Economics ///

IEA boss blames “deliberate policies” of energy producers for price spikes

Energy producers -- not the transition to a greener economy -- are a key reason for soaring natural gas and power prices in Europe, according to International Energy Agency Executive Director Fatih Birol.

OPEC to review potential of latest Covid variant this week

OPEC and its allies will discuss their response to the Omicron variant of the coronavirus at their meeting this week, although their knowledge of the potential impact on oil markets remains limited.

Oil prices rebound as traders consider Omicron’s threat to demand

Oil rebounded from one of its biggest ever daily drops as traders assessed the risks to global demand from the Omicron variant of Covid-19 and the potential response by OPEC and its allies.

Europe’s energy crisis about to worsen as winter arrives

Energy prices in Europe are repeatedly breaking records even before winter really kicks in, and one of the most damaging cost crunches in history is about to get worse as the temperature starts to drop.

U.S. seeks to boost oil royalties to account for climate change

The Biden administration on Friday issued a long-awaited blueprint for overhauling oil and gas development on federal lands that includes boosting royalty rates despite high gasoline prices that have spurred demands to accelerate domestic production.

OPEC expected to take cautious approach to oil demand at December meeting

The oil producers’ group OPEC+ will likely take a cautious stance when deciding this coming week whether to go ahead with planned output increases after the emergence of a new coronavirus variant sent crude prices tumbling, according to Vitol Group.

Biden says U.S. gasoline prices will fall, but it’ll take time

Americans will see prices at the pump fall “before long,” President Joe Biden said after tapping U.S. oil reserves to ease price pressures and risk a feud with OPEC.

WTI-Brent oil price spread complicates Biden’s gas-pump plans

President Joe Biden’s effort to tame pump prices by tapping government oil stockpiles could backfire for one simple reason: American gasoline prices more closely track international, rather than U.S., oil benchmarks.

U.S. motorists expected to save 10 cents a gallon via SPR release

American consumers can expect a small break in gasoline prices from President Joe Biden’s decision to tap the nation’s oil reserves, though the move risks falling short for voters already bristling at his handling of the highest rate of inflation in decades.

The fine print: How a coordinated oil reserve release works

After many weeks of signaling and speculation, a group of major oil consumers including the U.S. has announced a coordinated plan to tackle soaring energy costs by releasing crude from strategic reserves. The question now is whether it’s going to work.

“Short-sighted policy”: Oil companies and trade groups weigh in on Biden’s SPR move

The Biden administration’s unprecedented, coordinated attempt to tame oil prices by authorizing one of the biggest ever draw-downs of U.S. crude reserves has elicited a collective shrug from the oil industry.

European gas prices rise on U.S.-Russia sanctions, SPR plans

European natural gas futures rose on Tuesday after the U.S. imposed its latest sanctions aimed at Russia’s Nord Stream 2 pipeline, a move the Kremlin says is “illegal.”

U.S. considering a ban on crude oil exports, says House Democrat

A House Democrat who’s urging the White House to reduce oil prices by banning exports of U.S. crude oil says he’s been told the idea is under consideration.

”This is not going to solve much”: Oil prices climb after crude release announcement

Oil prices recovered earlier declines as the U.S. and other consuming nations announced a landmark move to tap their strategic reserves.

Biden orders release of oil reserves, in a challenge to OPEC

The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the UK -- an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+.

Oil prices climb as OPEC preps response to upcoming SPR releases

Oil advanced amid speculation that OPEC and its allies may not add as much supply to the market as previously planned if the U.S. releases crude reserves in coordination with other nations.

Higher investment is needed for Eagle Ford to facilitate production growth, says GlobalData

Crude oil and natural gas production in the Eagle Ford shale play, situated in southeast Texas, dropped by almost 35% and 20%, respectively, in May 2020 due to the COVID-19 pandemic, according to GlobalData.

Biden to announce multinational oil reserve release as soon as Tuesday

President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday, according to people familiar with the plan.

OPEC considers lowering production to account for oil reserve releases

OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a coordinated release of their strategic petroleum reserves.

TotalEnergies, Eni to invest billions in Libyan energy projects

France’s TotalEnergies SE and Italy’s SpA said they were ready to invest billions of dollars in Libya as the OPEC nation emerges from a decade of conflict and civil war.