According to a report by the Wall Street Journal, activist investor Carl Icahn has increased his stake in Occidental Petroleum Corp to nearly 10% as he scales up his fight to take control over the oil producer. As of the… Read More ›
oil prices
Saudi Arabia’s price war on crude prices aims to punish Russia for not adhering to OPEC+ production cuts
On Monday, oil prices fell by nearly 30% after Saudi Arabia slashed oil prices and set plans for a significant increase in crude production from April. Following the Saudi move, oil prices fell by as much as a third after… Read More ›
Kuwait will require $180 billion in financing over the 6 years
As per an estimate from the International Monetary Fund, Kuwait will require $180 billion in financing over the next six years given a scenario of low oil prices and its “modest” fiscal measures. Earlier this month, Kuwait had said it… Read More ›
Crude prices surge following U.S. air strike on Iranian Major-General Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis in Iraq
On Friday, oil prices jumped by more than $1 following a U.S. air strike at the Baghdad International Airport which resulted in the death of a key Iranian and Iraqi military personnel. Brent crude futures LCOc1 was up by 1.86%… Read More ›
Chevron to writedown value of assets by $10-$11 billion during fourth quarter
In a significant development, Chevron Corp stated, it will be writing down the value of its assets by $10 billion to $11 billion this quarter; the U.S. oil major is also considering selling some of its natural gas projects as… Read More ›
Saudi Aramco IPO set to be world’s biggest at $1.7 trillion
With Saudi oil giant Saudi Aramco putting its IPO valued at $1.7 trillion, below the $2 trillion mark sought by Saudi’s crown prince Mohammad bin Salman, it is set to become the world’s biggest Initial Public Offering. Aramco will not… Read More ›
The chaos in Washington casts its shadow on the economy
Washington’s particular style of functioning appears to be adding to investor concerns and markets across the globe. Partial shutdown of the government, trade wars, open confrontations have added barrels of fuel to the fire. On Tuesday, the greenback fell to… Read More ›
Trump aims to bring down oil prices ahead of Nov. 6 Congressional elections
U.S. & Saudi energy ministers are scheduled to meet in Washington to discuss ways to boost output and lower global oil prices. On the negotiating table is Saudi Arabia’s long demand for a civilian civil nuclear cooperation which will enable… Read More ›
Schlumberger NV betting big money on oil and gas projects
Its new business model involves the company in decision making capacptity throughout the oilfield management supply chain, thus sparking interest in its rivals who are wondering whether to follow suit. In a significant development, Schlumberger NV, the world’s largest oilfield… Read More ›
U.S. oil production balancing oil prices
If it weren’t for U.S. oil, crude oil prices should have touched $100 a barrel. As per a report from Barron’s, thanks to the heightened demand for oil, and reduced supplies from the Organization of the Petroleum Exporting Countries (OPEC),… Read More ›
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