oil prices - Page 3

The rogue governments of Iran, Syria, and Venezuela have signed an agreement to build an oil refinery in the former rebel stronghold of Homs, Syria, Iran’s Tasnim News Agency reported on Sunday.

Saudi Arabia announced this weekend that its gross domestic product had crossed the threshold of $1 trillion for the first time in its history, a milestone reached with the aid of high global oil prices and heavy government investment in tourism and entertainment.

Breitbart economics and finance editor and author John Carney told GB News Wednesday that U.S. oil prices will likely surge to $100 per barrel adding President Joe Biden administration has made several energy policy mistakes.

Oil prices jumped on Thursday to a new ten-month high, with U.S. crude rising above $90 a barrel for the first time this year. West Texas Intermediate crude rose by more than 1.9 percent on Thursday to reach a high

CARACAS, Venezuela — The administration of American President Joe Biden is holding talks with socialist dictator Nicolás Maduro that could lead to a temporary lifting of oil sanctions in exchange for “free and fair elections” in Venezuela, according to reports published by Bloomberg and Reuters on Wednesday.

Saudi Arabia and Russia, both members of the OPEC+ oil cartel and the two largest oil exporters in the world, announced deeper production cuts on Monday to push worldwide market prices higher. The cuts added up to a 1.5% reduction in the global supply of oil.

India once again broke its previous Russian oil import records in May, Reuters reported on Wednesday, buying 1.95 million barrels per day (bpd) that month. About 40 percent of the oil India imported in May came from Russia.

Petroleum Minister Musadik Malik of Pakistan confirmed on Monday that his country made a major purchase of Russian crude oil using the Chinese yuan currency, presented as a rare public relations victory for a government struggling to contain routine riots.

Saudi Arabia announced a million-barrel-per-day (bpd) oil production cut on Sunday that would begin in July, a policy change following a meeting of the OPEC+ oil cartel in which several members failed to meet their production quotas and one, the United Arab Emirates (UAE), announced a production increase.

Voters are overwhelmingly concerned about the rising price of gasoline in the United States and would prefer to have Congress and President Joe Biden focus their time on oil and gas drilling to reduce costs.

The surprise decision on Monday by the oil cartel OPEC+ to dramatically cut crude production preceded indications from the administration of leftist President Joe Biden in late March that it was not interested in imminently refilling supplies depleted out of America’s Strategic Petroleum Reserves (SPR).

The oil-producing country coalition OPEC+ announced dramatic production cuts on Sunday totaling 1.16 million barrels per day (bpd), sending oil prices surging on Monday morning.

Indian commerce minister Piyush Goyal told attendees at an industry event on Tuesday that his country had surpassed $740 billion in goods and services exports, a record significantly higher than the $500 billion in exports that India documented between 2020 and 2021.

The Russian oil corporation Rosneft announced on Wednesday that it had come to an agreement with the government-owned Indian Oil Corporation to “substantially increase oil supplies as well as diversify the grades to India.”

The government of Saudi Arabia dramatically increased purchases of Russian diesel fuel this month, apparently for use at home while selling more expensive Saudi oil abroad, reports indicated this week.

Saudi Energy Minister Prince Abdulaziz bin Salman enthusiastically opposed policies to cap oil prices – apparently in reference to Western price caps on Russian oil – in an interview on Tuesday and asserted that Riyadh would not sell oil to any country that capped its oil’s price.

British energy giant Shell ensured the pay package for the company’s CEO jumped by half last year to nearly $12 million as oil and gas companies made record profits from runaway energy costs and consumers struggled with a global cost-of-living crisis.

The Venezuelan socialist regime’s Oil Minister Tareck El Aissami announced on Monday that Igor Sechin, the head of the Russian state-oil corporation Rosneft, agreed to aid in boosting Venezuela’s crude oil production and advancing new “business opportunities” between both countries.

Russian state-oil corporation Rosneft’s CEO Igor Sechin visited Cuba over the weekend to meet Castro regime figurehead President Miguel Díaz-Canel and discuss “mutual collaboration.”

Iranian President Ebrahim Raisi, a radical Islamist notorious for leading the massacre of up to 30,000 political prisoners in 1988, will visit China on Tuesday at Beijing’s invitation, the latter country confirmed on Sunday.

Iran’s state-owned National Iranian Oil Refining and Distribution Company (NIORDC) will soon begin to revamp Venezuela’s largest refining complex to restore its lost crude distillation capacity after years of socialist mismanagement, according to a report published by Reuters on Monday.

India has found a way to profit greatly from Russia’s sanctions situation, purchasing cheap Russian crude and using its tremendous refining capacity to sell America and Europe gasoline and diesel, Bloomberg News revealed on Sunday.

Global energy giant Shell has followed U.S.-based Exxon Mobil and Chevron to double its annual profits with a record high last year as oil and natural gas prices soared on the back of Russia’s invasion of Ukraine.

Energy Minister Irene Vélez of Colombia confirmed on Thursday that the South American nation will stop awarding new oil and gas exploration contracts, a decision that she described as “absolutely urgent.”

The United Arab Emirates, which will host this year’s COP28 United Nations climate conference, named the head of its state oil company as the president of that summit on Thursday – outraging environmental activists who oppose the existence of all fossil fuels as a threat to the planet.

The Supreme Court of the Philippines invalidated a 2005 agreement on Tuesday between the Philippines, Vietnam, and China that would have allowed a Chinese government corporation to explore for oil in Filipino waters, unconstitutionally exploiting the country’s national resources.

India’s External Affairs Minister S. Jaishankar, the nation’s top diplomat, excoriated European countries doing business with Russia in an interview on Monday, asking why pro-Ukraine nations on the continent continued to purchase Russian fossil fuels after Moscow escalated its war with the country in February.

As the world entered its second year of pandemic lockdowns, supply chain disruptions, and a new era of high fuel prices and inflation, the world’s most essential cargo transport professionals – truckers – took the lead in organizing anti-government protests in nearly every region of the planet.

Indian Prime Minister Narendra Modi held a phone conversation on Friday with his Russian counterpart Vladimir Putin to congratulate each other on skyrocketing bilateral trade and hint at future “security” cooperation, according to Russian media.

The cause of the leak is not yet known.

The government of Saudi Arabia confirmed on Tuesday that Chinese dictator Xi Jinping will travel to the country to attend two summits from December 7 to 9, Xi’s third trip abroad since the pandemic and his furthest away from home.

The Korean Confederation of Trade Unions (KCTU), which represents the interest of unionized workers in a variety of fields in South Korea, is planning a nationwide strike for Tuesday in solidarity with an ongoing truckers’ strike the ruling conservative political party has denounced as unpatriotic.

Rep. James Comer (R-TN), the top Republican on the Oversight Committee, announced Sunday in a letter the committee is investigating a New York Times report of a “secret deal to boost oil production” between the Biden administration and the Saudis to lower gas prices just before the midterm elections.

The Biden administration, through the Department of the Treasury’s Office of Foreign Assets Control (OFAC), issued a license to California-based Chevron on Saturday that allows the company to produce and export oil from Venezuela.

On Monday’s broadcast of the Fox Business Network’s “Kudlow,” Senate Republican Conference Chair Sen. John Barrasso (R-WY) reacted to President Joe Biden’s vow to shut down coal plants by stating that the Biden administration has done real economic damage while

Oil prices were down about two percent on Friday as China broadened its coronavirus lockdowns and travel restrictions, greatly reducing its import demand.