oil

The White House on Thursday announced that the U.S. will release 1 million barrels of oil per day from strategic reserves.

The meeting comes more than a month after Russia launched its invasion of Ukraine.

Brent crude futures fell 5% early Thursday, while U.S. crude futures slid over 6%.

Even before Russia invaded Ukraine, the fuel that runs the global economy was in short supply.

Saudi Arabia’s energy minister has said OPEC+ will keep politics out of its decision-making in favor of the “common good” of stabilizing energy prices.

Sanctions on Russia are likely to lead to higher prices, and Middle East nations don’t seem ready to increase supply, said Helima Croft of RBC Capital Markets.

In 2021, the European Union imported 155 billion cubic meters of natural gas from Russia, according to the International Energy Agency.

“I will not give them for free to Mr. Putin,” TotalEnergies CEO says of the company’s Russian assets.

The Iran-backed Houthis claimed they were behind the strike with a military spokesperson adding that they had also used drones to hit the Ras Tanura and Rabigh refineries, according to Reuters.

A new Cold War will pose a new challenge to a market that is still recovering from the uncertainties of the pandemic.

More drivers could pay over $5 and even $6 a gallon for unleaded in the peak summer driving season this year.

The European Union is unlikely to impose an immediate oil embargo on Russia over its unprovoked invasion of Ukraine, according to two CNBC sources with knowledge of the discussions.

Central banks are starting to question whether reliance on the U.S. dollar is a good idea, said Gal Luft of the Institute for the Analysis of Global Security.

Saudi Arabian oil giant Aramco reported blowout full-year earnings on Sunday, posting a more than doubling in year-on-year net profit to $110 billion.

The case is thought to be the first time ever that a company’s board has been challenged over its failure to adequately prepare for the energy transition.

The former German leader was known for speaking Russian and keeping diplomatic ties with Putin.

Kevin McCarthy is a Republican from California and minority leader of the U.S. House of Representatives. The United States produces more oil and natural gas than any other country in the world. We are the top exporter of LNG and among the top five oil exporters in the world. As a global energy power, we can provide low energy...

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