Tag: Oil

BUSINESS

Oil Prices Fall To Eight-Month Low

Oil prices plunged more than five percent to an eight-month low today as the U.S. dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession. Brent futures fell $4.75 to $85.71a barrel. U.S. West Texas Intermediate crude fell $5.90 to $78.30. Support The Readers Bureau Buy A T-Shirt […]

NEWS

Germany Seizes Russian Energy Firm’s Subsidiaries

BERLIN — Berlin on Friday took control of the German operations of Russian oil firm Rosneft to secure energy supplies which have been disrupted after Moscow invaded Ukraine. Rosneft’s German subsidiaries, which account for about 12% of oil refining capacity in the country, were placed under the trusteeship of the Federal Network Agency, the economy ministry said in a statement. “The […]

NEWS

Germany Set To Spend $64.7 Billion As Inflation Shield

According to press reports, Germany is set to spend an additional 65 billion euros ($64.7 billion) to help customers and businesses offset the vagaries of soaring inflation. Chancellor Olaf Scholz made the announcement two days after Russia said it was suspending some gas deliveries indefinitely. The measures include a tax on energy companies, help to pay electricity bills, and a […]

BUSINESS

BP Sees Record Quarterly Profit

BP sees record-high quarterly profit after oil and gas prices ratchet up. The energy giant saw underlying profits hit 8 point 45 billion dollars between April and June – more than triple the amount it made in the same period last year. The oil company recorded its highest profit for the first time in 14 years. This comes against the […]

BUSINESS

Oil Producers Set To Pump More Oil

The world’s largest oil producers have agreed to increase the production of oil marginally in a bid to help ease high prices. Members of the oil producers’ group Opec+ – which includes Russia – today agreed to add 100,000 more barrels per day to the market from September. The latest production output increase is at a much slower pace than […]

NEWS

Hezbollah Airs Video Of Israeli Barges In Disputed Maritime Area

The group warns Tel Aviv of ‘playing with time’ as a new round of maritime border talks starts between Israel and Lebanon. Lebanon’s Hezbollah has aired a video showing vessels involved in the Israeli offshore oil and gas industry and warned against “playing with time”, underlining its threat of military escalation amid maritime border demarcation talks. The footage aired on Sunday […]

NEWS

Yellen Pushes Plan To Cap Price Of Russian Oil On Global Markets

The United States is pressing to implement a plan meant to force Russia to sell oil at artificially low prices on the global market, in order to deprive the Kremlin of funding for its war in Ukraine. Speaking at a news conference in Bali, Indonesia, before the start of a meeting of the finance ministers of the G-20 large economies, […]

BUSINESS

Oil Prices On The Up

Oil prices rose about 2% in volatile trade today but were still heading for a weekly decline as investors worried about a potential recession-driven demand downturn even though global fuel supplies remained tight. Brent crude futures rose $2.46 to $107.11 a barrel. U.S. West Texas Intermediate crude rose $2.10 to $104.83 a barrel. Support The Readers Bureau Buy A T-Shirt […]

NEWS

China Swims In Russian Oil

China is drunk on Russia’s oil as the world’s second-largest economy capitalizes on the discounted oil price currently offered by its neighbor. Saudi Arabia now plays second fiddle to Russia as an oil supplier to China. Last month, Chinese imports of Russian oil surged by 55% from a year earlier, according to data from the Chinese government. China imported around […]

NEWS

European Countries On The Hunt For Alternative Fuel

The fallout between Russia and some European countries over its invasion of Ukraine has forced oil trade with the Kremlin to come to a halt for the most part. Consequently, attempts are now being made to seek and tap into alternative energy. Germany, Italy, Austria, and the Netherlands have all indicated that coal-fired power plants could help see the continent […]