Oil

Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities.

A group of House Republicans and at least one Democrat will send a letter to the Biden administration warning that its pause on new oil and gas permits is hurting existing operations.

OPEC is enjoying higher oil prices without any heavy lifting.

Exxon is asking the Texas court to rule that the massive storm was a natural disaster

OPEC and allies, together called OPEC+, are considering rolling over production cuts into April instead of raising output

The normal switch to the more expensive summer-grade gasoline may come sooner this season due to the winter storm that battered Texas.

The head of the Texas Public Utility Commission resigned as fallout mounted from the energy crisis that swept the state during a severe winter storm last month.

Carbon pricing aims to discourage the production of harmful greenhouse gases by setting a price on emissions. The API draft statement would endorse the concept in principle, without backing a specific pricing scheme such as a carbon tax.

Oil prices rose more than $1 on Monday on optimism in the global economy thanks to progress in a huge U.S. stimulus package and on hopes for improving oil demand as vaccines are rolled out.

Exxon Mobil's global oil and gas reserves tumbled by a third last year as the COVID-19 pandemic crashed global oil prices and demand, the company said on Wednesday.

Saudi Arabia’s Crown Prince and de facto ruler Mohammed bin Salman has put Public Investment Fund (PIF), Saudi Arabia’s main sovereign wealth fund, at the centre of reforms aimed at diversifying the economy of the world’s top oil exporter away from fossil fuel.

Oil prices jumped by more than $1 on Tuesday, as U.S. output was slow to return after a deep freeze in Texas shut in crude production last week.

Lipow Oil Associates President Andy Lipow said he expects it will take about two weeks to restore “the majority of normal operations” in Texas following the deep freeze and the related power outages.

Oil prices will rally faster and sharper than previously expected as demand outstrips supply increases from OPEC+, Iran and U.S. shale, according to Goldman Sachs Group Inc.