Oil supply in focus amid omicron Covid variant fears

Oil rigs work on rigs in Gaoyu Lake in Gaoyou in east China’s Jiangsu Province on Friday, September 17, 2021. Barcroft Media | Getty Images OPEC and non-OPEC oil producers, an influential group known as OPEC+, meet on Thursday to decide on the next phase of production policy. The Energy Alliance will hold a video … Read more

Oil output policy in focus as omicron rattles markets

A picture of the OPEC logo prior to an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. Ramzi Boudina | Reuters A group of some of the world’s most powerful oil producers are meeting on Wednesday to discuss the potential impact of the new omicron Covid variable … Read more

Oil prices could soar to $150 in a fully reopened world: Jefferies

Oil prices could move “significantly above” current levels due to the deep world’s dependence on fossil fuels and could reach $150, says Christopher Wood of Jefferies. “In a world that’s really reopened — which is a big thing — the price of oil could go up exponentially,” Wood, the investment bank’s global head of equity … Read more

U.S. natural gas sinks, on track for worst month in three years

A liquefied natural gas (LNG) storage silo at the LNG terminal, operated by LNG Croatia LLC, in Krk, Croatia, Monday, January 25, 2021. Petar Santini | Bloomberg | Getty Images US natural gas futures fell on Tuesday to their lowest level in more than two months as expectations of a warmer-than-expected winter drove prices lower. … Read more

Biden ready to release more oil reserves to cool price: Amos Hochstein

A truck passes pumping water at the Bellridge oil field on November 03, 2021 near McKittrick, California. Mario Tama | Getty Images News | Getty Images The administration of President Joe Biden is ready to release more barrels of oil from its strategic reserves if the need arises again, according to the State Department’s top … Read more

Oil jumps 5%, recouping some losses following worst day of the year

Oil drilling pumps operate at the Englewood Oil Field in Culver City, California, on Sunday, July 11, 2021. Kyle Grelot | Bloomberg | Getty Images Oil prices jumped on Monday as traders bet that Friday’s massive selloff, spurred by fears that the new alternative, Omicron Covid, will curb demand for petroleum products, has been overstated. … Read more

Oil drops 11% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns

Oil pumps work against the sunset sky. imaginema | E + | Getty Images Oil prices fell to their lowest level in more than two months on Friday as the new strain of Covid-19 raised concerns about slowing demand as supply increases. The lower leg came amid a broad market sell-off with the Dow Jones … Read more

IEA chief criticizes artificial tightness in energy markets

Oil pumping cranes are photographed at the Kern River oil field in Bakersfield, California. Jonathan Alcorn | Reuters The head of the world’s leading energy authority said some countries had failed to take a beneficial stance to calm high oil and gas prices, criticizing the “artificial tightening” of energy markets. “[A] The factor that I … Read more

Shell to buy power from world’s ‘largest offshore wind farm’

Makinsa | iStock | Getty Images Shell said on Wednesday it had signed an agreement to purchase power from a project it called “the world’s largest offshore wind farm”. The 15-year power purchase agreement relates to 240MW from Dogger Bank C, the third and final phase of the 3.6GW Dogger Bank Wind Farm, which will … Read more

Releasing oil from reserves is a ‘bad policy choice’: Dan Brouillette

Oil wells pumping out of Midland Texas. jo som | Visions of America | global photo collection | Getty Images Former US Energy Secretary Dan Brouillette said on Wednesday that the Biden administration’s decision to release oil from US reserves was a “mistake.” “I think it’s a bad political choice,” he said in an interview … Read more