Oil prices climb more than $1/bbl ahead of OPEC+ meeting
SINGAPORE (Reuters) - Oil prices jumped more than $1 a barrel...
SINGAPORE (Reuters) - Oil prices jumped more than $1 a barrel on Monday,extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day.
Brent crude futures rose $1.43, or 1.5%, to $94.45 a barrel by 0054 GMT after gaining 0.7% on Friday. U.S. West Texas Intermediate crude was at $88.12 a barrel, up $1.25, or 1.4%, following a 0.3% advance in the previous session. U.S. markets are closed for a public holiday on Monday.
At their meeting later on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.
Offshore oil and gas drilling and projects are set for robust growth in the coming years, thanks to the...
Offshore oil and gas drilling and projects are set for robust growth in the coming years, thanks to the world’s clear need for continued large volumes of fossil fuels as evidenced by the ongoing energy crisis in Europe and tight markets.
High-impact drilling is returning after the COVID-induced slump, while international majors are close to approving more offshore projects, including so far offshore that production sites would be in international waters, analysts say.
The trend of global oil demand in the coming decades of the energy transition will be a key factor in the profitability of future offshore oilfields.
U.S. oil & gas rig count falls for fourth week in five
U.S. energy firms this week cut the number...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the fourth time in five weeks even as oil prices remain relatively high. The U.S. total oil and gas rig count, an early indicator of future output, fell by 5 to 760 in the week to Sept. 2.
U.S. oil rigs fell by 9, the most since September last year, to 596 this week which is their lowest since early August.
However, gas rigs rose 4 to 162, the highest since August 2019.
Russia's ruble has rallied nearly 40% since the war in Ukraine began. That could be bad news for Putin
When a currency is growing in value, it's typically seen as a sign of economic strength that reflects...
When a currency is growing in value, it's typically seen as a sign of economic strength that reflects investors' confidence and boosts a country's trade balance.
But the appreciation in the ruble since March could be bad news for Russia and its president, Vladimir Putin.
The Russian currency has jumped nearly 40% against the dollar since Putin's forces invaded Ukraine on Feb. 24, with $1 worth 60.28 rubles at last check Friday.
"The ruble's fast recovery to pre-war levels was welcome, but the subsequent appreciation is actually uncomfortable."
Germany 'cannot rely in any way on Russia' and shouldn't count on Nord Stream 1 gas flows during winter, economy minister says
Germany can't rely on Russia or state-controlled Gazprom as Europe faces a worsening energy...
Germany can't rely on Russia or state-controlled Gazprom as Europe faces a worsening energy crunch ahead of winter, according to Economy Minister Robert Habeck.
In Thursday media comments in Berlin, he voiced doubt over whether Russia would offer any natural gas supplies moving forward, and said he hasn't been in contact with Gazprom, which shut down the Nord Stream 1 gas pipeline for maintenance.
"There are no direct talks between my ministry and Gazprom," Habeck said. "What I do expect is that we cannot rely in any way on Russia, or on Gazprom, the rest is pure speculation."
