Governments’ Actions in Response to Oil Price Surge and the Middle East Conflict

CDN and International News, Latest, Oil / By

Oil prices have soared while share markets have skidded on fears that the escalating U.S.-Israeli war on Iran will squeeze energy supplies and hamstring industries around the world. Following are actions that governments are taking or plan to take to reduce the impact of the war on their economies. SOUTH KOREA PLANS FUEL CAP South …

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Wall Street’s Immunity to Mideast Oil Shock Will Now Be Tested

Conventional Energy, Latest, Oil, US News / By

Jamie McGeever (Reuters) – Oil prices surged 30% last week and swathes of global stocks sold off as war in the Middle East escalated, yet an air of complacency hung over Wall Street. Investors have likely been betting that the turmoil will have a short-lived, mild economic impact, much like most crises in the recent past. Is …

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COMMENTARY: Compounding Errors and Narrow Self-Interest Threaten Global Fuel Crisis: Russell

Conventional Energy, Latest, Oil, US News / By

Mounting miscalculations and a retreat to narrow self-interest by major countries, including the United States and China, are threatening to turn the current conflict in Iran into a global crisis for the supply of refined oil products. Much of the media focus tends to be on the price of crude oil, with benchmark Brent crude …

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WHIPLASH – Oil Prices Surge to Highest Since 2022 at Over $119 a Barrel on Middle East War, Then Settle

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

  Summary Brent, WTI hit highest levels since July 2022 Brent jumps as much as 29%, WTI surges up to 31% Iraq, Kuwait cut oil output Iran names hardliner Mojtaba Khamenei as new supreme leader (Reuters) – Oil prices surged over $119 a barrel, hitting ‌levels not seen since mid-2022, on Monday as some major …

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ENERGY NORTH: Two Canada Oil Projects But Only One, Targeted “Oil Decarbonization” Requirement – Ron Wallace and Tammy Nemeth

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Offshore, Oil, Oilsands / By

    Ron Wallace and Tammy Nemeth “Investors can’t ignore the commercial constraints imposed by the MoU. My concern is that the MoU does not address the key federal barriers that preclude a free-market approach to the energy industry. Key federal barriers have become conditional, reversible, or deferred.”  Bryan Gould, Executive Chairman Aspenleaf Energy. As …

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Iraqi Oil Production Collapses as Hormuz Still Blocked by US-Iran War

CDN and International News, Conventional Energy, Latest, Oil / By

Iraqi oil production from its main southern oilfields has fallen by 70% to just 1.3 million barrels per day as the country is unable to export oil via the Strait of Hormuz due to the Iran war, three industry sources said on Sunday. Production from the fields stood at around 4.3 million bpd before the …

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US Energy Chief Cchris Wright Defends Waiver on Russian Oil Sanctions, Blames Fear for Higher Gas Prices

Energy Topics & Technology, Gasoline, Latest, Oil, Pinned Primary, US News / By

Trump administration officials on Sunday defended a decision to temporarily lift some sanctions on Russian oil and predicted that a sharp increase in gasoline prices resulting from the Iran war would last only weeks. Appearing on multiple TV talk shows, Energy Secretary Chris Wright and U.S. Ambassador to the United Nations Mike Waltz said a …

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US Oil Prices Soar in Early Trading on Supply Fears Amid Expanding U.S.-Israeli War With Iran

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

(Reuters) – U.S. crude futures rose more than 20% in early trade on Monday, hitting ​their highest since July 2022, as the ‌expanding U.S.-Israeli war with Iran fuelled fears of tighter supply and prolonged disruptions to shipments through the Strait ​of Hormuz. U.S. West Texas Intermediate (WTI) crude futures ​gained as much as $20.34 a …

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Goldman Sachs Warns Oil May Surge Above $100/bbl if Hormuz Flows Don’t Recover

Latest, Oil, US News / By

Goldman Sachs said oil prices are likely to exceed $100 per barrel next week if no signs of a solution emerge to the severe disruption in flows through the Strait of Hormuz, warning that upside risks to its base-case forecast are rapidly growing further. The bank said it plans to revisit its oil price forecast …

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