A big oil production cut by OPEC+ members will not spur new U.S. oil and gas production, energy executives told Reuters, despite the likely rise in prices that could signal higher profits and inflation pressures. The Organization of the Petroleum Exporting Countries and its allies, called OPEC+, meets on Wednesday to consider output cuts that could exceed 1 million barrels per day, the largest since the 2020 pandemic-driven market crash. A hefty cut will show the extent to which OPEC+ has [Read more]
OPEC+ supply cuts loom over already tight oil market
OPEC+ producers look set to cut output when they meet on Wednesday, squeezing supply in an oil market that energy company executives and analysts say is already tight due to healthy demand, lack of investment and supply problems. The potential OPEC+ cut could spur a recovery in oil prices which have dropped to about $90 from $120 just three months ago due to fears of a global economic recession, rising U.S. interest rates and a stronger dollar. OPEC+, which includes Saudi Arabia and [Read more]
White House rules out ban on natural gas exports this winter
The White House has ruled out any ban or curbs on natural-gas exports this winter, in a bid to help alleviate energy shortages in Europe, according to two people directly involved in the discussions. In March, U.S. President Joe Biden committed to deliver 15 billion cubic metres (bcm) more of liquefied natural gas (LNG) to Europe following Russia's invasion of Ukraine and has already surpassed that goal. Further White House analysis has only cemented support for ongoing exports, the [Read more]
Top oil traders see steady demand despite economic headwinds
GENEVA, Oct 4 (Reuters) - Economic headwinds have yet to significantly erode the world's demand for oil, top oil traders said at the Argus European Crude Conference in Geneva on Tuesday. The forecasts by senior executives of the world's main commodity trading houses may buttress the case for more resilient oil prices after recession fears sent them plunging by around a quarter in the last three months to near $90 a barrel. "All the different factors suggest, yes, we may be heading into a [Read more]
Oil prices edge higher ahead of OPEC+ meeting to discuss supply cuts
LONDON, Oct 4 (Reuters) - Oil prices rose on Tuesday on expectations that OPEC+ may agree to a large cut in crude output in its meeting this week, while strong demand and upcoming sanctions on Russian oil also lent some support to prices. Brent crude was up 79 cents, or 0.9%, to $89.65 per barrel by 1054 GMT after gaining more than 4% the previous day. U.S. crude futures rose 60 cents, or 0.7%, to $84.23 a barrel, having gained more than 5% the previous day. The Organization of the [Read more]
U.S. natgas drops 4%, near 12-week low on record output, demand decline
U.S. natural gas futures dropped about 4% on Monday to the lowest in nearly 12 weeks on record output and forecasts for milder weather and slower demand over the next two weeks due to ongoing storm-related outages and a reduction in liquefied natural gas (LNG) exports. Reducing gas demand from electric utilities, about 560,000 homes and businesses in Florida remained without power after Hurricane Ian hit the state on Sept. 28-29. Over the weekend in Maryland, Berkshire Hathaway Energy's [Read more]
More U.S. LNG heads to Europe despite output constraints
U.S. producers of liquefied natural gas (LNG) boosted exports to Europe in September even as a plant outage kept overall shipments below the average for the first eight months of 2022, Refinitiv Eikon data showed on Monday. A June fire at the United States' second-largest exporter Freeport LNG has the country's output below its full processing capacity even as demand and prices for the superchilled gas soar on European buyers seeking alternatives to Russian gas. A total of 87 cargoes [Read more]
Oil jumps $4 as OPEC+ weighs biggest output cut since 2020
LONDON, Oct 3 (Reuters) - Oil prices jumped by about $4 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Brent crude futures rebounded by $3.77, or 4.4%, to $88.91 a barrel by 1226 GMT. U.S. West Texas Intermediate crude was up $3.95, or 5%, at $83.44. Oil prices have tumbled for four straight months since June, as COVID-19 lockdowns in top energy [Read more]
OPEC+ to consider oil output cut of more than 1 million bpd
OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) when it meets on Oct. 5, OPEC sources told Reuters on Sunday. The figure is slightly above estimates for a cut given last week, which ranged between 500,000 bpd and 1 million bpd. OPEC+, which combines OPEC countries and allies such as Russia, is meeting in person in Vienna for the first time since March 2020. "It is a meeting that is taking place at a very interesting global time," one of the sources [Read more]
White House to meet oil industry over Hurricane Ian price-gouging concerns
Top White House officials will meet Friday with oil executives to discuss Hurricane Ian and low gasoline inventories as President Joe Biden warns the industry not to price-gouge consumers, according to two sources familiar with the matter. The White House requested the meeting with oil companies ExxonMobil, Chevron and Marathon Petroleum late on Thursday, the sources said. Retail gasoline prices have spiked after a series of unplanned outages at refineries and scheduled maintenance at [Read more]
- « Previous Page
- 1
- …
- 206
- 207
- 208
- 209
- 210
- …
- 619
- Next Page »