The Federal Trade Commission will approve Exxon Mobil’s approximately $60 billion acquisition of Pioneer Natural Resources after reaching an agreement with the energy giant, according to a source familiar with the matter. The acquisition will not be halted per the consent agreement reached between the FTC and Exxon. The former Pioneer chief executive officer, Scott…
Title: Biden’s Infrastructure Pact Seeks to Counter China’s Belt and Road Initiative Introduction: At the recent G20 leaders’ summit in New Delhi, President Joe Biden surprised many by extending a handshake to the Saudi Crown Prince Mohammad bin Salman. This marks a significant turnaround in the U.S.-Saudi Arabia relationship, considering Biden’s previous warnings last year….
Oil Prices Surge Amidst Supply Concerns and Production Cuts Key Events Leading to Oil Price Surge Oil prices reached their highest levels since mid-April after a series of significant events: Attack on Russian oil export hub: Ukraine conducted a naval drone attack on Russia’s port of Novorossiysk, a crucial hub for Russian oil exports. This…
The International Energy Agency predicts slow growth and peak in oil demand Global oil demand growth will trickle nearly to a halt in the coming years and peak this decade, according to the International Energy Agency, with Chinese consumption set to slow down after an initial pent-up recovery. “The shift to a clean energy economy…
Two informed sources said the OPEC+ group’s commitment to oil production cuts was 116% in October, up from 115% in September. This indicates that the group continues to produce within the framework of the agreed-upon objectives. The data showed that the compliance of OPEC members participating in the OPEC + alliance rose from 115% in…
Vera Davis, the finance minister of Angola, said that her country will probably have trouble meeting its OPEC production pledge for at least two years. Angola’s main source of income, crude oil production, has been steadily going down for years because the country has not put enough money into the energy sector. According to the…
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