EUR/USD 1.16927
0.020%
Gold 4546.91
0.513%
Oil 101.344
-0.985%
USD/JPY 157.573
0.203%
GBP/USD 1.35483
0.130%
GBP/JPY 213.489
0.348%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
May 5th - According to foreign media citing four sources familiar with the matter, a proposed pipeline project to transport Canadian crude oil to the United States is nearing the minimum commitments required by oil companies, thus paving the way for the projects progress. The project is a pipeline extending from Alberta, Canada to Wyoming, USA. If successfully implemented, it is expected to increase Canadian crude oil exports to the United States by more than 12%, providing Canada with much-needed pipeline transportation capacity. President Trump signed an executive order last Thursday authorizing the cross-border project. According to the four sources, oil companies have already committed to transporting at least 400,000 barrels per day via the pipeline, approximately 72% of their initial capacity of 550,000 barrels per day. According to regulatory filings submitted by Bridger, the projects final capacity can be expanded to 1.13 million barrels per day.Japanese Prime Minister Sanae Takaichi: I am deeply concerned about the attacks suffered by the United Arab Emirates.Sources revealed that major oil companies have committed to transporting at least 400,000 barrels per day of crude oil, representing about 72% of the pipelines initial capacity of 550,000 barrels per day.Sources revealed that the proposed South Bow-Bridger oil pipeline project, which runs from Canada to the United States, is close to securing the minimum commercial throughput required to begin construction.On May 5th, European Commission President Ursula von der Leyen responded to US President Donald Trumps recent threat of tariffs on automobiles, stating that the US cannot unilaterally raise tariffs and the EU is prepared for "all scenarios." On May 1st, Trump posted on social media that the US would raise tariffs on EU cars imported into the US because the EU had not complied with its bilateral trade agreement. Trump said tariffs on EU cars would increase to 25%. He added that cars manufactured in the US would not be subject to tariffs. In response, a European Commission spokesperson stated that the EU would "reserve all options" and assess possible follow-up measures. The spokesperson also stated that the EU is implementing the relevant trade agreement according to normal legislative procedures and is continuously informing the US of its progress.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


Suggestion