Energy Focus Washington from

Oil Slips on Fears over Higher OPEC Supply, Slower China Demand

March 2, 2021 Focus Washington

Oil prices slipped on Tuesday as expectations that top producers would agree to raise oil supply in a meeting this week weighed on sentiment, already hit by concerns over slowing Chinese demand, Reuters informed. Brent […]

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OPEC, U.S. Oil Firms Expect Subdued Shale Rebound Even as Crude Prices Rise

February 22, 2021 Focus Washington

OPEC and U.S. oil companies see a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help OPEC and its allies, Reuters informed. […]

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Oil Drops as Investors Gauge Big Chill Impact on U.S. Refineries, OPEC+ Output Rise

February 19, 2021 Focus Washington

Oil prices slid more than 1% on Friday, adding to overnight declines, on worries that refineries will take time to resume operations after the big freeze in the U.S. South, creating a gap in demand, […]

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U.S. Oil Wells, Refineries Shut as Winter Storm Hits Energy Sector

February 16, 2021 Focus Washington

A deep freeze across the United States is taking a toll on the energy industry in the largest U.S. crude-producing state, halting Texas oil wells and refineries on Monday and forcing restrictions from natural gas […]

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Global Shares Hit New Peak, Oil up on Middle East Tensions

February 15, 2021 Focus Washington

Global shares rose for the 11th day in a row to hit a fresh peak on optimism about the rollout of COVID-19 vaccines and new fiscal aid from Washington, while tensions in the Middle East […]

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Oil Loses More Steam After OPEC Reduced Demand Forecast

February 12, 2021 Focus Washington

Oil prices dropped for a second day on Friday, pulling further back from a one-year high after OPEC again lowered its demand forecast and the International Energy Agency said the market was still over-supplied, Reuters […]

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Oil Drops After Strong Rally as New COVID Variants Weigh

February 11, 2021 Focus Washington

Oil prices fell on Thursday, paring recent gains, as renewed lockdowns and emergence of new coronavirus variants weighed on the prospects for a swift demand recovery, Reuters informed. Brent crude fell 28 cents, or 0.5%, […]

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Saudi Aramco Prepares $10 Billion Loan for Pipeline Business Buyers

February 10, 2021 Focus Washington

Saudi Aramco is preparing a financing package of up to $10 billion that it could offer to buyers of its pipeline business unit, three sources said, as the oil giant seeks to extract value from […]

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Oil Rally Extends for 9th Day on Supply Cuts, Demand Hopes

February 10, 2021 Focus Washington

Oil extended its rally for a ninth day on Wednesday, supported by producer supply cuts and hopes that vaccine rollouts will drive a recovery in demand, Reuters writes. The American Petroleum Institute said on Tuesday […]

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Saudi Arabia Eyes New Methods of Oil, Gas Exploitation

January 25, 2021 Focus Washington

Saudi Arabia is planning to introduce new ways of oil and gas exploitation, Minister of Energy Prince Abdulaziz bin Salman said, during a ceremony to launch the energy ministry’s new identity, Arab News reports. The […]

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OPEC Chief Pledges to Deepen Ties With New U.S. Administration

January 20, 2021 Focus Washington

Oil-producing group OPEC will continue to strengthen its relationship with the U.S. energy industry under Joe Biden’s new administration, the oil cartel’s Secretary General Mohammed Barkindo told CNBC on Tuesday. It comes despite the Democratic […]

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Oil Companies, Aid Groups Plan to Press Biden to Allow Venezuela Fuel Swaps

January 18, 2021 Focus Washington

Representatives of fuel suppliers to Venezuela, importers of Venezuelan oil and advocacy groups said this month they plan to press the incoming administration of U.S. President-elect Joe Biden to reverse a ban on crude-for-diesel swaps, […]

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Biden May Cancel Keystone XL Pipeline Permit as Soon as His First Day in Office

January 18, 2021 Focus Washington

U.S. President-elect Joe Biden is planning to cancel the permit for the $9 billion Keystone XL pipeline project as one of his first acts in office, and perhaps as soon as his first day, according […]

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OPEC Crude Output Cuts Should Help U.S. Shale Profits in 2021

January 10, 2021 Focus Washington

A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected […]

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Saudi Deepens Cuts as OPEC+ Agrees Oil Output Rollover

January 5, 2021 Focus Washington

Saudi Arabia will make additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady in […]

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Oil Firms After Trump Signs Aid Bill; Demand Concerns Linger

