Commodities News

OSLO (Reuters) – Norway’s oil and gas industry is counting on renewable power from hydro plants to cut emissions from its offshore platforms but rival demand from the green economy is putting a spanner in the works.

LONDON (Reuters) – Crude oil prices retreated on Tuesday, after Brent rose above $75 a barrel for the first time since April 2019 and as OPEC+ begins discussions on raising oil production, but a strong demand outlook underpinned prices.

WINNIPEG, Manitoba/CALGARY, Alberta (Reuters) – Canada has set ambitious targets for slashing emissions to fight climate change, but faces a stiff challenge: not only is its economy dependent on oil production, but the Canadian oil industry’s carbon emissions are among the world’s highest for every barrel of oil it pumps.

NEW YORK (Reuters) – Crude oil prices fell nearly 2% from their highest level in years on Thursday as the dollar strengthened after the U.S. Federal Reserve signaled it might raise interest rates as soon as 2023.

NEW YORK (Reuters) – Oil prices rose for a fifth day on Wednesday, closing in on $75 a barrel as U.S. refiners drew more crude inventories to ramp up activity and meet recovering demand.

LONDON (Reuters) – The world’s biggest oil traders said on Tuesday they see oil prices staying above $70 a barrel with demand expected to return to pre-pandemic levels in the second half of 2022.

NEW YORK (Reuters) – Oil prices rose on Monday, hitting their highest levels in more than two years, supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate.

NEW YORK (Reuters) – Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs.

(Reuters) – U.S. investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity.

LONDON (Reuters) -Royal Dutch Shell will seek ways to accelerate its energy transition strategy and deepen carbon emission cuts following a landmark Dutch court ruling last month, CEO Ben van Beurden said on Wednesday, a move that will likely lead to a dramatic shrinking of its oil and gas business.

SINGAPORE (Reuters) – Oil prices rose for a second session on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted.

BERLIN (Reuters) – German exports rose slightly in April, prompted by rising trade with the United States, suggesting a continued recovery in Europe’s biggest economy.

SINGAPORE (Reuters) – Singapore’s Pavilion Energy has signed a 10-year deal to buy liquefied natural gas (LNG) from BP’s Singapore unit starting in 2024, the companies said on Wednesday, as the city-state seeks to diversify its gas supply sources.

LOS ANGELES/SHANGHAI/BEIJING (Reuters) – Global solar power developers are slowing down project installations because of a surge in costs for components, labor, and freight as the world economy bounces back from the coronavirus pandemic, according to industry executives and analysts interviewed by Reuters.

TOKYO (Reuters) -Oil prices extended their losses on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China’s oil imports fell in May.

BANGKOK (Reuters) – Thailand’s industries sentiment dropped for a second straight month in May, hitting an 11-month low, due to a third wave of coronavirus infections and a slow vaccine rollout, an industries group said on Tuesday.

SINGAPORE (Reuters) -Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week’s talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.

LAGOS (Reuters) -OPEC and its allies expect oil inventories to fall further in the coming months, OPEC’s secretary general said on Monday, suggesting efforts by the producers to support the market are succeeding.

BEIJING (Reuters) -China’s imports grew at their fastest pace in 10 years in May, fuelled by surging demand for raw materials, although export growth slowed more than expected, weighed by disruptions caused by COVID-19 cases at the country’s major southern ports.

BEIJING (Reuters) – China’s trade surplus with the United States stood at $31.78 billion in May, Reuters calculations based on Chinese customs data showed on Monday, up from a $28.11 billion surplus in April.