Oil and Gas

Singapore and New York are the most expensive cities to live in: EIU

New York City, along with Singapore, is the most expensive city to live in, according to the Economist Intelligence Unit. Alexander Spatari | moment | Getty Images Singapore has once again been ranked as the most expensive city to live in, sharing the top spot with New York City this year, according to the Economist …

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Oil output cuts on the table ahead of Russia sanctions

OPEC+, a group of 23 oil-producing nations led by Saudi Arabia and Russia, will convene on Sunday to decide on the next phase of production policy. Bloomberg | Bloomberg | Getty Images OPEC and non-OPEC oil producers could impose deeper oil output cuts on Sunday, energy analysts said, as the influential energy alliance weighs the …

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Russian oil sanctions are about to kick in. And they could disrupt markets in a big way

European oil sanctions are due to kick in on December 5. The idea is to reduce oil revenues for Russia given its war in Ukraine. Andrey Rudakov | Bloomberg | Getty Images Upcoming sanctions on Russian oil are set to be “really disruptive” for energy markets if European nations fail to set a cap on …

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Goldman Sachs sees ‘high probability’ of OPEC+ production cut

A group of some of the world’s most powerful oil producers is highly likely to take further measures to stem a price decline and try to balance the market, according to Goldman Sachs. OPEC and non-OPEC producers, an influential energy alliance known as OPEC+, will convene in Vienna, Austria on Dec. 4 to decide on …

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Crude oil prices erased most of their 2022 gains and could head lower

Tom Kaye of Plymouth, Pennsylvania tops off his neighbor’s gas tank for them on at a gas station in Wilkes-Barre, Pennsylvania, US October 19, 2022. Aimee Dilger | Reuters Oil prices are defying expectations and are barely higher on the year, as the outlook for oil demand continues to deteriorate for now. West Texas Intermediate …

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Europe fails to thrash out details on gas price cap

EU energy ministers fail to agree on a cap for natural gas prices. New emergency meeting due in mid-December. Kenzo Tribouillard | Afp | Getty Images BRUSSELS — European energy ministers failed to reach a compromise over a cap on natural gas prices after “heated,” “ugly” and “tough” discussions. The 27 EU leaders agreed in …

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Russian oil transport targeted due to Ukraine invasion

The Treasury Department issued new guidance Tuesday about policies on the maritime transport of Russian oil ahead of a planned price cap in early December. The guidance, which complements the UK’s newly-released policies, outlines how US service providers can continue carrying Russian seaborne oil that was loaded before Dec. 5, while complying with a strategic …

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China signs 27-year gas deal with QatarEnergy to secure supply | Business and Economy News

QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas (LNG) in the longest such agreement to date, as volatility drives buyers to seek long-term supplies. Since Russia’s invasion of Ukraine in February, competition for LNG has become intense, with Europe, in particular, needing vast amounts to help replace Russian pipeline …

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A big new Exxon Mobil climate deal that got assist from Joe Biden

Could it be that Big Oil’s next big thing got a big assist from Joe Biden? Maybe, if carbon capture and storage is indeed as big a deal as ExxonMobil’s first-of-its-kind deal to extract, transport and store carbon from other companies’ factories implies. The deal, announced last month, calls for ExxonMobil to capture carbon emitted …

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