Politics & Policy

Pope Francis Criticizes Continued Search for Fossil Fuels at Meeting with Oil Executives

Pope Francis warned against the “continued search” for fossil fuels Saturday and urged a gathering of oil executives, investors and officials to meet the world’s energy needs while protecting the environment and the poor. Read Full Article Here: https://www-wsj-com.cdn.ampproject.org/v/s/www.wsj.com/amp/articles/pope-francis-criticizes-continued-search-for-fossil-fuels-at-meeting-with-oil-executives-1528547509  

Oil prices have surged above $70—here are 4 key reasons behind the rally

Supply concerns surrounding the possible reinstatement of sanctions on Iran aren’t the only reason for the climb in U.S. benchmark oil prices above a barrel to their highest levels since late 2014. Read Full Article Here: https://www.marketwatch.com/story/oil-prices-have-surged-above-70here-are-4-key-reasons-behind-the-rally-2018-05-07

Not Everyone Gets Why OPEC Is Determined to Stick With Cuts

OPEC and Russia seem determined to keep on cutting production even after their campaign to rebalance world oil markets achieved its main target. The primary justification for doing so looks shaky. Read Full Article Here: https://www.bloomberg.com/news/articles/2018-05-01/opec-s-reason-for-sticking-with-the-cuts-rests-on-shaky-ground

Oil prices could rally to $100 a barrel if Middle East tensions ‘really kick off,’ analyst says

Oil prices could soon skyrocket to more than $100 a barrel amid escalating tensions in the Middle East, one oil analyst told CNBC Friday. Crude futures surged to highs not seen since December 2014 earlier in the week, underpinned by greater geopolitical uncertainty in Syria and elevated concerns over the prospect of imminent military action by Western powers. “I don’t think its unfeasible to see triple-digit oil prices at some point this year if things really kick off in the Middle East,” Anish Kapadia, founder and managing director of Akap Energy, told CNBC’s “Street Signs” on Friday. Read Full Article Here: https://www.cnbc.com/2018/04/13/oil-prices-could-rally-to-100-a-barrel-if-middle-east-tensions-really-kick-off-analyst-says.html

New Zealand may have just killed its oil industry

Prime Minister Jacinda Ardern announced Thursday that the government will “no longer be granting any new offshore oil and gas exploration permits.” “This is another step on our transition away from fossil fuels and towards a carbon neutral economy,” Ardern said in a speech. The country’s oil industry quickly voiced its anger over the move. “The decision is a lose-lose for New Zealand’s economy and environment, likely to threaten jobs and mean higher prices for consumers,” said Cameron Madgwick, CEO of the Petroleum Exploration and Production Association of New Zealand. “Because petroleum is produced to meet growing global demand, not exploring and producing in New Zealand simply means other countries will produce it instead and we will ...

Oil prices jump to three-year high after Trump warns Russia missiles ‘will be coming’ in Syria

Oil prices hit new 2018 highs as missile strikes on top crude exporter Saudi Arabia added to the market’s worries about escalating conflict between the United States and Russia in Syria. Brent, the benchmark for international oil prices, earlier climbed to its highest level in more than three years after President Donald Trump earlier warned Russia to “Get ready” for a U.S. missile attack on Syria, whose government Moscow has backed during its seven-year civil war. The threat came after the Russian ambassador to Lebanon said his nation’s military would intercept American missiles and potentially target the U.S. craft that fired them. The potential American strike follows a suspected chemical attack on the rebel-held city of Douma, allegedly by forces loyal to Syrian Pre...

After Targeting U.S. Farms, China Can Strike America’s Shale

China’s tariffs in one corner of the energy market signal U.S. shale fields may follow the nation’s farms as a target if a trade war escalates. Beijing on Wednesday took aim at America’s rural heartland by proposing levies on politically sensitive farm commodities such as soybeans, which were among 106 U.S. products targeted. The list also included petrochemicals and liquefied propane, indicating that the world’s biggest oil buyer is willing to use energy as a weapon to retaliate against planned American duties on its high-tech goods. While officials from the world’s two largest economies had sought to calm markets by showing a willingness to negotiate, U.S. President Donald Trump on Thursday ordered his administration to consider tariffs on an additional...

How soaring US oil exports may derail the crude rally, an energy expert says

he U.S. is exporting crude oil at a record pace with no signs of slowing down. That has the potential to unbalance a global oil market in recovery, says energy expert Tom Kloza. “The exports are what we need to focus on through the next 30 days,” Kloza, co-founder of the Oil Price Information Service, told CNBC’s “Futures Now” last week. High U.S. production could decide how oil prices trade in the second half of this year and through 2019, he added. Domestic exports have not dipped below 1 million barrels a day since late November, as U.S. oil producers fill the void left by reduced capacity from Mexico and Venezuela. Higher demand for petroleum and gasoline in South America has also boosted appetite for North American oil. U.S. crude oil exports rose to 2.17...

China’s list of tariffs takes aim at US chemicals and plastics sectors

China’s list of more than 100 American products under threat of tariffs targets the U.S. chemicals and plastics sectors at a time when parts of the industry are investing heavily in new production. About 40 percent of the goods on the list are plastics, petrochemicals, petroleum products and specialty chemicals. To be sure, the proposed tariffs amount to a response to President Donald Trump’s threat to slap taxes on 1,300 Chinese goods and may never come to fruition. But analysts say the prospect of a trade war increases uncertainty about demand in a major foreign market for American companies that are planning to invest billions of dollars at home in large-scale chemicals projects. […] Read Full Article Here: https://www.cnbc.com/2018/04/04/chinas-tariffs-take-aim-at-us-...

Saudi Arabia and Iran’s ‘intensifying’ feud could soon end OPEC-led supply cuts, strategist says

Elevated geopolitical tension between Saudi Arabia and Iran could soon threaten the unity of an OPEC-led pact to keep oil prices in check, according to one commodity strategist. “Saudi Arabia-Iran tensions appear to be intensifying. While this provides a geopolitical premium in oil for now, it could develop cracks in OPEC’s unity, which could end the pact prematurely,” Nitesh Shah, commodities strategist at ETF Securities, said in a research note Tuesday. Saudi Arabia and Russia have led an ongoing effort by OPEC and other allied oil producers outside the cartel to try to clear a global supply overhang. The output cuts, expected to remain in place until at least the end of 2018, have helped to lift crude prices over the past 12 months. […] Read Full Article Here: https://www.cnbc.com/2018/...

ExxonMobil Liberian oil deal went ahead despite anti-corruption concerns

ExxonMobil worked with a company connected to a senior Conservative party figure to transfer an oil asset in Liberia despite “concern over issues regarding US anti-corruption laws”, the Guardian can reveal. Documents seen by the Guardian show that ExxonMobil proposed a complex financial arrangement to move the rights to a Liberian oil block through two financial transactions on the same day, after concerns were raised about the original allocation of the rights. Under the arrangement, a company called Peppercoast sold rights in a west African oil block to a company called Canadian Overseas Petroleum Limited (COPL). Viscount Astor, the father-in-law of David Cameron, the former prime minister, is a director of COPL, which is registered in Bermuda. […] Read Full Article Here: https://w...

OPEC, Russia consider 10-20 year oil cooperation: Saudi Crown Prince

OPEC is seeking a long-term deal to cooperate on oil output controls with Russia and other non-OPEC producers, said Saudi Crown Prince Mohammed bin Salman. Read Full Article Here: https://www.cnbc.com/2018/03/27/opec-russia-consider-10-20-year-oil-cooperation-saudi-crown-prince.html

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