Oil
Gasoline prices in the US reach $5 per gallon
The average price of gasoline in the US topped the $5 a gallon mark on Saturday for the first time in history, fueling decades of inflation that has become politically very costly for the Biden administration.
Under pressure from the USA, Opec agrees to increase oil production
Opec and its allies on Thursday agreed to increase oil production in July and August after Saudi Arabia, the cartel's fulcrum, caved in to US pressure to stem the rise in crude prices threatens to bring the global economy to a standstill.
Saudi Arabia ready to deliver more oil
Saudi Arabia has indicated to its western allies that it is ready to increase oil production should Russian production fall significantly under the weight of sanctions, according to five people familiar with the talks. The kingdom has resisted White House …
Europe approaches oil embargo
The European Union has proposed a phased embargo on Russian oil imports, the removal of more Russian banks from the Swift payments system and new sanctions against those spreading disinformation about Russia's war in Ukraine, EU officials said on Tuesday. EU …
Baerbock promises German oil embargo
Germany wants to stop importing Russian energy resources as soon as possible and already has a clear plan to stop coal and oil imports from Russia. This is what Foreign Minister Annalena Baerbock said on April 20 in Riga after talks with her counterparts from …
Another major release of US oil reserves is imminent
President Joe Biden is close to releasing another large batch of oil from emergency stocks in the US in a bid to slash crude prices, which are fueling high inflation across the economy, according to three people familiar with the plan.
Saudi Aramco increases spending on oil exploration
Saudi Aramco has announced it will increase spending on oil production to meet rising energy demand, while chief executive Amin Nasser has slammed "completely unrealistic" plans for the world to quickly move away from fossil fuels.
Opec allies to increase oil production
The UAE will encourage other OPEC members to increase oil production as Russia's invasion of Ukraine has pushed crude prices to their highest levels in more than a decade, according to a senior official.
US in "active talks" on Russian oil import ban
US Secretary of State Antony Blinken said Washington was in "very active talks" with its European partners about a ban on oil imports from Russia while Ukraine prepared for a widening offensive against its urban centers.
Rumors of Iranian Oil Return
Iran's oil production capacity may peak less than two months after reaching a nuclear deal, Oil Minister Javad Owji said on Thursday.