Tag: Oil

BUSINESS

Oil Prices Slip

Oil fell more than $2 per barrel on Friday, on track for a second weekly decline, as investors worried about weakening Chinese demand and further increases in US interest rates. Brent crude was down $2.80 at $86.97 per barrel. US West Texas Intermediate crude was down $2.79 at $78.85. Support The Readers Bureau Buy A T-Shirt Today (4 different colors)! […]

NEWS

Trinidad & Tobago Ask For Ease Up On Gas Imports

According to a Reuters’ report, the government of the Caribbean twin island Republic Trinidad and Tobago has asked the United States to authorize Venezuelan gas imports to restart an idled liquefaction train in the country. Under U.S. sanctions, companies and governments must obtain authorization from the U.S. Department of Treasury to do business with the Venezuelan state-run oil company PDVSA. […]

BUSINESS

G7 Flex Its Muscles At Russia

The Group of Seven (G7) countries, which represents the world’s most advanced economies, has agreed to set a fixed price for Russian oil. The G7 coalition says floating rates on seaborne oil shipments will be phased out by the end of the month. The actual price has not been set but should be announced in the coming weeks. The price […]

BUSINESS

ExxonMobil Sets Profit Record

America’s largest oil company ExxonMobil set a profit record for the second-straight quarter as oil and gas prices remained high. No. 2 US oil company Chevron also posted much-better-than-expected results. ExxonMobil earned $18.7 billion, excluding special items, up 6% from the second quarter results, which had been the record, and up 177% from a year ago. Earnings per share of […]

BUSINESS

Oil Prices Take A 3% Dip

Oil prices took a three percent dip at the close of last week as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. Brent crude futures dropped $2.94 to settle at $91.63 a barrel. U.S. West Texas Intermediate crude futures fell $3.50 to $85.61. Support The Readers Bureau […]

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 […]