Tag

Global Oil Prices

All articles tagged with #global oil prices

business2 years ago•2 min saved

"Chevron and Aramco CEOs Warn of Real Risks to Oil from Red Sea"

Chevron CEO Michael Wirth warned that ongoing tensions in the Red Sea pose significant risks to oil flows and prices due to increased attacks by Yemen’s Houthi rebels on commercial shipping. The attacks have prompted concerns about potential disruptions to the world’s oil supply, with several oil companies rerouting their movements and suspending shipments through the region. The situation has led to heightened security measures and discussions about reimposing a terrorist designation for the Houthis, as the U.S. and other military authorities closely monitor vessel movements in the area.

via The Hill|

#business #chevron #global-oil-prices

energy2 years ago•3 min saved

Gas Prices Soar to Record Highs Amidst Heat Wave and Low Oil Supply

Gas prices continue to rise due to efforts to cut global oil production, leading to higher petroleum prices and subsequently increasing pump prices. The end of the U.S. government's release of oil from the strategic reserve, combined with peak summer demand for gasoline, has further squeezed supply. The average price of a gallon in metro Atlanta has risen by 34 cents in a month, with state and federal taxes adding about 50 cents to the cost. Oil prices, which account for at least half the price at the pump, have reached their highest level since early April. Retailers are expected to continue adjusting their prices upwards, and concerns remain about the impact of refinery and pipeline issues on gasoline availability.

via The Atlanta Journal Constitution|

#energy #gas-prices #gasoline-demand

energy2 years ago•1 min saved

Global Oil Prices Fluctuate Amidst Production Cuts and Economic Uncertainty

Cuts in oil production by Russia and Saudi Arabia have not had a significant impact on global oil prices, which remain stagnant. Despite efforts to raise prices, crude oil costs dropped by 1%. Saudi Arabia's Energy Minister emphasized the strong partnership with Russia and their joint efforts to mitigate skepticism about the oil cuts. Western observers were concerned that further cuts could cause oil prices to spike, but the Biden administration's push for increased production from Russia and Saudi Arabia has been unsuccessful. OPEC+ countries argue that Western money-printing is driving inflation and necessitating measures to protect their oil exports.

via Fox Business|

#energy #global-oil-prices #oil-production

energy2 years ago•2 min saved

Biden's green energy push amid OPEC production cuts and price surge.

President Biden reaffirmed his commitment to clean energy adoption as OPEC announced massive oil production cuts, causing global oil prices to surge over 6% past $80 per barrel. The White House issued a joint statement with the European Union, emphasizing the importance of clean energy for enhancing energy security. The statement also discussed solutions for reducing gas and electricity use and costs through flexible demand response mechanisms. The OPEC announcement came months after the cartel said it would cut production by 2 million barrels a day, and the White House expressed disappointment at the time.

via Fox News|

#biden #clean-energy #energy