Saudis Raise Oil Prices More Than Expected Amid Asia Rebound
Saudi Arabia raised oil prices for its biggest market in Asia by more than expected as the region’s...
Saudi Arabia raised oil prices for its biggest market in Asia by more than expected as the region’s main economies ease coronavirus restrictions, helping boost demand.
The increase for July shipments resumes a streak of hikes that started in February and was only broken when state producer Saudi Aramco cut prices from record levels a month ago.
Aramco raised its key Arab Light crude grade for Asian customers by $2.10 a barrel from June to $6.50 above the benchmark it uses. The market was expecting a boost of $1.50, according to a Bloomberg survey of refiners and traders.
Aramco also increased all grades for northwest Europe and the Mediterranean regions. Prices for US customers were kept unchanged for the second straight month.
Chevron's CEO Says No More U.S. Oil Refineries. What Should Energy Investors Do?
Mike Wirth, the CEO of oil giant Chevron (NYSE: CVX), says he doesn't believe there will ever be another...
Mike Wirth, the CEO of oil giant Chevron (NYSE: CVX), says he doesn't believe there will ever be another new oil refinery built in the U.S. He made that comment during a recent interview with Bloomberg TV discussing what the country can do to ease record prices at the pump. It suggests refining margins will stay strong.
U.S. to let Eni, Repsol ship Venezuela oil to Europe for debt
Italian oil company Eni SpA and Spain's Repsol SA could begin shipping Venezuelan oil to Europe as soon...
Italian oil company Eni SpA and Spain's Repsol SA could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, five people familiar with the matter said, resuming oil-for-debt swaps halted two years ago when Washington stepped up sanctions on Venezuela.
The volume of oil Eni and Repsol are expected to receive is not large, one of the people said, and any impact on global oil prices will be modest. But Washington's greenlight to resume Venezuela's long-frozen oil flows to Europe could provide a symbolic boost for Venezuelan President Nicolas Maduro.
A key condition, one of the people said, was that the oil received "has to go to Europe. It cannot be resold elsewhere."
U.S. Midwest in danger of rotating power blackouts this summer
The power grid in the Central United States could be forced to impose rotating blackouts this summer...
The power grid in the Central United States could be forced to impose rotating blackouts this summer as rising demand and plant retirements may result in capacity shortfalls on the hottest days, federal energy officials said in a note on Friday.
The Midcontinent Independent System Operator (MISO) has said "capacity shortfalls in both the north and central regions of MISO ... (leave) those areas at increased risk of temporary, controlled outages to preserve the integrity of the bulk electric system."
MISO operates the power grid for some 42 million people in 15 U.S. Central states from Minnesota to Louisiana and the Canadian province of Manitoba.
Biden Doubts Will Make Saudi Visit to See Crown Prince
Crude prices nudged session highs toward $120 a barrel on Friday after President Joe Biden played down...
Crude prices nudged session highs toward $120 a barrel on Friday after President Joe Biden played down the likelihood that he will travel to Saudi Arabia to meet the kingdom’s Crown Prince Mohammed bin Salman, who would be key to deciding whether OPEC puts out more barrels to provide relief to a market choked by sanctions on Russian oil.
“I have no direct plans at the moment to go to Saudi Arabia, but there is a possibility I will go to the Middle East,” Biden told reporters at the White House. Administration officials are saying he is now expected to visit next month.
