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OPEC announces the biggest cut to oil production since the start of the pandemic
OPEC announces the biggest cut to oil production since the start of the pandemic OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections. The group of major oil producers, […]
Germany nationalizes its biggest natural gas importer
Germany nationalizes its biggest natural gas importer Germany is nationalizing Uniper, its biggest importer of natural gas, as part of an €8 billion ($7.9 billion) plan to prevent an energy shortage this winter. Europe has been hit by soaring natural gas and electricity prices as a result of Russia’s invasion of Ukraine and its throttling of gas supplies. The German government […]
A third of Brits face poverty with energy bills set to hit $5,000
A third of Brits face poverty with energy bills set to hit $5,000 London (CNN Business) Nearly one third of households in the United Kingdom will face poverty this winter after paying energy bills that are set to soar again in January, campaigners say. About 10.5 million households will be in fuel poverty for the first three […]
OPEC agrees to produce slightly more oil as recession fears loom
OPEC agrees to produce slightly more oil as recession fears loom London (CNN Business)The world’s oil-exporting countries have agreed to a tiny increase in output next month amid fears that a global recession will crimp demand. The Organization of the Oil Exporting Countries and its allies — which includes Russia — also known as OPEC+, said on […]
Brace yourselves for an economic ‘hurricane,’ Jamie Dimon says
Brace yourselves for an economic ‘hurricane,’ Jamie Dimon says Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an economic “hurricane” caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve. “Right now it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle […]
OPEC and Russia will pump more oil in January despite price plunge
OPEC and Russia will pump more oil in January despite price plunge Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, attends the COP26 climate summit in Glasgow in November. London (CNN Business)Saudi Arabia, Russia and other leading oil producers have decided to stick with plans to increase supply in January despite a recent plunge in […]
Here to stay or gone in 30 years? Inside the fight over the future of the oil industry
Here to stay or gone in 30 years? Inside the fight over the future of the oil industry The people who made their fortunes in the oil capital of Europe need a new plan. For decades, Aberdeen, a port city on Scotland’s northeast coast, has served as the commercial gateway to the North Sea, where powerful […]
Gas prices skyrocket as the global energy crisis worsens
Gas prices skyrocket as the global energy crisis worsens New York (CNN Business)The cost of energy was dirt cheap in the spring of 2020 as roads and airports sat nearly empty during the height of the Covid-19 pandemic. Energy demand is back today as the world economy reopens — but supply simply hasn’t kept up. That’s […]
Shell says its oil production has peaked and will fall every year
Shell says its oil production has peaked and will fall every year Royal Dutch Shell (RDSA) said its oil production and carbon emissions have peaked as it detailed plans to gradually wean itself off fossil fuels. Climate activists said it hadn’t gone far enough. The Anglo-Dutch company said in a statement on Thursday that it expects its oil production to decline by […]
