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Biden Escalates War of Words with Big Oil
June 25, 2022
Source: Rigzone

Biden Escalates War of Words with Big Oil

President Joe Biden reiterated his ire toward oil industry officials, verbally sparring with Chevron Corp. Chief Executive Officer Mike Wirth just days before administration officials and oil executives are set to discuss how to bring down gasoline prices. Wirth earlier called on Biden to stop criticizing the oil and gas industry and for a “change in approach” toward US energy policy in a rare, candid letter published Tuesday. Biden responded by calling the executive “mildly sensitive” and telling reporters at a White House press conference, “I didn’t know they’d get their feelings hurt that quickly.”

USA Energy Sec Leads Meeting with 7 Major Oil Companies
June 25, 2022
Source: Rigzone

USA Energy Sec Leads Meeting with 7 Major Oil Companies

The U.S. Department of Energy (DOE) confirmed Thursday that Secretary of Energy Jennifer M. Granholm led an in-person meeting with CEOs and executives of seven major U.S. oil companies at the DOE headquarters in the morning of June 23. Granholm reminded the companies that their consumers, workers, and communities are feeling the pain at the pump because of Putin’s price hike and that at a time when Putin is using energy as a weapon, oil companies must deliver solutions to ensure secure, affordable supply, a DOE statement noted.

Oil falls as demand concerns weigh against tight supply
May 6, 2022
Source: Energy World

Oil falls as demand concerns weigh against tight supply

Brent futures fell 37 cents, or 0.3 per cent, to $110.53 a barrel by 0015 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.3 per cent, to $107.93 a barrel.

OPEC Forecasts 240m Barrels Emergency Stock by October
May 5, 2022
Source: This Daylive

OPEC Forecasts 240m Barrels Emergency Stock by October

"The Organisation of Petroleum Exporting Countries (OPEC) yesterday said with all current market dynamics at play, the global oil supply market could have as much as 240 million barrels of emergency crude oil in the next six months."

OPINION: US petroleum fills the gap left by Russia exports: Kemp
May 2, 2022
Source: Energy World

OPINION: US petroleum fills the gap left by Russia exports: Kemp

US product exports have accelerated to a record in recent weeks while crude imports have decelerated to the slowest rate for decades, according to data from the US Energy Information Agency (EIA).

Who is buying Russian crude oil and who has stopped?
April 21, 2022
Source: Energy World

Who is buying Russian crude oil and who has stopped?

Many buyers in Europe, however, have stopped buying Russian crude on the spot market voluntarily to avoid reputational damage, promising to halt purchases completely when earlier signed long-term contracts expire.

"Oil steady despite Libya supply drop, Shanghai preparing to reopen  "
April 19, 2022
Source: Energy World

"Oil steady despite Libya supply drop, Shanghai preparing to reopen "

Brent crude futures rose 21 cents, or 0.2%, to $113.37 a barrel at 0020 GMT, while U.S. West Texes Intermediate (WTI) crude futures slipped 2 cents to $109.19 a barrel.

Chevron, union reject proposals in California refinery strike -official
April 19, 2022
Source: Reuters

Chevron, union reject proposals in California refinery strike -official

Chevron Corp (CVX.N) and the United Steelworkers union (USW) rejected each other's proposals to end a month-long strike at the company's Richmond, California, refinery, a union official said on Monday.

Indian imports of Russian energy represent only 1-2% of its total energy imports: US
April 6, 2022
Source: Energy World

Indian imports of Russian energy represent only 1-2% of its total energy imports: US

The White House also reiterated that it is not in India's interest to increase its import of energy from Russia and that the Biden administration is willing to work with New Delhi to help it do that.

Guyana okays Exxon’s US$10b Yellowtail offshore oil project
April 6, 2022
Source: The Gleaner

Guyana okays Exxon’s US$10b Yellowtail offshore oil project

Guyana’s government has granted permission for American supermajor ExxonMobil to develop a fourth offshore oil and gas field, and the company said on Monday it has made a final investment decision on the US$10-billion project aimed at producing up to 250,000 barrels per day.

Exxon signals record quarterly profit from oil and gas prices
April 5, 2022
Source: Energy World

Exxon signals record quarterly profit from oil and gas prices

A snapshot of the largest U.S. oil company's quarter ended March 31 showed operating profits from oil and gas, its biggest unit, could jump by as much as $2.7 billion over the prior quarter's $6.6 billion.

What led the US to approve the biggest-ever oil release from the SPR?
April 4, 2022

What led the US to approve the biggest-ever oil release from the SPR?

Russian playwright Anton Chekhov’s advice on writing applies also to oil, where the US strategic petroleum reserve (SPR) has long loomed over the market, but rarely been used. Now US President Joe Biden intends to give the market both barrels.

Oil sees biggest weekly loss in 2 years, US crude below $100 as Biden releases reserves
April 2, 2022
Source: Times of Oman

Oil sees biggest weekly loss in 2 years, US crude below $100 as Biden releases reserves

Oil markets entered April with their worst weekly loss in two years as the Biden administration announced the largest ever crude reserve release that sent the benchmark US price below the key $100-per-barrel support.

USD/INR Price News: Bulls recapture 76.00 on softer oil prices, US NFP eyed
April 1, 2022
Source: FX Street

USD/INR Price News: Bulls recapture 76.00 on softer oil prices, US NFP eyed

The USD/INR pair has reclaimed 76.00 amid falling oil prices after US President Joe Biden announced a release of one million barrels per day for six months out of their Strategic Petroleum Reserve (SPR) from May.

Russia Offers Oil to India at Steep Discount to Pre-War Price
March 31, 2022
Source: BNN Bloomberg

Russia Offers Oil to India at Steep Discount to Pre-War Price

(Bloomberg) -- Russia is offering India steep discounts on the direct sale of oil as mounting international pressure lowers the appetite for its barrels elsewhere following the invasion of Ukraine, according to people with knowledge of the matter.

US Pres. Biden team weighs a massive oil release to combat inflation, oil heavily offered
March 31, 2022
Source: FX Street

US Pres. Biden team weighs a massive oil release to combat inflation, oil heavily offered

US Pres. Biden's team weighs a massive oil release to combat inflation and oil is heavily offered as the administration figures to release 1 million barrels of oil per day for months. The total release may be as much as 180 million barrels, the people said.

Chevron, the USW, and the threat of war: What striking oil workers need to know
March 30, 2022
Source: WSWS

Chevron, the USW, and the threat of war: What striking oil workers need to know

Are you a striking Chevron worker or worker at another refinery or petrochemical plant? Contact us to discuss your struggle and the fight to expand the Richmond strike.

Think about where you want to stand in history': US to India on buying Russia oil
March 16, 2022
Source: One India

Think about where you want to stand in history': US to India on buying Russia oil

United States has said India taking up Russia's offer of discounted crude oil would not be a violation of American sanctions but added that such move would put New Delhi on the wrong side of history.

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