Oil underinvestment in focus at OPEC-US shale meeting
The oil industry is suffering from "massive underinvestment" that calls for a rethink...
The oil industry is suffering from "massive underinvestment" that calls for a rethink of the current focus on returns over growth, asserted OPEC Secretary-General Mohammad Barkindo during a meeting with US shale executives on the sidelines of the CERAWeek conference in Houston. "This is up to the companies themselves and their boards ... but there's this general realization that something needs to be done," Barkindo said, warning,"The world is gradually but dangerously running out of spare capacity which is the insurance buffer which is absolutely necessary for industry and for the world."
Oxy CEO: Supply chain woes holding back output growth
Supply chain problems are crippling the US oil industry's ability to quickly ramp up production in response...
Supply chain problems are crippling the US oil industry's ability to quickly ramp up production in response to soaring prices, said Occidental Petroleum CEO Vicki Hollub at CERAWeek, calling the situation "dire." "The call for incremental production in the United States, at this point, especially with the supply chain challenges, can't happen at the level that's needed not only for our country but for the world," Hollub added.
US liquefied natural gas exporters shipped a record 164 cargoes to Europe and Turkey in the first two...
US liquefied natural gas exporters shipped a record 164 cargoes to Europe and Turkey in the first two months of the year and are on track to export record volumes of LNG for a third consecutive month. Russia's invasion of Ukraine is exacerbating Europe's energy crisis, pushing LNG spot prices to an all-time high near $60 per million British thermal units late last week.
Dow industrials up as much as 720 points as Wednesday stock-market rebound picks up steam
U.S. stock benchmarks rallied midday Wednesday, extending their gains as the session...
U.S. stock benchmarks rallied midday Wednesday, extending their gains as the session progressed, amid tentative signs that a resolution of the bloody conflict between Russia and Ukraine could soon be achieved, even as fighting continued apace.
The Dow Jones Industrial AverageDJIA, +2.19% rose 682 points, or 2.1%, to 33,319.
The S&P 500 SPX, 2.53% gained 2.5%, or 103 points, to 4,273.
The Nasdaq Composite Index COMP, +2.98% advanced 3%, or 384 points, to 13,181.
On Tuesday, the Dow fell 185 points, or 0.56%, to 32,633, the S&P 500 declined 30 points, or 0.72%, to 4,171, and the Nasdaq Composite dropped 35 points, or 0.28%, to 12,796.
The S&P 500 had dropped nearly 5% over the last four sessions.
The energy sector is off to a lower start, pressured by weakness in the underlying commodities despite...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities despite strength in the major equity futures which rose sharply as investors eyed diplomatic efforts to end Russia's attack on Ukraine, while Asian markets sank after Chinese inflation accelerated.
WTI and crude oil futures are down in early trading as some investors took the view that the U.S. ban on Russian oil may not worsen a supply shock. Oil also fell as the head of the IEA described the agency's decision last week to release 60 million barrels of oil from strategic reserves as "an initial response" and said that more could be released if needed. Prime Minister Boris Johnson said on Wednesday his government needed to tackle the long-term impacts of a spike in energy prices and he would set out a plan to help Britain become more independent in its energy generation in the next few days. In Asia, Beijing has told Chinese state refiners to consider suspending exports of gasoline and diesel in April as the Ukraine war heightens concerns of shortages. Asian supplies have been reduced by outages because of the refinery maintenance season and action by the Chinese government earlier in the year to prevent excessive production.
