The energy sector is off to a higher start, supported by strength in the crude complex despite weakness...
The energy sector is off to a higher start, supported by strength in the crude complex despite weakness in the major equity futures. U.S. stock index futures slipped as oil prices climbed and investors weighed developments around the Russia-Ukraine conflict, while Boeing shares fell after a 737-jet crashed in China.
WTI and Brent crude oil are up in early trading as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities. Executives from the U.S. oil and other industries were invited to the White House on Monday for discussions with officials amid soaring gas prices and rising inflation, sources told Reuters. Oil prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden in a series of summits that aims to harden the West's response to Moscow over its invasion of Ukraine. Additionally, Saudi Arabia said it would not bear responsibility for any shortages in oil supplies to global markets after Yemen's Iran-aligned Houthis fired missiles and drones at Saudi energy and water destination facilities.
Saudi Arabia Hikes Oil Investments as it Profits from Price Surge
Saudi Arabia’s state oil company Aramco, under pressure from the West to boost output...
Saudi Arabia’s state oil company Aramco, under pressure from the West to boost output amid soaring prices, pledged on March 20 to hike investments by around 50% this year as it reported a doubling in 2021 profits.
Oil prices leaped 50% last year as demand recovered from the COVID-19 pandemic and then surged above $100/bbl to 14-year highs in February after Russia invaded Ukraine, leading Western nations to urge major producers to increase output.
Aramco said it would boost its CAPEX to $40 billion-$50 billion this year, with further growth expected until around the middle of the decade. Capex was $31.9 billion last year, up 18% from 2020—indicating an increase of about 50% for this year at the middle of the guidance range.
EU to Mull Russian Oil Embargo with Biden Set to Join Talks
EU governments will consider whether to impose an oil embargo on Russia over its invasion...
EU governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with U.S. President Joe Biden for a series of summits designed to harden the West’s response to Moscow.
Seeking to force a military withdrawal from Ukraine by Russian President Vladimir Putin, the EU—along with Western allies—has already imposed a panoply of punishing sanctions including the freezing of the assets of the Russian central bank.
“We are working on the fifth round of sanctions and many new names are being proposed,” a senior EU diplomat said on condition of anonymity because the discussions are not public.
New working models. The role of the workplace has dramatically shifted over the past two years, during which 42% of the US labor force (making up almost two-thirds of US economic activity) began working from home. Now, as offices look to reopen after multiple stops and starts, organizations are thinking about how work is—and can be—done. The stigma around remote-working models is mostly gone; certain studies also show that remote-working options don’t negatively impact productivity and may even give more workers better opportunities to thrive.