December 28, 2020 Focus Washington

Oil prices edged higher on Monday after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package, although lingering worries about near-term demand weighed on the market, Reuters reported. Brent crude futures […]

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Oil Drops on Surprise U.S. Stock Build

December 23, 2020 Focus Washington

Oil prices dropped on Wednesday after an industry report showed an unexpected rise in U.S. crude oil inventories, and as President Donald Trump rattled markets by threatening not to sign a long-awaited U.S. COVID-19 relief […]

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Oil’s Rally, Fueled by Vaccine Progress, Is Running Out of Steam

December 22, 2020 Focus Washington

The oil market has rallied almost 40% in the last two months, pushing benchmarks to nine-month highs, in a euphoric response to progress on COVID-19 vaccines that has investors thinking the end of the coronavirus […]

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Oil Falls After OPEC+ Talks Delay Sets off Supply Alarm

December 1, 2020 Focus Washington

Oil prices fell on Tuesday as concerns over mounting supply returned to the fore after leading producers delayed talks on 2021 output policy, while the coronavirus pandemic continues to sap fuel demand, Reuters informed. Brent […]

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OPEC+ to Discuss Extending Oil Cuts or Gradually Raising Output, Sources Say

November 30, 2020 Focus Washington

OPEC+ members will consider whether to extend existing oil cuts for three to four months or to gradually increase output from January during their two days of talks that start on Monday, OPEC+ sources told […]

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Saudi Aramco Says Customers Unaffected by Houthi Attack on Jeddah Facility

November 24, 2020 Focus Washington

An official from the Saudi Aramco oil company on Tuesday said customers were unaffected by an attack that came from Yemen’s Houthi group at a petroleum products distribution plant in the north of Jeddah city, […]

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OPEC+ Panel Sees Weaker Oil Demand in 2021

November 17, 2020 Focus Washington

OPEC and its allies have revised oil demand scenarios for 2021 with demand seen weaker than previously anticipated, a confidential document seen by Reuters shows, supporting the case for a tighter supply policy next year. […]

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Global Oil Demand Unlikely to Get Vaccine Boost Until Later in 2021

November 12, 2020 Focus Washington

Global oil demand is unlikely to get a significant boost from the roll-out of vaccines against COVID-19 until well into 2021, the International Energy Agency (IEA) said on Thursday, a view that is likely to […]

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Saudi Aramco’s Net Profit Drops 45% in the Third Quarter on Weak Oil Demand

November 3, 2020 Focus Washington

Saudi Aramco’s net profit fell 44.6% in the third quarter of 2020 compared to the same period last year, reflecting continued damage to oil demand and prices from the global coronavirus pandemic, CNBC writes. Net […]

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The Worst Is Over For Oil Markets, Saudi Energy Minister Claims

October 29, 2020 Focus Washington

The worst of the oil market is behind us, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday at CERAWeek’s India Energy Forum, OilPrice reported. “We are still vigilant. I think there is […]

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Oil Falls 2% as Rise in U.S. Crude Stocks Fans Oversupply Fears

October 28, 2020 Focus Washington

Oil prices slid about 2 percent on Wednesday, giving up most of the previous day’s gains, as a surge in U.S. crude stocks and growing coronavirus infections in the United States and Europe fanned fears […]

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Oil Advances, but Outlook Gloomy as Coronavirus Cases, Supply Grow

October 27, 2020 Focus Washington

Oil prices rose on Tuesday after recent sharp losses, but market sentiment remains muted as surging COVID-19 cases around the world hurt the outlook for crude demand while supply is rising, Reuters informed. Brent crude was […]

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Saudi Arabia’s Crown Prince, Russia’s Putin Discuss Global Oil Markets

October 16, 2020 Focus Washington

Key OPEC+ members Saudi Arabia and Russia have urged fellow oil producer countries to stick to supply cuts agreed earlier this year, as the International Energy Agency warns of limited capacity in the market to […]

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Energy Companies Restarting Operations Following Hurricane Delta

October 12, 2020 Focus Washington

U.S. energy companies were returning workers and restarting operations at storm-swept production facilities along the U.S. Gulf Coast on Sunday, two days after Hurricane Delta barreled through the area, Reuters reported. Chevron Corp, Royal Dutch […]

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Oil Prices Head for 11% Weekly Jump on North America, Norway Outages

October 9, 2020 Focus Washington

Oil prices inched up on Friday, setting both benchmark contracts on track for their biggest weekly gains since early June, on the back of supply outages caused by a storm in the Gulf of Mexico […]

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