Russia moves to take control of Sakhalin-2 oil and gas project
Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake. ...
Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake. Russian President Vladimir Putin signed a decree on Thursday to take charge of the Sakhalin-2 project.
The move could force Shell and Japan's Mitsui and Mitsubishi to abandon their investments as the economic fallout of the Ukraine war spreads.
Oil giant Shell said: "We are aware of the decree and are assessing its implications."
The decree said a new firm would take over all rights and obligations of Sakhalin Energy Investment.
Benchmark U.S. crude oil for August delivery fell $4.02 to $105.76 a barrel Thursday....
Benchmark U.S. crude oil for August delivery fell $4.02 to $105.76 a barrel Thursday. Brent crude for August delivery fell $1.45 to $114.81 a barrel.
Wholesale gasoline for July delivery fell 18 cents to $3.65 a gallon. July heating oil fell 14 cents to $3.90 a gallon. August natural gas fell $1.08 to $5.42 per 1,000 cubic feet.
OPEC+ Sticks to Oil Output Hikes, Avoids Debate on September Plan
OPEC+ said on June 30 that it would stick to its planned oil output hikes in August but avoided discussing...
OPEC+ said on June 30 that it would stick to its planned oil output hikes in August but avoided discussing policy from September onwards even as prices have risen on tight global supplies and worries that the group has little ability to pump more crude.
The June 30 meeting of the group that includes Saudi Arabia, Russia and other major oil producers was held days before U.S. President Joe Biden travels to the Middle East, including Riyadh where he is expected to press the kingdom for more oil.
At its last gathering on June 2, OPEC+ decided to increase output each month by 648,000 bbl/d in July and August, up from a previous plan to add 432,000 bbl/d per month.
U.S. stocks end sharply lower as S&P 500 posts worst first half since 1970
U.S. stocks closed lower Thursday, ending the second quarter with steep losses that left the S&P...
U.S. stocks closed lower Thursday, ending the second quarter with steep losses that left the S&P 500 suffering its worst first half of a year since 1970. The Dow Jones Industrial Average DJIA, -0.82% fell around 250 points to close 0.8% lower, while the S&P 500 SPX, -0.88% dropped 0.9% and the Nasdaq Composite COMP, -1.33% slid 1.3%, according to preliminary FactSet data. All three major benchmarks ended down after economic data released Thursday showed U.S. consumer spending in May increased less than expected as high inflation rises faster than wages. The S&P 500 dropped more than 20% during the first six months of 2022.
High energy prices prompt BlackBrush to pursue asset sale
Seeking to capitalize on strong energy prices, BlackBrush...
Seeking to capitalize on strong energy prices, BlackBrush Oil and Gas is reportedly looking to auction off over 30,000 net acres in the Eagle Ford Shale, with production around 11,800 barrels of oil equivalent per day. The assets include production with a baseline value estimated at $430 million as well as significant blocks of undeveloped acreage, which could push the sale price in the "high hundreds of millions of dollars," sources said.
