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UAE Minister of Energy and Infrastructure Mohamed Al Mazrouei on Wednesday played down speculation that the UAE would unilaterally increase its oil production after a statement by an Emirati diplomat

With the U.S. battling high oil prices and facing a dangerous confrontation with Russia, the Democratic Party is coalescing around a new message for the midterms.

In the two weeks since Russia''s invasion of Ukraine, oil prices have rallied by more than $30 to top $130 per barrel as concerns about disruptions to Russian oil supply mount. Oil is now holding near its highest level since 2008, and analysts are not ruling out a continued run to all-time highs of $150 and even $200 per barrel if more Russian crude and petroleum products fail to make it to the market, either due to import bans, sanctions, a Russian retaliation to the West''s sanctions, or the ongoing "self-sanctioning" from many oil traders,…

As gas prices in Saskatchewan continue to rise to record levels, drivers are hoping for relief — and a sudden drop in oil on Wednesday might signal it.

The Federal Government says it has banned foreigners from buying agricultural commodities and produce directly from Nigerian farmers. The ban which was approved by the Federal Executive Council (FEC), presided over by Vice President Yemi Osinbajo, is to ensure that the farmers are no longer cheated in the purchase of their farm produce. The Minister of Trade and Investment, Chief Niyi Adebayo, who briefed State House correspondents on the approval, noted that foreigners will now have to go through licensed local buying agents to do business with the farmers. Adebayo disclosed that he presented two memos on behalf of his ministry before FEC, one of which was the promotion of agribusiness in Nigeria through the right farm gate pricing, and ban on foreigners and their representatives from purchasing agricultural commodities at the farm gates. He said the council approved the establishment of an appropriate mechanism that would not only protect the indigenous farmers in terms of achieving the right prices for their goods and commodities, but also ensure that they have the appropriate incentives and the needed encouragement to guarantee their continued participation in the farming business.

MELBOURNE (Reuters) – Oil prices rebounded on Thursday after the United Arab Emirates said it is committed to major producers’ pact to add 400,000 barrels per day of supply monthly, hours after UAE’s ambassador to Washington said his country favoured a bigger increase.

Oil edged higher after the biggest drop since November as the fallout from Russia’s invasion of Ukraine continued to rattle financial and commodity markets.

Department of Labor and Employment (DOLE) Secretary Silvestre Bello III has ordered the review of the country’s minimum wage amid the surging prices of oi petroleum products that is aggravated by the ongoing conflict between Russia and Ukraine. In a statement, Bello said that he had directed the Regional Tripartite Wages and Productivity Boards (RTWPBs) nationwide to expedite the review of the minimum wages to help workers and their families cope with the current crisis. “The skyrocketing prices of oil products caused by the ongoing conflict between Russia and Ukraine may be a compelling ground for the wage boards to recommend adjustments in the minimum wages of workers,” Bello said on Wednesday, March 9. Moreover, he said that the current daily minimum wage in the National Capital Region (NCR), which is P537, may no longer be enough to cope with the price of basic commodities and bills. He added that the RTWPBs nationwide had received petitions for minimum wage increases in their respective areas. “Setting and adjusting the wage level is one of the most challenging part of minimum wage fixing.

Oil is but one plot point. Ukraine and Russia are both major players in the world''s supply of wheat, and combined, provide almost 30% of global wheat exports, according to one estimate. Here''s what one expert had to say about world food markets.

Oil is but one plot point. Ukraine and Russia are both major players in the world''s supply of wheat, and combined, provide almost 30% of global wheat exports, according to one estimate. Here''s what one expert had to say about world food markets.

A pro-government pundit, known for his highly opinionated comments, finds it natural that the German chancellor doesn’t want gas and oil imports from Russia to stop. He lambasts the left-wing Hungarian media, which regularly accuse PM Orbán of being subservient to Russia if he expresses similar views. In separate statements, both Prime Minister Viktor Orbán […]

Just as oil prices soared above $115 per barrel and European gas prices moved up to $60 per mmBtu, coal markets have been suffering through some turmoil of their own. Global coal prices surged some 30% in one week, primarily triggered by fears of Russia’s coal supply not hitting the market as several rounds of US/EU/UK sanctions made it complicated to arrange financial lines with Russian sellers. The Asian Newcastle benchmark futures contract rose to $440 per metric tonne, with Europe’s API2 March ’22 contract trading at the same…

The second week of the war in Ukraine has brought broader sanctions on Russia, as the United States stopped imports of Russian oil, the European Union laid down plans to drastically cut imports of Russian oil and gas and several companies pulled out of the Russian market. The effect of the sanctions was felt on …

U.S. President Joe Biden says two U.S. citizens who were "wrongfully detained" by the Venezuelan government have been released, days after a delegation of senior U.S. officials visited the South American nation in an apparent effort to smooth relations between the two countries. In a statement posted to the White House website, Biden welcomed Gustavo Cardenas and Jorge Fernandez back home Tuesday following their release. The president said Cardenas, an executive with the U.S. branch of Venezuela''s state-run oil company, was arrested in 2017. Fernandez was arrested last year "on spurious charges." Biden expressed his gratitude to Roger Carstens, U.S. special envoy for hostage affairs, and to "our entire diplomatic team for their tireless efforts to secure their release and reunite these families." The release comes after Carstens joined National Security Council Senior Director for the Western Hemisphere Juan Gonzalez, and U.S. Ambassador to Venezuela James Story for talks Saturday with members of Venezuelan President Nicolas Maduro''s government.