Oil - Page 2

Russian oil firms are reportedly having trouble collecting payments from customers in China, Turkey, and the United Arab Emirates (UAE) because buyers have grown more nervous about triggering U.S. sanctions against Russia.

Ukraine launched a wave of long-range drones deep inside Russia on Tuesday, Russian officials said, hitting at least two oil facilities.

Saudi Arabia’s national oil company, Aramco, on Sunday reported near-record profits of $121 billion in 2023. The eye-catching total might seem a bit surprising given media narratives that fossil fuels are on the way out, but Aramco found demand for oil stronger than ever, albeit distributed somewhat differently than in years past.

Iran confirmed on Wednesday it would seize the oil aboard the Advantage Sweet, a cargo ship the regime seized in the Persian Gulf in April alleging it had been involved in a maritime collision.

On Friday’s broadcast of MSNBC’s “Katy Tur Reports,” Deputy Treasury Secretary Wally Adeyemo said that “Russia will still have the ability to sell their oil” under the newest round of sanctions by the Biden administration and that they haven’t banned

Canadian Energy and Natural Resources Minister Jonathan Wilkinson said Wednesday that with the voluntary return of 23 permits by Chevron Canada in February, energy companies have surrendered the last of the outstanding permits for oil and gas drilling off Canada’s Pacific coast.

On Tuesday’s broadcast of “CNN This Morning,” CNN Military Analyst Maj. Gen. James “Spider” Marks (Ret.) argued that “we are very reactive” to the situation in the Middle East and “The initiative entirely belongs to Iran. We have to get

On Tuesday, Rep. Jared Moskowitz (D-FL) stated that there’s “a lot more we can do” on sanctioning Iran, called for the Senate to move legislation on sanctioning Iran, and argued that there are “lots of things” we can do that

The Iran-backed Houthi terrorists of Yemen launched a missile at a tanker carrying Russian fuel through the Gulf of Aden on Saturday.

The Saudi Basic Industries Corporation (SABIC) on Sunday announced an investment plan to build a petrochemical complex in China’s Fujian province, in cooperation with the Fujian Fuhua Gulei Petrochemical company.

A Ukrainian drone struck an oil storage depot in western Russia on Friday, causing a massive blaze, officials said.

On Tuesday’s broadcast of CNBC’s “Squawk Box,” Chevron CEO Mike Wirth stated that despite all the sanctions on Russia, “Russian oil kept coming into the market.” And that “The sanctions that were imposed on Iran have not been enforced.” Wirth

Energy prices have been pushing down inflation. The Red Sea conflict threatens to upend that.

On Monday’s broadcast of CNBC’s “Last Call,” CNBC Contributor and Managing Director and Global Head of Commodity Strategy for RBC Capital Markets Helima Croft and host Brian Sullivan noted that sanctions on Iranian oil aren’t really being enforced with Croft

The BRICS economic group dealt with some internal oil drama this week, as Iran withheld oil shipments from China to demand higher prices and India cut back on its heavy purchases of Russian oil because Russia was no longer peddling crude at fire-sale discounts.

The anti-American BRICS economic and security coalition will welcome five new members on January 1: a country in a severe economic crisis, another openly defaulting on its sovereign debt, and two countries embroiled in a proxy war against each other.

Russia’s Deputy Prime Minister says the country has largely completed the process of shifting its oil exports from Europe to China and India.

The industry publication Energy Intelligence reported that South Korea increased the amount of crude oil it imported from Saudi Arabia.

CARACAS, Venezuela — The Venezuelan socialist Maduro regime is expecting a substantial increase in its oil exports in 2024 after President Joe Biden eased oil sanctions on the rogue socialist regime in October.

On Wednesday’s broadcast of Bloomberg’s “Balance of Power,” White House Senior Adviser for Energy and Investment Amos Hochstein responded to a question on whether the U.S. can make up energy shortfalls if there is one from the Middle East by stating

BP on Monday joined the growing list of companies that have halted or restricted shipping through the Red Sea due to terrorist attacks by the Iran-backed Houthi terrorists of Yemen.

A large container ship was struck by a projectile fired from Yemen, causing some cargo to fall overboard and setting a fire on the ship.

U.N. climate negotiators confirmed Monday they are pushing for a deal at the COP28 climate summit in Dubai that will be the beginning of the end for fossil fuels.

Russian strongman Vladimir Putin and Saudi Crown Prince Mohammed bin Salman said on Thursday that the two countries would pressure fellow members of OPEC+ to “adhere” to their agreements “in a way that serves the interest of producers and consumers,” a sign the two would join to pressure smaller member nations to keep production reduced.

On Monday’s broadcast of Bloomberg’s “Surveillance,” Deputy Energy Secretary David Turk stated that the private sector will boost oil production in the U.S. if it isn’t constrained by the government and also touted oil and gas sector emissions regulations announced

The United Arab Emirates (UAE), host of the COP28 climate conference that kicked off this week in Dubai, on Friday announced a $30 billion climate fund called ALTERRA that seeks to attract $250 billion in investment by 2030.

One of the world’s more overlooked simmering conflicts came to a boil on Wednesday, as Brazil announced “intensified defensive actions” — in other words, massing troops and armor — along its northern border to repel a possible invasion of Guyana by Venezuela.

On Monday’s broadcast of CNBC’s “Squawk Box,” co-host Becky Quick stated that while the U.S. has sanctions on Iran, the Biden administration has “acknowledged that they’re going to continue to allow” Iranian oil to be sold elsewhere because they don’t

During portions of an interview with “PBS NewsHour” aired on Thursday, Rep. Lloyd Doggett (D-TX) stated that Russian oil that has been refined in another country has made its way to the U.S. through a loophole in the U.S. embargo

Iran claimed that its crude oil production output reached 3.115 million barrels per day (bpd) in October.

Nigerian President Bola Tinubu signed a $2.8 billion budget on Wednesday, which included lavish funding for a presidential yacht.

The U.N. Environment Program (UNEP) and Stockholm Environment Institute published a report Wednesday that said governments around the world, led by fast-growing India and world’s worst polluter China, plan to exceed the Paris Agreement’s limits on fossil fuels by more than 110% by 2030.

On Friday’s broadcast of “CNN This Morning,” Deputy Treasury Secretary Wally Adeyemo responded to questions on expanding oil sanctions on Iran by stating that he won’t preview actions and “we’ve put in place more than 300 sanctions against Iran, including

Socialist dictator Nicolás Maduro declared on Monday that the primary election held by the Venezuelan opposition on Sunday was a “fraud” and part of a “coup” plot against him.

On Friday’s broadcast of CNBC’s “Squawk Box,” co-hosts Becky Quick and Joe Kernen reacted to news that the Biden administration wants to try to refill the Strategic Petroleum Reserve (SPR) at a price of $79 a barrel or less by noting

Texas energy producers set back-to-back records for energy production in August and September, according to a report from the Texas Oil & Gas Association. The records starkly contrast to the 40-year low level of national energy reserves.