Oil

ACCORDING TO THE IEA, GLOBAL DEMAND FOR OIL, GAS, AND COAL WILL REACH ITS PEAK BY 2030 

Glances /

According to the International Energy Agency, the world’s demand for fossil fuels will peak by 2030 as more electric cars are introduced to the road and China’s economy changes to greener energy sources. This undermines the case for increased investment.  The Organization of the Petroleum Exporting Countries, which represents oil producers, believes that oil demand […]

ACCORDING TO THE IEA, GLOBAL DEMAND FOR OIL, GAS, AND COAL WILL REACH ITS PEAK BY 2030  Read More »

WHY AREN’T OPEC+ SUPPLY CUTS RESULTING IN HIGHER OIL PRICES? 

Glances /

In response to falling oil prices, OPEC+, a group made up of Organisation of the Petroleum Exporting Countries and allies like Russia that produces about 40% of the world’s petroleum, has been reducing oil output since November. The two largest oil exporters in the world—members Saudi Arabia and Russia—intensified their oil supply restrictions on Monday,

WHY AREN’T OPEC+ SUPPLY CUTS RESULTING IN HIGHER OIL PRICES?  Read More »

PRICES OF OIL INCREASE AFTER SAUDI ARABIA ANNOUNCES FURTHER PRODUCTION CUTS 

Glances /

Oil prices increased on Monday,5th June, as Saudi Arabia announced it will further reduce production by a million barrels per day starting in July for at least a month in an effort by OPEC+ producers to support oil prices. Saudi Arabia’s production was reduced by the most in recent memory; it will now produce nine

PRICES OF OIL INCREASE AFTER SAUDI ARABIA ANNOUNCES FURTHER PRODUCTION CUTS  Read More »

TURKEY DISCOVERS AN OIL DEPOSIT WITH A 100K BARREL/DAY PRODUCTION CAPACITY 

Glances /

Recep Tayyip Erdoan, the president of Turkey, has declared the finding of a brand-new oil deposit in the eastern part of the nation. At an opening ceremony for the Karapnar solar power plant and other recently finished projects in central Konya province on May 2nd, the president declared, “We have discovered oil reserves with a

TURKEY DISCOVERS AN OIL DEPOSIT WITH A 100K BARREL/DAY PRODUCTION CAPACITY  Read More »

OIL PRICES DECREASED BY 1% AFTER THE U.S. RELEASE RESERVES, WHILE SUPPLY WORRIES ARE INCREASED 

Glances /

Tuesday saw a little decline in oil prices of approximately 1% after the US announced it will release extra crude from its Strategic Petroleum Reserve, allaying market fears over supply. The U.S. Department of Energy (DOE) said on Monday that it would release 26 million barrels of oil from the SPR, which is already at

OIL PRICES DECREASED BY 1% AFTER THE U.S. RELEASE RESERVES, WHILE SUPPLY WORRIES ARE INCREASED  Read More »

U.S. HOUSE VOTES LEGISLATION FORBIDDING CHINA FROM PURCHASING STRATEGIC RESERVE OIL 

Glances /

On Thursday, 12th January, the U.S. House Republicans ended their first week in power by gaining bipartisan backing for a bill that would forbid the Energy Department from selling the country’s reserves of crude oil to China or related organizations. The Strategic Petroleum Reserve would not be released to customers “under the ownership, control, or

U.S. HOUSE VOTES LEGISLATION FORBIDDING CHINA FROM PURCHASING STRATEGIC RESERVE OIL  Read More »

CHINA AND SAUDI ARABIA AGREE TO HOLD REGULAR SUMMITS AS TIES IMPROVE 

Glances /

China and Saudi Arabia decided to have summit meetings between their leaders on a regular basis, strengthening ties between the world’s second-largest economy and its top oil source. Chinese President Xi Jinping and Crown Prince Mohammed bin Salman decided to have summits every two years and upgraded their connection to a comprehensive strategic partnership during

CHINA AND SAUDI ARABIA AGREE TO HOLD REGULAR SUMMITS AS TIES IMPROVE  Read More »

OPEC+ WILL THINK ABOUT CUTTING OIL PRODUCTION EVEN MORE DUE TO RUSSIA SANCTIONS AND PROPOSED PRICE CAP 

Glances /

Energy analysts predicted that OPEC and non-OPEC oil producers might decrease their output even more on Sunday as the key energy alliance considers the effects of a potential ban on Russian crude exports and a potential price ceiling on Russian oil. On Sunday, OPEC+, a group of 23 oil-producing countries led by Saudi Arabia and

OPEC+ WILL THINK ABOUT CUTTING OIL PRODUCTION EVEN MORE DUE TO RUSSIA SANCTIONS AND PROPOSED PRICE CAP  Read More »

THE WHITE HOUSE REQUESTS $500 MILLION FROM CONGRESS TO UPGRADE THE OIL RESERVE  

Glances /

A document explaining the request reveals that the Biden administration has requested Congress for $500 million to update the U.S. strategic petroleum reserve (SPR). The proposal, made by the White House on Tuesday, 15th November, would give the Department of Energy (DOE) money to upgrade the four SPR sites along the Texas and Louisiana coasts

THE WHITE HOUSE REQUESTS $500 MILLION FROM CONGRESS TO UPGRADE THE OIL RESERVE   Read More »

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