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(Reuters) – Chevron Chairman and CEO Mike Wirth said on Monday that physical shortages in oil supply would begin appearing around the world because of the closure of the Strait of Hormuz, through which 20% of global crude supply passes. Economies will begin shrinking, first in Asia, as demand adjusts to meet supply while the …
Chevron CEO Says Physical Shortages in Oil Supply to Begin Appearing Read More »
May 4 (Reuters) – Global oil stocks are approaching their lowest level in eight years, Goldman Sachs said on Monday, warning that the speed of depletion was becoming a concern as supplies through the Strait of Hormuz remained restricted. Oil prices jumped about 6% on Monday after Iran hit several ships in the Strait of …
Goldman Says Global Oil Stocks Approaching Eight-Year Low, Depletion Speed a Concern Read More »
By Robert Tuttle Canada’s oil industry is pushing back hard on proposals to impose a higher carbon tax, arguing the policy adds costs at a time when the world needs more secure and affordable sources of energy. Prime Minister Mark Carney and Alberta Premier Danielle Smith agreed to a higher carbon tax for industrial emissions …
Canada’s Oil Firms Look to Scrap Carbon Tax Tied to New Pipeline Read More »
Beijing has told its companies to ignore American sanctions on a major oil refiner, complicating the leaders’ summit next week. By Rong Wei Neo Oil storage tanks at a petrochemical production base on the outskirts of Shanghai. Source: Bloomberg US President Donald Trump’s expected meeting with his Chinese counterpart Xi Jinping next week just got …
US Oil Sanctions Push Beijing to Test Washington’s Limits Read More »
It’s easy to dismiss the agreement by the seven remaining members of the OPEC+ group of crude oil exporters to increase output for a third straight month in June as merely symbolic. Certainly, as long as the Strait of Hormuz remains effectively closed, the decision to lift production by 188,000 barrels per day (bpd) is …
OPEC+ Crude Output Boost is Symbolic, But it Still Matters: Russell Read More »
Summary UAE energy minister says it left OPEC on good terms Expresses confidence UAE will keep working with OPEC members UAE was one of OPEC’s biggest producers DUBAI, May 4 (Reuters) – The United Arab Emirates owes it to its investment partners to produce what global oil markets require without restrictions, while cooperating with other …
UAE Owes it to Investors to Produce Without Restrictions, Energy Minister Says Read More »
President Donald Trump said on Friday the U.S. Navy was acting “like pirates” in carrying out Washington’s naval blockade of Iranian ports during the U.S. and Israel’s war against Iran. Trump made the comments while describing the seizure by U.S. forces of a ship a few days ago. “We took over the ship, we took …
Trump Says US Navy Acting ‘Like Pirates’ to Carry Out Naval Blockade of Iranian Ports Read More »
Saudi Arabia is able to divert the bulk of crude exports to the Red Sea By Andrey Biryukov The blockade of the Strait of Hormuz is creating an economic split among oil exporters in the Persian Gulf, with Saudi Arabia and Oman set for a windfall and others including the United Arab Emirates seeing a …
Saudi Arabia Set for Oil Windfall After Hormuz Boosts Prices Read More »
By Yousef Saba, Ahmad Ghaddar and Maha El Dahan Saudi Arabia’s energy minister Prince Abdulaziz is half-brother of Crown Prince Early years of diplomatic touch have transformed into an iron grip on OPEC UAE exit a critical test for Prince Abdulaziz’s influence over oil markets May 1 (Reuters) – Saudi Energy Minister Prince Abdulaziz bin …
Saudi Oil Prince’s Iron Grip Faces Ultimate Test With UAE’s Shock OPEC Exit Read More »
By Curtis Williams Asia absorbed nearly a quarter of all US LNG exports in April The surge came despite a drop in total US LNG exports Another US LNG plant starts selling superchilled gas HOUSTON, May 1 (Reuters) – U.S. exports of liquefied natural gas to Asia jumped in April, with American producers helping offset …
US LNG Exports to Asia Surged in April as Middle East Conflict Curtailed Supply Read More »
