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(Reuters) - Mexican President Andres Manuel Lopez Obrador said on Monday that well-known foreign companies had engaged in what he described as fuel smuggling and he named global energy trader Trafigura (TRAFGF.UL) as an example of the practice. The comments marked a new development in a web of corruption probes of some of the world's... Continue Reading →
(Bloomberg) Citigroup Inc. said oil prices may hit $90 a barrel at times this winter as gas-to-oil switching drives stockpiles lower. The bank, which raised its Brent oil forecast for the fourth quarter to $85, said inventories may dwindle to their lowest level on record in terms of days-of-cover by year-end. That comes as consumption... Continue Reading →
Oil prices rose by about 2% on Monday, extending gains as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers. Brent crude was up $1.45, or 1.8%, at $83.84 a barrel by 1336 GMT, its highest since October 2018. U.S. West Texas Intermediate (WTI) crude rose... Continue Reading →
(Bloomberg) Oil explorers need to raise drilling budgets by 54% to more than half a trillion dollars to forestall a significant supply deficit in the next few years, according to Moody’s Investors Service Inc. Crude and natural gas drillers chastened by last year’s unprecedented collapse in demand and prices haven’t responded to the recent market... Continue Reading →
(Reuters) - Oil prices fell sharply on Thursday, extending losses from the previous session, as the United States said it was considering selling oil from its strategic reserves and as Russia said it was ready to stabilise the natural gas market. Brent crude prices fell $1.24, or 1.5%, to $79.84 a barrel by 0918 GMT,... Continue Reading →
Oil hit a multi-year high on Wednesday above $83 a barrel, supported by OPEC+'s refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally. The market later unwound those gains due to an American Petroleum Institute (API) report showing rising crude inventories in the United States and, analysts... Continue Reading →
(Rigzone) Fitch Solutions Country Risk & Industry Research has released its latest oil price forecasts to 2025. In a report sent to Rigzone on Monday, the company projected that Brent crude prices will average $70 per barrel in 2021, $67 per barrel in 2022, $68 per barrel in 2023, $70 per barrel in 2024 and... Continue Reading →
(Reuters) - Brent crude oil futures hit a fresh three-year high on Tuesday, with U.S. benchmark crude close to 2014 peaks, after the OPEC+ group of producers decided to stick to its planned output rises rather pumping even more. OPEC+ agreed in July to boost output by 400,000 barrels per day (bpd) each month until... Continue Reading →
(WO) --The global energy crunch could help propel oil prices above $100 a barrel for the first time since 2014 and spur a global economic crisis, according to Bank of America. Natural gas prices have already surged to almost double that level in oil equivalent terms, and BofA says a spike in demand for diesel... Continue Reading →
(Reuters) - Petrobras (PETR4.SA) Chief Executive Officer Joaquim Silva e Luna said there was "zero" risk that the state-run Brazilian oil company would seek to artificially control fuel prices even amid growing public outrage over inflation. Petroleo Brasileiro, as the company is formally known, will have to raise gasoline and diesel prices in line with its international... Continue Reading →
Brazil Energy Insight 