Oil and Gas

Hungary’s Orban — a longtime Putin ally — stalls Europe’s Russian oil embargo
World

Hungary’s Orban — a longtime Putin ally — stalls Europe’s Russian oil embargo

Hungary Prime Minister Viktor Orban — a longtime ally of Russian President Vladimir Putin — has said that ending Russian oil purchases would be an “atomic bomb” on Hungary’s economy. Attila Kisbenedek | Afp | Getty Images The European Union is struggling to approve a sixth round of sanctions against Russia with a few nations […]

Read More
Saudi king admitted to hospital in Jeddah for tests: Saudi press agency
World

Saudi king admitted to hospital in Jeddah for tests: Saudi press agency

Saudi Arabia’s King Salman bin Abdulaziz Al Saud. Bandar Algaloud | Courtesy of Saudi Royal Court | Reuters Saudi Arabia’s King Salman bin Abdulaziz was admitted to hospital on Saturday in the Red Sea city of Jeddah to undergo medical tests, the state-run Saudi Press Agency reported on Sunday, citing a statement from the royal […]

Read More
Diesel fuel is in short supply as prices surge — Here’s what that means for inflation
Business

Diesel fuel is in short supply as prices surge — Here’s what that means for inflation

The prices for gas and diesel fuel, over $6.00 a gallon, are displayed at a petrol station in Los Angeles, March 2, 2022. Frederic J. Brown | AFP | Getty Images Diesel prices are surging, contributing to inflationary headwinds due to the fuel’s vital role in the American and global economy. Tankers, trains, trucks and […]

Read More
OPEC+ agrees to another modest production increase after EU outlines Russian oil ban
World

OPEC+ agrees to another modest production increase after EU outlines Russian oil ban

Led by OPEC kingpin Saudi Arabia, the OPEC+ energy alliance swiftly agreed in late March to raise its output targets for May. SOPA Images | LightRocket | Getty Images Oil producer group OPEC+ on Thursday agreed to rubber-stamp another small production increase for June, amid persistent concerns over weaker Chinese demand and shortly after the […]

Read More
Oil giant Shell reports highest quarterly profit since 2008 on soaring commodity prices
World

Oil giant Shell reports highest quarterly profit since 2008 on soaring commodity prices

Shell posted adjusted earnings of $9.1 billion for the first quarter of 2022. Ben Stansall | Afp | Getty Images LONDON — Oil giant Shell on Thursday reported its highest quarterly profit since 2008 on soaring commodity prices, fueling calls for a one-off windfall tax on oil and gas companies to help U.K. households with […]

Read More
Want an inflation-ready portfolio? Top economist says a traditional route won’t cut it
World

Want an inflation-ready portfolio? Top economist says a traditional route won’t cut it

Societe Generale’s global head of economics, Kokou Agbo-Bloua, explains why the firm is changing up the traditional 60/40 portfolio. Source

Read More
Volkswagen is prolonging its use of coal due to Russian energy ‘threat’
World

Volkswagen is prolonging its use of coal due to Russian energy ‘threat’

Covering an area of 6.5 million square meters, VW’s huge manufacturing facility in Wolfsburg uses two cogeneration plants that provide it with heat and power. Krisztian Bocsi | Bloomberg | Getty Images The CEO of Volkswagen told CNBC Wednesday that the German automotive giant was keeping its options open in terms of how it powers […]

Read More
EU proposes gradual ban on Russian oil in sixth round of sanctions against Moscow
World

EU proposes gradual ban on Russian oil in sixth round of sanctions against Moscow

European Commission President Ursula von der Leyen speaks during a news conference with High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell, after Russia launched a massive military operation against Ukraine, in Brussels, Belgium, February 27, 2022. Stephanie Lecocq | Reuters The European Commission, the executive arm of the EU, […]

Read More
Natural gas surges 9% to highest level since 2008 as Russia’s war roils energy markets
Business

Natural gas surges 9% to highest level since 2008 as Russia’s war roils energy markets

A liquefied natural gas tanker berth in Japan, on Dec. 17, 2021. Should Japan ever exit the Sakhalin energy projects in Russia and their stakes were acquired by Russia or a third country, this would weaken the effectiveness of Western sanctions and benefit Russia, Japan’s industry minister said on Friday. Kiyoshi Ota | Bloomberg | […]

Read More
BP reports bumper first-quarter net profit, but posts massive loss on hit from Russia exit
World

BP reports bumper first-quarter net profit, but posts massive loss on hit from Russia exit

BP has further boosted returns to shareholders after net profit jumped to its highest level in more than a decade. Chris J. Ratcliffe | Bloomberg | Getty Images BP on Tuesday reported bumper first-quarter profits and boosted share buybacks, despite posting a massive loss after offloading its nearly-20% stake in Russian-controlled oil company Rosneft. The […]

Read More