Oil
Wallstreet finally loves oil again
Crude oil has had a great 2021 so far - a very different situation than last year, when the pandemic destroyed demand for all commodities and triggered a price drop that lasted well into 2020. Now the raw materials are back with full force, and nowhere is this …
Chinese oil imports fall in June
China's crude oil imports fell to about 9.77 million barrels a day last month, a 2 percent decrease from May and the lowest monthly figure since the beginning of the year, Reuters reported, citing customs data. In the first half of the year, China imported …
Maduro pushes negotiations with the United States
Venezuela's Nicolas Maduro has been waiting for the Biden administration to negotiate a deal that would bring relief to US sanctions against the country with the world's largest oil reserves, he said in an interview with Bloomberg Television. Venezuela's oil …
Russia oil reserves to last until at least 2080
Russia's oil reserves will reach 2080 at the current rate of annual production, the Minister of Natural Resources, Alexander Kozlov, said this week in an interview with Russian news agency RBC. Russia also has natural gas reserves for another 103 years of …
Latin American Oil Majors feel the heat of the latest Covid wave
Despite lengthy lockdowns and closed borders across South America, the continent is one of the hardest hit by the COVID-19 pandemic. Three countries, Brazil, Argentina and Colombia are in the top 12 countries with the most cases, while Brazil and Colombia are …
Exxon meets earnings expectations
Exxon Mobil Corp outperformed Wall Street earnings estimates on Friday with its first profit in five quarters, helped by higher oil prices and strong chemical margins. Exxon (NYSE: XOM) and its competitors' earnings have soared this year, with crude oil prices …
NGO asks Asian Development Bank to withdraw from fossil fuels
A group of nongovernmental organizations called on the Asian Development Bank (ADB) on Monday to end lending to the fossil fuel sector as the international lender holds its annual meeting this week with a focus on a green economy. The ADB, which funds …
Pioneer Natural stock loses after takeover spree
Stocks of Pioneer Natural Resources (NYSE: PXD) fell more than 6% as the US oil producer surprised investors by taking over rival DoublePoint Energy for $ 6.4 billion months after a big deal, with the sector getting on still recovering from last year's crash. …
Oil prices down almost 5%
For better or worse, the world's oil producers decided last week to defy Saudi Arabia and press for higher output in the next three months. After being patted on the back and even rewarded, the market is now saying it was definitely for the bad. Crude oil …
Oil struggles to regain positive momentum
Oil prices are struggling to regain their strong upward trajectory of the past four months as new Covid-19 lockdowns in Europe weigh on crude oil prices as they seek to rebound from the worst week since late October. The New York-traded West Texas …