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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.”
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.
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.
"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."
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).
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.
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 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.
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’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.
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.
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 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.
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.
(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'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.
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.
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.