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Home2022June

Month: June 2022

UK’s
Energy Policy

New UK oil and gas tax will damage production, diminish energy security, Offshore Energies UK warns

June 29, 2022 Mariel Alumit

The UK government’s decision to impose a 65% tax rate on the nation’s offshore energy providers will do long-term damage to the industry – and raise the risk of future energy shortages, OEUK has told […]

OPEC
Crude Oil News

OPEC half a billion barrels behind on oil supply deal

June 29, 2022 Mariel Alumit

(Bloomberg) — 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. In May 2020, the […]

recession
Finance

Here’s 5 recession warning signs

June 29, 2022 Mariel Alumit

It’s the question everyone is asking: Are we about to enter a recession? A tepid stock market, soaring inflation, and rising interest rates have left Americans less than optimistic about the state of the economy. […]

Renewable
M & A

Chevron Completes Acquisition of Renewable Energy Group

June 29, 2022 Mariel Alumit

Chevron Corporation earlier this month completed its previously announced acquisition of biodiesel production company Renewable Energy Group, Inc. (REG) following approval by REG stockholders. “We have brought together companies with complementary capabilities, assets, and customer […]

Qatar
Geopolitical

Oil Climbs Higher As Nuclear Talks Crumble In Qatar

June 29, 2022 Mariel Alumit

Indirect nuclear talks between the United States and Iran have reportedly ended without agreement. The lack of progress has cast doubt on the possibility of any breakthrough in the foreseeable future. Oil prices inched higher […]

China
Crude Oil News

China To Subsidize Refiners If Oil Prices Exceed $130

June 29, 2022 Mariel Alumit

The Chinese government has announced that it will subsidize refiners if international benchmark crude prices hit $130 per barrel. COVID lockdowns have crippled China’s refinery output. The Chinese government will offer subsidies to refiners initially […]

Saudi Arabia
International News

Oil production test looms for OPEC heavyweights Saudi Arabia, UAE

June 29, 2022 Mariel Alumit

Saudi Arabia and the UAE have starring roles to play in the oil market this summer, as the only producers in the world holding any significant spare output capacity. But much of it is from […]

G7
Energy Policy

Investment needed in LNG sector to respond to Russian energy crisis: G7

June 29, 2022 Mariel Alumit

More LNG sector investment is needed to respond to the current energy crisis and to aid efforts to phase out Russian gas dependency, G7 leaders have agreed. With global gas prices having reached record highs […]

Biden administration
Political

Environmental groups sue Biden administration for resuming oil and gas lease sales

June 29, 2022 Mariel Alumit

A coalition of environmental groups on Wednesday sued the Biden administration over its approval of oil and gas lease sales in four Western states. The lease sales in Montana, Nevada, North Dakota and Utah mark the first […]

U.S. crude oil
Top News

U.S. crude oil inventories decrease by 2.8 million barrels

June 29, 2022 Mariel Alumit

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.8 million barrels from the previous week.  At 415.6 million barrels, U.S. crude oil inventories are about 13% below the five […]

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