Biden set to announce new release from oil reserve: report
President Biden is set to order the release of millions more barrels of oil from America’s strategic reserve Wednesday in a last-ditch bid to further reduce prices at the pump … Read More
Tag: Oil
The G7 wants to cap the price of Russian oil. It won’t be easy.
As the war in Ukraine nears its eighth month with no resolution in sight, Western countries are stepping up efforts to strip Russia of its largest source of income: oil. … Read More
Europe’s week: Sanctions, summits and nuclear war take centre stage, amid conflict in Ukraine
Western attempts to bring Russia to its knees economically suffered a setback this week. The OPEC Plus oil cartel, driven by Saudi Arabia and Russia, agreed to a production cut … Read More
US could ease Venezuela sanctions, allow Chevron to pump oil
The Biden administration is considering relaxing sanctions against Venezuela as the White House scrambles to avert another surge in US gas prices, according to a report late Wednesday. The administration’s … Read More
OPEC and Russia agree to slash oil output by 2M barrels a day
The Biden administration’s scramble to avoid another surge in US gas prices took a major hit Wednesday after OPEC and Russia approved a significant cut in oil production. Oil jumped … Read More
Ukraine war: EU countries agree new sanctions on Russia that includes a price cap on Russian oil
The European Union has approved new sanctions against Russia, including a price cap on Russian crude oil and refined products. It comes in direct response to the illegal annexation of … Read More
Cuban oil tanker fire leaves 121 injured, 17 missing and 1 dead
A lighting bolt sparked a massive fire and four explosions at a Cuban oil storage facility Friday, leaving 121 people injured and 17 firefighters unaccounted for, and 1 person dead. … Read More
Saudis thumb nose at Biden’s request to boost oil output
President Biden’s trip to Saudi Arabia was deemed a failure by analysts after oil-producing states announced that they would boost output by just 100,000 barrels a day starting next month … Read More
EU pushes back against claims Russian oil ban is hiking prices
The EU is pushing back against accusations that its sweeping ban on Russian oil is hiking global prices and injecting further disruption into an already unpredictable energy market. “That’s completely … Read More
Biden defends visit to Saudi Arabia, says he will ‘reorient’ relations
President Joe Biden defended his trip next week to Saudi Arabia as an opportunity to “reorient — but not rupture — relations with a country that’s been a strategic partner … Read More
