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‘One of the most stunning moments last night was when Joe Biden admitted he wanted to abolish the oil industry’…

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“I would transition from the oil industry, yes,” Biden said in response Thursday night to a question from Trump about whether he would close down that sector of the economy. “It is a big statement… because the oil industry pollutes significantly … it has to be replaced by renewable energy over time… I’d stop giving to the oil industry, I’d stop giving them federal subsidies.”…

Oil Jumps 11% on Signs of Demand Recovery…

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U.S. benchmark oil prices surged by 11 percent early on Monday to a two-month high of over $32 a barrel amid signs of demand recovery and accelerated production cuts from all oil producers, making a repeat of last month’s negative WTI Crude prices a day before expiry increasingly unlikely. At 10:00 a.m. EDT on Monday, […]

5 Iranian Tankers Sailing to Venezuela, Defying U.S. Sanctions…

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Five Iranian tankers likely carrying at least $45.5 million worth of gasoline and similar products are now sailing to Venezuela, part of a wider deal between the two U.S.-sanctioned nations amid heightened tensions between Tehran and Washington. The tankers’ voyage came after Venezuela’s socialist leader Nicolás Maduro already turned to Iran for help in flying […]

The New Saudi Plan to Send Oil Prices Lower…

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Saudi Arabia continues to signal to the market that it is not backing down from the oil price war despite the crumbling oil prices amid coronavirus-hit demand and promises of huge extra supply next month. Oil giant Saudi Aramco will proceed with the reduction of its refinery rates in Saudi Arabia in April and May […]

U.S. Beats Saudi Arabia to Become Top Oil Exporter on Shale Boom…

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The U.S. briefly became the world’s No. 1 oil exporter as record shale production found its way to global customers, and there are prospects for more. Surging output from shale helped America ship almost nine million barrels a day of crude and oil products in June, surpassing Saudi Arabia, the International Energy Agency said in […]

Amidst New U.S. Sanctions on Venezuela, Maduro Inks New Deal with China…

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With the US sanctioning his regime harder than ever, embattled Venezuelan leader Nicolas Maduro really wants to get China involved. Thursday night, Maduro and representatives from China National Petroleum Corporation, signed an agreement to increase output from their joint venture Sinovensa to 165,000 bpd. Sinovensa, the upgrading and blending facility for Orinoco extra heavy crude […]

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