The Panama Canal Has Become a Traffic Jam of the Seas
More than 200 vessels are stuck on either side of the waterway as a serious drought cuts crossings. Source link
Commodity Markets
Exxon and Chevron Stalk More Shale Deals as Profits Dip
The oil giants together added $14 billion in profits to their cash piles and have signaled they’re not finished shopping...
Market Bets on Cheaper Oil, Dashing Saudi Hopes for a Price Rebound
The oil market has flashed a warning to Saudi Arabia: The world economy is weakening, and the kingdom’s efforts to...
Saudi Arabia, U.A.E. Scoop Up Russian Oil Products at Steep Discounts
Despite U.S. objections, the Gulf countries are using the Russian products internally, including for consumption and refining purposes, and exporting...
Saudi Aramco Posts Record $161 Billion Profit for 2022
Saudi Arabia’s national oil company reported the largest profit by an energy firm, continuing a dramatic turnaround for the industry...
War in Ukraine Drives New Surge of U.S. Oil Exports to Europe
MarketsCommoditiesOil MarketsWith the West mostly shunning Russia’s oil and gas, U.S. crude exports increase Source link
North African Countries Snap Up Russian Oil Products Shunned by West
BusinessSome Russian cargo is being exported back to Europe, analysts suspect Source link
OPEC+ Ministers Stick to Cutting Plan Amid Oil-Demand Uncertainty
A panel of energy ministers said the group of petrostates would continue cutting oil production, amid uncertainties about demand in...
Exxon Vaults to Record Annual Profit of $55.7 Billion
BusinessEarningsOnly Apple and Microsoft so far have surpassed Exxon’s fiscal 2022 profit as the oil giant capitalized on high commodity...
Chevron Rides High Oil Prices to Record $35.5 Billion Annual Profit
The oil company banked historic profit last year as the pandemic receded and the war in Ukraine pushed oil prices...
The Offshore Oil Business Is Gushing Again
The $1.2 billion Deepwater Titan sat idle in a Singaporean shipyard for five years, looking like an abandoned cruise ship...
U.S., Allies Prepare Fresh Sanctions on Russian Oil Industry
Treasury officials are in Europe this week discussing price caps that go into effect next month. Source link
China’s EV Sales Broke Record in 2022 as Overall Auto Market Stalled
Rising retail demand for electric and plug-in hybrid vehicles boosted the auto market as traditional-car sales slipped 13%. Source link
Russia Bans Sales of Oil to Countries Imposing Price Cap
The action follows moves by the Group of Seven nations barring Western companies from insuring, financing or shipping Russian crude...
Orlando Airport Asks Airlines to Carry Additional Fuel to Avoid Flight Disruptions
BusinessBad weather along the Gulf Coast delayed fuel deliveries, the airport says Source link
Oil Price Rises After Russia Cap Kicks In
MarketsCommoditiesThe sanctions aim to crimp Russia’s oil income while preventing a surge in energy prices Source link
OPEC+ Keeps Oil Curbs Despite Russia Price Cap
WorldGroup led by Saudi Arabia and Russia also faces slowing demand in China Source link
G-7 Sets Russian Oil Price Cap of $60 a Barrel
The move came just hours after the European Union united behind the figure, as Western nations try to curb Moscow’s...
More Venezuelan Oil Unlikely to Reach Markets Soon Despite New Chevron License
BusinessBefore pumping crude in Venezuela, Chevron must collect debt, repair equipment and bolster its workforce while facing outages and security...
Biden to Sell More Oil From Strategic Reserve to Keep Gas Prices in Check
WASHINGTON—The Biden administration is planning to sell more oil from the country’s strategic reserves—and is considering authorizing new sales this...
