U.S. Warns EU Members Against Setting Oil Price Cap Too Low

The United States urged caution in European Union talks on a Russian crude price cap, saying lower prices that have been quoted in recent days could be misleading. According to a Reuters report, an unnamed US official said the price of $52 a barrel of Urals crude – Russia’s flagship blend – does not reflect … Read more

Chevron Gets U.S. License to Pump Oil in Venezuela Again

WASHINGTON—The United States has said it will allow Chevron Corp. CLC -0.29% to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement an estimated $3 billion humanitarian aid package and continue dialogue in Mexico City on efforts to organize free and fair elections. Following … Read more

U.S. gives Chevron go ahead to pump oil in Venezuela again

The Treasury Department said Saturday it would allow Chevron to resume pumping oil from Venezuela’s oilfields. Why is this important: The license, granted by the Treasury Department, would allow the California-based oil company to pump Venezuelan oil for the first time in years in joint ventures with Venezuela’s national oil company Petróleos de Venezuela (PdVSA). … Read more

The U.S. Shale Boom Is Officially Over

The days of explosive growth in US shale oil production are over. US oil production is increasing, but at a much slower pace than before the crash of 2020, and at lower rates than expected a few months ago. New shale patch priorities – capital discipline and a focus on shareholder returns and debt repayment … Read more

U.S. Crude Oil Price Touches $80 a Barrel

The darkening outlook for the global economy last week dragged U.S. oil prices below $80 a barrel to their lowest levels since September. The declines extended a recent selloff in crude futures fueled by a rise in Covid-19 cases in China. The outbreak has tested Beijing’s relaxation of pandemic controls, threatening to thwart economic activity … Read more

U.S. Treasury Secretary: A Russian Oil Price Cap Will Benefit China And India

The US-led initiative to cap the price of Russian oil sold in international markets will benefit China, US Treasury Secretary Janet Yellen told media on the sidelines of the G20 summit today. “We see that the price cap is something that benefits China, India and all buyers of Russian oil,” Yellen said, as quoted by … Read more

Biden to Announce Restrictions on Methane Emissions at COP27

SHARM EL SHEIKH, Egypt — President Biden to tighten restrictions on methane emissions, a potent greenhouse gas, and increase funding for developing countries to adapt to the effects of change change and switch to cleaner technologies, according to the White House. Mr Biden is expected to announce the measures in a speech to a United … Read more

Frackers Jockey With Potash Miners for Space to Grow in Top U.S. Oil Field

Frackers at America’s busiest oilfield clash with miners working to boost production of a vital nutrient for crops in short supply after Russia invaded Ukraine. Relentless drilling in the Delaware Basin has boosted New Mexico’s oil production faster than any other state in the past 10 years. But Delaware, part of the Permian oilfield that … Read more

Biden Pitches Plan to Refill Oil Reserves, but Producers Are Skeptical

After releasing the most oil ever extracted from the U.S. Emergency Petroleum Reserve, the Biden administration signals it will soon fill, a multibillion-dollar venture that it hopes will spur drilling activity slow domestic. The land is likely to be a tough sell for many domestic producers, say industry executives and analysts. “It’s a bit more … Read more

Americans Spend Less on Gas, More on Food as Inflation Varies Across Items

Consumer retail spending shifted in September as they adjusted to changing costs amid high inflation and rising interest rates. They spent more on increasingly expensive basic necessities like food and less on falling priced items like gasoline and furniture, according to two government data reports this week. Overall U.S. retail sales — which includes consumer … Read more