Global oil markets are in a tough spot as recession fears and worries about supply push the sector into “walking a tightrope,” an International Energy Agency (IEA) report warned. Though a “resilient Russian supply” and weaker-than-expected oil demand growth in advanced economies have “loosened headline balances,” price tensions persist and refinery margins remain extreme, said…
Oil Markets Affected by Supply Squeeze and Fears of Recession
July 13, 2022
admin
Business & MarketsGold and CommoditiesinflationInternationalInternational Energy AgencyMarketsoil marketsOPEC oilrecessionRussian Oil TradeWorld
0 Comment
OPEC Expects to Increase Oil Output by 1 Million Barrels per Day in 2023
OPEC expects to increase oil output in 2023 by nearly 1 million barrels per day due to rising global demand. “In 2023, expectations for healthy global economic growth amidst improvements in geopolitical developments, combined with expected improvements in the containment of COVID-19 in China, are expected to boost consumption of oil,” the organization said in its monthly…
Oil Markets Weighing OPEC’s Ability to Compensate Russian Supply, Washington Might Remove Restrictions on Venezuelan Oil
The price of oil has dropped significantly in the two days since hitting its highest price level in over a decade on March 7, and is currently trading in an unpredictable manner as markets weigh in on the ability of the Organization of Petroleum Exporting Countries (OPEC) to fill the supply gap created by the…
US Gas Prices Remain at High Levels Buoyed by Global Tensions
Gas prices in the United States are edging towards multi-year record levels, pushing up prices of daily essentials and eroding the quality of life of Americans along the way. Multiple factors such as the Russia-Ukraine crisis and OPEC production are contributing to the rise in prices. According to the American Automobile Association (AAA), the average…
Energy Department Approves Release of 2 Million Barrels of Crude to Exxon
January 2, 2022
admin
Business & EconomycommoditiesCompanieseconomyExecutive BranchExxon Mobil Corp.MarketsOil priceOPEC oilPoliticsStrategic Petroleum ReserveUSUS News
0 Comment
The U.S. Department of Energy has approved the release of two million barrels of crude oil to ExxonMobil from the Strategic Petroleum Reserve (SPR) on Dec. 30, as part of the initiative undertaken in November by the federal government to lower gasoline prices in the country. This is the third exchange of crude oil with…
Schumer Encourages Biden to Tap Petroleum Reserves to Control Surging Fuel Prices
November 15, 2021
admin
Brent crude oilBusiness & EconomyChuck Schumer (D-NY)EconomieseconomyOPEC oilStrategic Petroleum ReserveUS
0 Comment
Senate Majority Leader Chuck Schumer (D-N.Y.) urged the Biden administration on Sunday to make use of the Strategic Petroleum Reserve in order to curb increasing gasoline prices as Americans enter the holiday season. “COVID’s wreaked havoc on our supply chains. No industry is spared but fuel, gasoline is the worst of all. When fuel is…
-
Recent Posts
-
Archives
- May 2025
- April 2025
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- September 2013
- July 2013
- March 2013
- January 2013
- December 2012
- November 2012
- December 1
-
Meta