Oil Prices Plummet as Iran Nuclear Deal Appears ‘Imminent’
Oil prices fell sharply in overseas trading on Monday on reports suggesting that Iran and Western countries...
Oil prices fell sharply in overseas trading on Monday on reports suggesting that Iran and Western countries were close to striking a deal that would lift sanctions on crude supply from the West Asian nation.
West Texas Intermediate futures, the U.S. crude benchmark, sank over 1% to $89.39 a barrel, while London-traded Brent oil futures fell 0.5% to $95.59 a barrel by 20:01 ET (0002 GMT).
Qatar news organization Al Jazeera reported over the weekend that an Iran Nuclear deal was ‘imminent,’ while other reports said Tehran was ready to drop its demand that the Islamic Revolutionary Guard Corps be removed from the U.S. State Department’s List of Foreign Terrorist Organizations.
UNM develops permanent sealant for leaky oil wells
University of New Mexico engineers have created a nanotechnology-based sealant that could offer the oil...
University of New Mexico engineers have created a nanotechnology-based sealant that could offer the oil and gas industry a permanent solution for abandoned, climate-polluting wells.
UNM researchers developed the sealant over 10 years, and they're now marketing it through a new Albuquerque-based startup, TS-Nano, in partnership with two next-generation, blockchain-based development firms, Devvio Inc. and DevvStream Inc.
Biden Energy secretary says US will be at ‘record’ oil production next year
Energy Secretary Jennifer Granholm on Sunday said the U.S. will see “record” oil production starting...
Energy Secretary Jennifer Granholm on Sunday said the U.S. will see “record” oil production starting next year.
Granholm told “Fox News Sunday” host Trace Gallagher the U.S. will be producing around 12.7 million barrels per day by 2023, up from the current rate of less than 12 million barrels per day.
“This is all about supply and demand. When Russia invaded Ukraine, that pulled millions of barrels off of the global market,” she said. “Since oil is traded globally, we have to make up for that lost amount of fuel.”
US refinery utilization to stay elevated this quarter
US refiners are shrugging off recession fears, with plans...
US refiners are shrugging off recession fears, with plans to continue running their facilities at near-maximum capacity this quarter, which should keep a lid on gasoline prices and bolster refining earnings, analysts say. Marathon Petroleum is aiming for 97% utilization of its refining capacity, while Valero Energy, citing no signs of demand destruction, is targeting 90% to 93%.
