Oil

Analysis: Why the cost of living will continue to increase

via The Conversation by Veronika Dolar, Assistant Professor of Economics, SUNY Old Westbury The price of oil has been spiking in recent weeks in response to concerns that the war…

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China’s COVID lockdowns dent oil demand, independent refiners resell crude

Anti-COVID lockdowns have dampened consumption of transportation fuels in China to a point where some independent refiners have resorted to trying to resell crude purchased for delivery over the next…

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58% of energy consumed in EU is imported, agency finds

In 2020, the EU imported 58% of the energy it consumed, as its own production satisfied only 42% of its needs. The EU’s energy mix in 2020 consisted of 35%…

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Oil prices surge again as EU considers embargo on Russia

Oil prices extended gains on Tuesday as some European Union members discussed a potential oil embargo on Russia and attacks by Yemen's Iran-aligned Houthi group on Saudi energy and water desalination facilities sent…

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Factbox: Who is still buying Russian crude oil

Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases, and the European Union plans to discuss such a ban this week, sending global oil…

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Oil price drops to two-week low as ceasefire talks continue

Oil prices extended losses on Tuesday, sliding to a two-week low as ceasefire talks between Russia and Ukraine eased fears of further supply disruptions and surging COVID-19 cases in China fuelled…

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Oil surges as U.S. and Britain cut off Russian crude

BENGALURU, March 8 (Reuters) - Oil prices surged on Tuesday as the United States and Britain moved to ban Russian oil imports, a decision that is expected to worsen disruptions in the…

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U.S., European allies discuss banning imports of Russian oil

WASHINGTON, March 7 (Reuters) - The United States and European allies are exploring banning imports of Russian oil, U.S. Secretary of State Antony Blinken said on Sunday, and the White House coordinated…

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Oil prices rise as Ukraine conflict stokes supply concerns

Oil prices climbed on Tuesday as concerns over potential supply disruption amid Russia's invasion of Ukraine outweighed talk of a coordinated global release of crude stocks to calm markets. May…

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Azerbaijan set to boost gas supply to Europe this year, double capacity in future

BAKU, Feb 23 (Reuters) - Azerbaijan plans to boost natural gas supplies this year and pump 16.2 billion cubic metres (bcm) via the Trans-Anatolian Natural Gas Pipeline (TANAP), mainly to Europe, and…

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Oil hits highest since 2014 on Russia-Ukraine escalation

Oil rose to its highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices towards $100…

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Oil eases on profit-taking, Ukraine developments remain key focus

Oil prices eased on Tuesday as investors scooped up profits from the previous day's rally to seven-year highs and as global stock markets slumped, although lingering concerns that Russia might invade…

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Oil slips from 7-year highs ahead of more U.S.-Iran talks

Oil prices eased on Tuesday ahead of the resumption of indirect talks between the United States and Iran which may revive a nuclear deal that could lead to the removal…

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Oil posts biggest monthly gain in a year on tight supply, political tensions

Oil prices rose to end January with their biggest monthly gain in a year, boosted by a supply shortage and political tensions in Eastern Europe and the Middle East. The most-active…

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Oil prices rise as geopolitical tensions grow

Oil prices climbed on Tuesday, regaining some of the ground lost in the previous day's sharp losses, on concerns over possible supply disruptions amid rising geopolitical tensions in both Eastern…

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Oil price climbs to more than 7-year high on Mideast tensions, tight supply

Oil prices rose more than $1 on Tuesday to a more than seven-year high on worries about possible supply disruptions after Yemen's Houthi group attacked the United Arab Emirates, escalating hostilities…

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Exxon buys stake in biofuels company Biojet in clean energy push

Oil major Exxon Mobil Corp said on Tuesday it bought a 49.9% stake in Norwegian biofuels company Biojet AS, as it looks to strengthen its low-carbon business to aide its targets for…

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Oil rises towards $82 as demand recovery seen on track

Oil rose towards $82 a barrel on Tuesday, supported by tight supply and hopes that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand…

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Oil rises above $78 on optimism about 2022 outlook

Oil rose above $78 a barrel on Monday, supported by tight supply, a strong U.S. dollar, and hopes of a further demand recovery in 2022, despite OPEC+ looking set to agree…

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Oil prices steady as Omicron worries linger

Oil prices steadied on Tuesday after a sharp fall in the previous session as investors worried about the rapid spread of the Omicron coronavirus variant and the impact of renewed restrictions…

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Omicron impact aside, oil supply set to top demand -IEA

A surge in COVID-19 cases and the emergence of the Omicron variant will dent global demand for oil, the International Energy Agency (IEA) said on Tuesday, but the broader picture is…

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Oil prices rebound as concerns on Omicron impact ease

Oil prices extended gains on Tuesday from a near 5% rebound the day before as concerns about the impact of the Omicron coronavirus variant on global fuel demand eased while Iran…

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Global oil CEOs stress need for fossil fuels despite push for cleaner energy

A global energy conference devoted to future technologies and low-carbon strategies kicked off in Houston on Monday with top executives from energy companies affirming the need for more oil for decades to come. The…

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Oil price down on jitters over vaccine efficacy

Oil prices tumbled more than 3% on Tuesday after Moderna's CEO cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant, spooking financial markets. The head of drugmaker…

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Oil price drops on growing talk of increased production despite faltering demand

Oil prices fell on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of…

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Oil price rally set to ease off as supply rebounds, IEA says

An oil market rally may ease off as prices that hit a three-year high last month help push up global supply, particularly in the United States, the International Energy Agency (IEA) said…

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Oil prices rise on news of positive signs for global economic growth

Oil prices rose on Monday as positive signs for global economic growth supported the outlook for energy demand and the United States said it was weighing options to address high prices.…

