Oil Prices ///

OPEC+ ratifies August oil-production increase, leaves next move unresolved

The OPEC+ coalition ratified an oil-production increase that completes the return of supplies halted during the pandemic, while deferring discussions on its next move for another day.

Biden to ask Persian Gulf producers to boost oil output during Middle East trip

President Joe Biden said he’ll ask U.S. allies in the Persian Gulf region to boost oil production when he meets with them during a trip to Saudi Arabia next month, one of the key avenues he has to address surging inflation costs at home.

OPEC half a billion barrels behind on oil supply deal

OPEC+ is more than half a billion barrels behind on its pledge to supply world markets with oil, exacerbating concerns about the group’s ability to balance the global market.

OPEC+ set to conclude two-year old supply pact before tough decision on new deal

The OPEC+ alliance is set for an easy meeting this week as it cruises to the conclusion of a two-year pact on oil supplies. The respite won’t last long.

A fresh look at what Russia’s invasion means for energy companies

Russia’s invasion of Ukraine has dominated headlines in terms of being a humanitarian crisis in Eastern Europe, which it is, first and foremost. It also continues to have sweeping implications for the global energy industry, the global economy, and everyone on the planet.

Industry groups call refiners’ meeting with energy secretary ‘constructive’

The American Petroleum Institute and American Fuel & Petrochemical Manufacturers called the meeting “a constructive discussion.” While no concrete solutions emerged, both sides promised to keep talking and working together in good faith.

Typically conflicting energy, environmental groups unite to oppose Biden’s gas gambit

Oil leaders and their allies on Capitol Hill are panning the approach, saying it does nothing to address more fundamental problems holding back U.S. crude and gasoline production.

Veteran commodities trader says ‘hard to think of a downside’ to Russian oil price cap

Veteran commodities trader Pierre Andurand said it’s “hard to think of a downside” to a proposed oil price-cap on Russian crude that’s been floated by U.S. Treasury Secretary Janet Yellen.

OPEC+ debating next move as U.S. presses for more oil

The oil pact OPEC+ launched at the outset of the pandemic is finally nearing an end, and where the group goes from here is a politically fraught question.

LyondellBasell fire shows how rapidly refining capacity can shrink

The 30-minute fire at LyondellBasell Industries NV’s Houston refinery Tuesday underscored just how quickly U.S. gasoline production can fall at a time when the country is experiencing record-high prices at the pump.

Biden criticizes U.S. oil refiners as profits soar

Exxon Mobil Corp., Marathon Petroleum Corp. and the other top U.S. oil refiners are on course to reap a combined $10 billion in profits this quarter even as U.S. President Joe Biden lambasts the industry for closing plants.

Exxon Mobil shares hit record high, fueled by 60% surge in crude prices

Exxon Mobil Corp. shares rose to the highest intraday level ever Wednesday and are on track to close at a record, stoked by an almost 60% surge in crude prices that’s lifting oil supermajors and complicating efforts to fight global inflation.

Canada’s oil sands prices trail futures as refining costs rise

Canadian heavy crude prices have collapsed relative to futures prices because of high refining costs rather than the pipeline bottle necks that have plagued the industry in the past, according to a Toronto-based analyst.

Oil gains near $120 as Saudi price boost shows demand confidence

Oil climbed after Saudi Arabia signaled confidence in demand with a bigger-than-expected price increase of its crude for Asia.

The U.S. may never build a new refinery, Chevron CEO says

There may never be a new refinery built in the US despite surging gasoline prices as policymakers move away from fossil fuels, according to Chevron Corp.

OPEC+ seen sticking with supply plan even as EU sanctions Russia

The OPEC+ coalition will likely hold firm to its oil production plans this week even as the European Union moves to sanction group member Russia, delegates said.

Top India explorer’s profit misses as levies weigh on oil gains

Oil & Natural Gas Corp.’s profit rose 32% in the fourth quarter but missed estimates as an increase in government levies ate into the gains from soaring oil prices after Russia’s invasion of Ukraine.

G-7 says OPEC has key role to play to ease tight energy markets

The Group of Seven urged OPEC to pump more oil, even as it made new pledges to try to fight climate change.

Industry at a glance

Craig Fleming

Despite restricted Russian supply, due to the war in Ukraine, crude prices slipped in April. WTI dropped 6.2% to $101.78/bbl, with Brent trading at $101.78/bbl, down 13.2% compared to March. Despite lower prices, U.S. operators finally started ramping up drilling activity, which is typically the case in a high-price environment.

The Last Barrel: What a difference a war makes

Craig Fleming

The dire predictions by executives and consulting firms about the short-term/long-term effects of Covid-19 on the industry were overwhelming. The unrelenting onslaught of “we will never recover” or “nothing will ever be the same” seemed short-sighted.

Oil steadies as EU stalemate deepens on Russian oil embargo

Oil eased off earlier gains with the European Union’s ban of Russian oil looking increasingly unlikely to pass.