Oil

Saudi Arabia's state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets.

A court in Milan on Wednesday acquitted oil giants Shell and Italy’s Eni of corruption charges in a $1.1 billion bribery case involving control of a lucrative Nigerian oil block.

A group of red states filed a lawsuit on Tuesday against the Biden administration for revoking the permit for the Keystone XL pipeline, which the president did via executive order on his first day in office. 

The Schork Group principal Stephen Schork discusses the impact of President Biden’s energy policy on oil prices and the economy on FOX Business’ “Mornings with Maria.”

OPEC Plus is feeling empowered, brazen and is going unchecked.

GasBuddy analyst Patrick DeHaan said gas prices are soaring due to increased demand coupled with the fact that “OPEC is not opening the spigot.”

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