United States Oil Fund Lp ETF News

The Institute of Energy Security (IES) has disclosed that petroleum prices in Ghana will go up again. According to the Institute, the prices are expected to shoot up by 6%. This, they said, is largely influenced by the sharp depreciation of the cedi against the US dollar. “Other factors include the 3.33% increase in the …

Conventional wisdom holds that high oil prices mean high gasoline prices and therefore make electric vehicles more attractive.

Though oil prices have backed off from earlier highs as markets await the outcome of Ukraine/Russia talks and traders hope (though don’t expect) that

Oil and gas prices are soaring again after the West imposed stiff sanctions on Russian financial institutions yesterday.

Elsewhere in Europe, rises in petrol prices have also prompted panicked drivers to stockpile.

Transport department hints oil and gas deliveries could come within latest sanctions for Ukraine invasion

Fuel prices have hit record highs in the UK as Russia’s invasion of Ukraine continues to affect global oil prices.

The United States and its allies are weighing an oil reserve release amid soaring prices and concern about supplies after Russia invaded Ukraine, an OPEC+ source and a senior industry source told Reuters.

The meeting will concern ‘the impact of Russia’s invasion of Ukraine on oil supply and how IEA members can play a role in stabilizing energy markets,’ the agency’s head said

ABUJA, Nigeria – The Organization of the Petroleum Exporting Countries (OPEC) chief and ministers from major African oil producing countries on Monday, February 28, defended investments in fossil fuels, saying Africa’s development needs were being overlooked in the global drive towards decarbonization . Africa accounts for less than 3% of global carbon emissions while some 600 million Africans have no access to electricity, they said, arguing that investments in the continent’s natural resources should go forward. “It would be a tragedy of unimaginable proportions if despite billions of dollars being poured into investments for these resources, these went west as stranded assets,” OPEC Secretary General Mohammad Barkindo told an energy conference in Nigeria. His comments came as the latest report from the United Nations climate science panel warned that half the world’s population was vulnerable to dangerous climate impacts and drastic action was necessary. But resource-rich developing nations have often pushed back against calls for a rapid move away from fossil fuels, arguing that they have not had the time to benefit economically from the fuels and that they are not to blame for the bulk of emissions.

(Corrects paragraph 1 to show Saudi Arabia is world''s top oil exporter, not producer) DUBAI, Feb 28 (Reuters) - Saudi Arabia''s sovereign wealth fund unveiled a finance framework on Monday for raising green debt to aid the world''s top oil…

Seplat Energy , the largest indigenous energy company by market value, has bounced back from the pandemic-induced loss of 2020, as the oil rally helped push the company back to profitability in 2021. Seplat posted a profit of N46.9 billion in 2021 compared to a loss of N30.7 billion in 2020. The company benefited from the oil price rally which averaged $70.54/bbl in 2021 compared to $39.95/bbl in 2020 when the pandemic weakened oil sales. Revenue from oil and gas sales jumped 53 percent in 2021 to N293.6 billion compared to N190.9 billion in 2020. “Seplat Energy announced a major acquisition last week and despite a challenging year for Nigerian oil and gas, the robust results delivered today clearly show how our increasing financial strength has made such an acquisition possible, without the need to dilute shareholders, by giving international financial partners the confidence to invest in our vision,” Roger Brown, the Chief Executive Officer said. Read also: Oil prices surge to $105 per barrel as Russia attacks Ukraine The company has bought the entire offshore shallow water business of ExxonMobil in Nigeria at the cost $1.2billion.

The Russia-Ukraine crisis provides another reason for European oil dependency.

The Akwa Ibom communities had sued for compensation for economic losses they had suffered as a result of the oil spillages caused by the two oil giants during exploration. The post JUST IN: Oil Spillage: Court orders NNPC, Mobil to pay N82bn judgement debt to Akwa Ibom communities appeared first on Premium Times Nigeria .

February 28, 2022 10:39 PM WASHINGTON (BLOOMBERG) - The United States and its allies are discussing a coordinated release of about 60 million barrels of oil from their emergency stockpiles after Russia''s invasion of Ukraine pushed crude prices above US$100 (S$136), according to three people familiar with the matter.