Oil demand in the US soared during the summer, even as higher pump prices forced many Americans to cut back on driving. Overall petroleum supplied, a proxy for demand, posted its best July since 2019, according to government data released Friday. June was even stronger, with demand for the month at a 16-year high. The boost came […]
Oil prices jump rose on Wednesday for a second day, rebounding from recent losses as the U.S. dollar eased off recent gains and U.S. fuel inventory figures showed larger-than-expected drawdowns and a rebound in consumer demand. Brent crude futures settled up $3.05, or 3.5%, at $89.32 per barrel. U.S. West Texas Intermediate (WTI) crude futures […]
Oil and gas will continue to remain a significant part of oil-producing countries’ energy mix. The need for energy grows every year. With that, this will ensure global energy security in line with the green shift in mind as experts say. The UAE was seeing record growth in renewables. This is what Sultan Al Jaber […]
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.1 million barrels from the previous week. At 430.8 million barrels, inventories are about 2% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of September 16, […]
Two years ago, oil and gas companies in Texas were laying off employees. This is amid the most severe downturn in the industry’s history. This year, job growth in America’s oil and gas heartland has been so strong. As a result, labor shortages have prevented the industry from expanding. According to the latest data, Texas […]
Oil prices climbed on Monday, despite weaker demand expectations, as concerns about oil supply heading into winter mount. Brent crude futures settled at $94.00 a barrel, up $1.16, or 1.3%. U.S. West Texas Intermediate crude settled at $87.78, up 99 cents, or 1.1%. The latest data from the US Department of Energy shows that US […]
Production taxes paid by the Texas oil and natural gas industry topped $10 billion in fiscal 2022. This is the highest amount the industry has paid in Texas history. The fiscal record was reported after the industry has broken records nearly every month this year in both the number of jobs added and the record […]
There is an oil price hike of 4% on Monday after OPEC+ crude producers agreed to cut output quotas and Russia said it won’t sell its exports to countries that abide by a US-led planned price cap. Members of the Organization of Petroleum Exporting Countries and their allies agreed at a meeting Monday to reduce […]
In a historic achievement, President Joe Biden signed into law the Inflation Reduction Act (IRA) on August 16, 2022. This bill, was recently thought to be on life support with very little chance of congressional passage. It is a sprawling piece of legislation. Also, it lowers prescription drug costs for those covered by Medicare and […]
Global crude oil prices surged past $100 per barrel on Wednesday for the first time in more than three weeks following a warning by Saudi Arabia that oil-producing nations may have to cut output to deal with the recent drop in prices, amid fears of a global recession. The global benchmark Brent Crude Futures index […]
