Tag: Oil

NEWS

IEA Says Enough Oil Abounds

The International Energy Agency (IEA) now says the world will not be left short of oil even with lower output from sanctions-hit Russia, in a U-turn after it predicted a possible global supply shock in March. The IEA, after warning on March 16 that three million barrels per day could be shut in from April, lowered that figure for a […]

BUSINESS

BP Sees Mammoth Increase In Profit

BP plc, the British oil and gas company has seen its profits for the first quarter of this year more than doubled after oil and gas prices soared. The energy company reported an underlying profit of $6.2 billion compared to $2.6 billion in the same period last year. BP said the increase was ahead of expectations and due in part […]

BUSINESS

Oil Propels Saudi GDP Growth To Near 10 Percent In The First Quarter

Saudi Arabia records its fastest economic growth rate in a decade as the oil sector fuels a 9.6 percent rise in the first quarter. Saudi Arabia’s economy has registered a nearly 10 percent rise in its first-quarter compared to the same period last year thanks to high global crude prices. The world’s largest oil exporter reported its fastest economic growth […]

BUSINESS

Oil Prices Declined At The End Of The Week

This was driven by the prospect of higher interest rates, weaker global growth, and COVID-19 lockdowns in China. These factors could hurt demand, even as the European Union weighs a ban on Russian oil. Brent crude was down $1.48 at $106.85 a barrel. U.S. West Texas Intermediate crude futures declined $1.51 to $102.27 per barrel. Support The Readers Bureau Buy […]

NEWS

Top News Headlines Around The World

Iraq Says March Oil Exports Stand At $11BN, Highest In 50 Years Iraq’s oil ministry says country exported more than 100 million barrels for revenues of $11.07bn, the highest since 1972. Iraq’s oil ministry says it exported $11.07bn of oil in March, the highest level in 50 years, as crude oil prices soared in the wake of Russia’s invasion of […]

BUSINESS

Oil Prices Return To Upward Trend

Crude futures returned to its upward trend moving to more than $100 per barrel on Thursday after a Kremlin spokesman described reports claiming solid progress in Russia-Ukraine talks as wrong. Vladimir Putin also vowed not to bow to Western pressure in ceding Moscow’s invasion of Ukraine. Brent settled up $8.62, ending the session at 106.64 a barrel.  U.S. West Texas […]

BUSINESS

Shell Puts Stop On Buying Oil From Russia

Shell has pledged to stop buying oil from Russia as it apologized for its purchase of cheap Russian crude at the weekend. “We are acutely aware that our decision last week to purchase a cargo of Russian crude oil … was not the right one and we are sorry,” Chief Executive Officer Ben van Beurden said. The energy giant also […]

BUSINESS

The U.S. Puts More Ban On Russia

The U.S. has banned Russian oil and the EU is ending its reliance on Russian gas as countries harden their response to the invasion of Ukraine. U.S. President Joe Biden said the move targeted the main artery of Russia’s economy. “Putin’s war is already hurting American families at the gas pump since Putin began his military buildup on Ukrainian borders,” […]

Jamaica

Energy Minister Daryl Vaz Says Jamaica’s Oil Supply Secure

Energy Minister Daryl Vaz says Jamaica’s oil supply chain is not in jeopardy amid concerns about possible disruptions due to economic sanctions on Russia following its invasion of Ukraine. He gave the assurance while providing an update on energy security and oil prices during a recent meeting of the Standing Finance Committee of the House of Representatives. “I want to […]

BUSINESS

Oil Prices On The Run

Oil futures rose this morning following a volatile start to the week, as the market weighed a coordinated international release of crude inventories against Russian supply disruptions in the wake of Moscow`s invasion of Ukraine.  May Brent crude futures gained about one percent to $98.90.  The benchmark touched a seven-year high of $105.79 after Russia`s invasion of Ukraine began last […]