Downstream

This post was originally published on this siteGreg Abel holds about US$175 million worth of stock or about 18% of his US$1 billion net worth Warren Buffett’s appointed successor has built a billion-dollar fortune in his time at Berkshire Hathaway Inc. But unlike the legendary investor — or even his friends and early backers who […]

This post was originally published on this siteBy Julian Lee and Alex Longley When US President Donald Trump was inaugurated to his second term as president on Jan. 20, oil prices were close to the highs of the summer before. By early May, they had plunged by nearly a quarter. That’s for two big reasons:

This post was originally published on this siteSummary • Crude prices supported by impending US-China talks • Brent prices could drop to $50 if US-Iran deal occurs – Citi LONDON, May 8 (Reuters) – Oil prices rose over 1% on Thursday, buoyed by hopes of a breakthrough in looming trade talks between the United States

This post was originally published on this siteRecent U.S. sanctions on two small Chinese refiners for buying Iranian oil have created difficulties receiving crude and led them to sell product under other names, sources familiar with the matter said, evidence of the disruption that Washington’s stepped-up pressure is inflicting on Tehran’s biggest oil buyer. The

This post was originally published on this siteIt’s been almost 25 years since BP Plc attempted to rebrand itself as “Beyond Petroleum” and adopt a more environmentally friendly image. But with a recent swing away from green energy toward its fossil fuel roots, “Back to Petroleum” might be a more appropriate tag line. The shift

This post was originally published on this siteIf Shell acquires BP, it would create a European oil major that could challenge industry leaders Exxon Mobil Corp. and Chevron Corp., with upstream oil and gas production of nearly 5 million barrels of oil equivalent a day. Summary by Bloomberg AI The deal would give Shell dominance

This post was originally published on this siteUkraine’s parliament ratified a deal with the US over access to the country’s natural resources, lending its full support to attempts by President Volodymyr Zelenskiy to improve ties with Donald Trump. Ukraine and the US reached the accord a week ago after long negotiations that led Washington to drop its insistence on getting

This post was originally published on this sitePhotographer: Anthony Prieto/Bloomberg Crescent Energy Co. is looking to sell its drilling portfolio in areas including the Denver-Julesburg Basin in Colorado to focus on its core acreage in the Eagle Ford and Uinta basins. Summary by Bloomberg AI The divestment could fetch more than $1 billion, but no

This post was originally published on this site(Reuters) – The U.S. Geological Survey (USGS) released an assessment on Wednesday detailing potential undiscovered oil and gas in two formations under much of the U.S. Gulf Coast from Texas to Florida. The assessment found that there are technically recoverable resources of 35.8 trillion cubic feet of natural

This post was originally published on this site(Reuters) – U.S. crude stocks and distillate inventories fell last week, while jet fuel demand rose to a five-year high, the Energy Information Administration (EIA) said on Wednesday. Gasoline inventories rose, stoking concerns among analysts of weak demand ahead of a major driving holiday in the U.S. later