Colombia’s new left-wing president raises taxes on his oil industry

after a election victoryShocking many in and outside Colombia, longtime senator and former left-wing guerrilla Gustavo Petro was inaugurated as Colombia’s president last Sunday. The once controversial mayor of the capital Bogota has campaigned to end extractive industries in the Andean country, including banning hydraulic fracturing and halting the granting of new licenses for oil … Read more

Bullish forecasts support crude prices

US West Texas Intermediate crude oil futures are trading lower on Friday but are still in a position to finish higher this week. Today’s move nearly wiped out yesterday’s gains after renewed fears of a recession dampened the International Energy Agency’s (IEA)’s improved demand outlook. Crude oil prices fell sharply last week on fears that … Read more

Are oil prices set for a comeback?

In recent weeks, oil prices have given up on any gains they’ve made since Russia’s invasion of Ukraine, as market fears of a recession mounted. There are signs of slowing economic growth, which could affect oil demand. But oil market participants and analysts are struggling to estimate how much demand could suffer in a recession … Read more

OPEC+ oil production could fall in September

The 100,000 bpd production target set by OPEC+ for September could eventually turn into a production cut, the IEA said on Thursday, with a possible dip in Russian production. According to the IEA, OPEC+ is unlikely to increase production in the coming months because of a shortage of spare capacity. “Relatively low levels of operational … Read more

Opinion: Dazzling energy prices just don’t add up

A vehicle drives into a BP service station in central London, Great Britain, on Aug. 2. Oil started to rise late last year, well before the Russian invasion of Ukraine on February 24.HENRY NICHOLLS/Reuters UN Secretary-General António Guterres called them examples of “exceptional greed.” A Friends of the Earth campaigner said: “It’s unbelievable that these … Read more

Saudi’s thumb nose at Biden’s request to increase oil production

President Biden’s trip to Saudi Arabia was deemed a failure by analysts after oil-producing states announced they would increase production by just 100,000 barrels per day starting next month — far less than the amount needed to cut skyrocketing gasoline prices. . The Saudi Arabia-led Organization of the Petroleum Exporting Countries and its allies announced … Read more

Diesel shortage increases global dependence on US fuel

Increasing reliance on US diesel supplies in many parts of the world could lead to problems in the coming months as domestic demand for the fuel increases while production does not increase at the same pace. Bloomberg reports that the United States is exporting diesel fuel at a record pace, reaching 1.4 million barrels a … Read more

Russian oil exports stabilized, revenues stable

Russian oil exports appear to have stabilized, based on Bloomberg data released Monday showing steady levels of 500,000 barrels per day below the peak reached before February’s invasion of Ukraine. Russian crude oil exports by sea reached 3.5 million barrels per day in the week to July 29 Bloombergwhile the four-week average shows about 3.2 … Read more