb to $47 Billion
DUBAI, United Arab Emirates—Saudi Arabia’s oil-producing company, Aramco, announced Sunday a net income of around $47 billion for the first half of the year, double what it earned over the same period last year when the coronavirus grounded travel and pummeled global demand for oil. This puts Aramco back squarely where it was before the…
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