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Oil prices rise on slow OPEC output increase

Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world's top oil consumer China ramped up operating rates to meet a…

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Oil prices edge towards new highs on short supply

Oil prices edged towards new multi-year highs on Tuesday, supported by a global supply shortage and strong demand in the United States, the world's biggest consumer. Brent crude was flat at…

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Oil prices reverse earlier losses on China energy demand concerns

Oil prices rose on Tuesday, recouping earlier losses, as falling temperatures in China, the world's biggest energy consumer, revived concerns about its ability to meet heating demand needs amid power and…

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Oil prices rise amid rebound in global demand

Oil prices reversed early losses to extend gains on Tuesday into a fourth day amid a rebound in global demand that is contributing to energy shortages in major economies. Brent crude…

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UPDATE – Crude oil price jumps on global energy crunch

LONDON, Oct 11 (Reuters) - Oil prices rose more than 2% on Monday, extending gains as an energy crisis gripping major economies shows no sign of easing amid a pick…

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Oil climbs past $81 with OPEC+ sticking to output increase

Oil jumped to a three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds across the world. The producer…

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Shell’s UK power retailer to grow by 25% after rival’s default

Royal Dutch Shell's British power retail business will grow by over a quarter after it took on 255,000 customers from a rival supplier that defaulted following the recent surge in natural gas…

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SPECIAL REPORT-BP gambles big on fast transition from oil to renewables

Deep in the Oman desert lies one of BP's more lucrative projects, a mass of steel pipes and cooling towers that showcases the British energy giant's pioneering natural gas extraction technology.…

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Oil hits 6-week high as U.S. Gulf braces for another hurricane

Oil prices hit a six-week high on Tuesday as another hurricane threatened to bring heavy rain to Texas and parts of Louisiana that were still recovering from Ida, and as the…

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OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says

The head of Russia's No. 2 oil producer Lukoil said that oil prices of $65-$75 were "comfortable" for consumers and that the OPEC+ group of leading oil-producing nations was striving to maintain that price range by…

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Oil price down as US hurricane takes its toll

Oil prices slipped on Tuesday amid concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries at the same time global producers plan to…

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OPEC+ could reconsider output increase, says Kuwaiti oil minister

KUWAIT, Aug 29 (Reuters) - The 400,000 barrel per day increase in oil output agreed by OPEC+ nations in previous gatherings might be reconsidered at its next meeting on Sept.…

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Oil rises as full U.S. clearance for COVID-19 vaccine stokes demand hopes

Oil prices rose on Tuesday after the U.S. drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine, stoking investor hopes that higher fuel demand would follow a potential…

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Oil price drops more than 2% on China’s virus curbs, strong dollar

Oil prices fell more than 2% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China,…

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Oil prices slip, rebound runs out of steam on demand worries

Crude oil prices reversed course after an early bounce on Tuesday, as concerns over coronavirus curbs combined with slowing factory activity in key markets weighed on sentiment. Brent crude oil futures shed 5 cents,…

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Oil steadies in undersupplied market but coronavirus cases weigh

Oil prices steadied on Monday after a choppy session as the spread of the COVID-19 Delta variant stoked fears about fuel demand, but losses were limited by forecasts that crude supply…

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Oil prices rise but rising Covid-19 cases weaken outlook

Oil rose above $69 a barrel on Tuesday, recouping some of the previous session's 7% slide, as a tight physical market pushed aside concerns about rising COVID-19 infections weakening the demand…

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OPEC+ agrees oil supply boost after UAE wins argument with Saudi

MOSCOW/DUBAI/LONDON, July 18 (Reuters) - OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy…

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OPEC+ yet to make progress in resolving impasse

OPEC+ is yet to make progress closing divisions between Saudi Arabia and the United Arab Emirates that last week prevented a deal to raise oil output, making another policy meeting this week…

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OPEC+ abandons oil policy meeting after Saudi-UAE clash

OPEC+ ministers called off oil output talks on Monday after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs, meaning no deal to…

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Oil price falls on rising COVID-19 cases, ahead of OPEC+ talks

Oil prices fell 2% to a one-week low on Monday after hitting their highest since 2018 earlier in the session, as a spike in COVID-19 cases in Asia and Europe put…

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Oil rises on optimism of quick recovery in global demand

Crude oil prices rose on Tuesday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained bullish about a quick recovery in global oil demand and as concerns…

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Oil prices climb as Iran nuclear talks drag, summer demand aids

Oil prices rose on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay…

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Oil rises as threat recedes of Iran supply resuming soon

Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on…

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UK declines to rule out new oil exploration despite climate report

LONDON (Reuters) - The United Kingdom will not commit to halting new oil exploration in the North Sea, a government energy body told Reuters, despite a warning from the world's…

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Oil steady near one week high as prospect of Iran glut wanes

Oil prices were steady on Tuesday, holding around one-week highs after jumping more than 3% the previous session as investors tempered expectations of an early return of oil exporter Iran…

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Oil price falls after US gasoline pipeline likely to remain shut for week

Oil prices fell on Tuesday as the prospect of the main U.S. East Coast gasoline pipeline remaining shut for the rest of this week led some U.S. Gulf Coast refiners to…

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Oil rebounds, but gains limited amid demand concerns as India reels from COVID-19

Oil prices rebounded on Tuesday after falling in the previous session, but gains are likely to be capped amid growing concern about fuel demand in India, the world's third-biggest crude importer…

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Oil prices rise on weaker dollar, likely drawdown in U.S. stocks

Oil prices rose on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world's biggest oil user, though rising coronavirus cases in…

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Oil rebounds on robust economic data

Oil prices rose on Tuesday supported by strong economic data from China and the United States, recouping some of the losses from the previous session due to rising OPEC+ supply…

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