Oil prices climb after OPEC+ keeps output cut targets, China eases COVID curbs

Oil prices climb after OPEC+ keeps output cut targets, China eases COVID curbs

Brent gained 0.8% at 0430 GMT, WTI up 0.9% OPEC+ sticks to plans to cut production by 2 mln bpd More Chinese cities relax COVID-19 restrictions MELBOURNE, Dec 5 (Reuters) – Oil prices rose as much as 2% on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and … Read more

OPEC+ keeps steady policy amid weakening economy, Russian oil cap

OPEC+ keeps steady policy amid weakening economy, Russian oil cap

No discussions about Russian price cap – delegates Oil prices have come under pressure from weak economy Next meetings to take place Feb. 1 and June 3-4 LONDON/DUBAI, Dec 4 (Reuters) – OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact … Read more

Oil giant BP finds new home for London headquarters

Oil giant BP finds new home for London headquarters

LONDON, Dec 2 (Reuters) – British energy giant BP (BP.L) will move its headquarters in central London to a new location in 2024 after agreeing to lease new grounds not far from Trafalgar Square, the company said on Friday. BP sold its 1 St. James’s Square headquarter in late 2020 for 250 million pounds as … Read more

EU tentatively agrees $60 price cap on Russian seaborne oil

EU tentatively agrees  price cap on Russian seaborne oil

BRUSSELS, Dec 1 (Reuters) – European Union governments tentatively agreed on Thursday on a $60 a barrel price cap on Russian seaborne oil – an idea of the Group of Seven (G7) nations – with an adjustment mechanism to keep the cap at 5% below the market price, according to diplomats and a document seen … Read more

EU fails to agree on Russian oil price cap, say diplomats

EU fails to agree on Russian oil price cap, say diplomats

BRUSSELS, Nov 28 (Reuters) – European Union governments failed to agree on Monday on a price cap on Russian seaborne crude oil, as Poland insisted that the cap had to be set lower than proposed by the G7 to cut Moscow’s ability to finance its invasion of Ukraine, diplomats said. “There is no deal. The … Read more

Qatar seals 27-year LNG deal with China as competition heats up

Qatar seals 27-year LNG deal with China as competition heats up

Talks with other Chinese, European buyers ongoing -Kaabi Says buyers may take up to a 5% stake in expansion Says deal signals importance of secure long-term supply DOHA, Nov 21 (Reuters) – QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas in the longest such LNG agreement to date as … Read more

Oil flows on Druzhba pipeline suspended in parts of Eastern Europe

Oil flows on Druzhba pipeline suspended in parts of Eastern Europe

BUDAPEST/PRAGUE, Nov 15 (Reuters) – Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline has been temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. The extent of the disruption was not immediately clear, and came concurrent with an explosion in a village in eastern Poland … Read more

COP27: Polluters must pay for climate change, poor nations tell rich

COP27: Polluters must pay for climate change, poor nations tell rich

Island nations call for global carbon tax ‘While they are profiting, the planet is burning’ Fears grow for jailed hunger striker in Egypt SHARM EL-SHEIKH, Egypt, Nov 8 (Reuters) – Leaders from poor countries criticized wealthy governments and oil companies for driving global warming, using their speeches on Tuesday at the COP27 climate summit in … Read more

Biden calls on oil, gas companies to stop ‘war profiteering,’ threatens windfall tax

Biden calls on oil, gas companies to stop ‘war profiteering,’ threatens windfall tax

WASHINGTON, Oct 31 (Reuters) – U.S. President Joe Biden on Monday called on oil and gas companies to use their record profits to lower costs for Americans and increase production, or pay a higher tax rate, as he battles high pump prices with elections coming in a week. In remarks at the White House, Biden … Read more

World is in its ‘first truly global energy crisis’ – IEA’s Birol

World is in its ‘first truly global energy crisis’ – IEA’s Birol

SINGAPORE, Oct 25 (Reuters) – Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”, the head of the International Energy Agency (IEA) said on Tuesday. Rising imports of LNG to Europe amid the Ukraine crisis and … Read more