Saudi Aramco unveils record profits

Oil giant Saudi Aramco on Sunday unveiled record profits of $48.4 billion in the second quarter of 2022, after Russia’s war in Ukraine and a post-pandemic surge in demand sent crude prices soaring. Net income leapt 90 percent year-on-year for the world’s biggest oil producer, which clocked its second straight quarterly record after announcing $39.5 […]

Gasoline Under 3 Bucks a Gallon: Here’s Where

Several states have seen gasoline prices drop to three bucks or lower as crude oil prices have continued to decline. Gasoline prices continue to fall in a handful of states to $2.99 a gallon, marking the 50th consecutive day of declines and giving consumers a reprieve as high inflation rates have walloped their budgets. Gas […]

Peak Gold and Peak Oil are Here

With the world consuming five times more oil than it is discovering, Peak Oil and Peak Gold have finally arrived.  However, the world hasn’t figured this out yet, but it will.  And, when it does, we will see much higher prices for precious metals in the future.  Why?  Peak oil equals peak gold and peak […]

Who Really Controls The World’s Oil Reserves?

Big Oil majors in the United States have found themselves the target of much pressure to boost production lately, as prices go wild amid a tight—and tightening—market. At the same time, the U.S. government, as well as the EU, have been looking all over the world for more supply. Wood Mackenzie just had some bad […]

US dollar and oil prices are breaking from their historical trade link

A strong US dollar has historically put downward pressure on oil prices, but that hasn’t been happening lately. The US dollar has strengthened to a 20-year high, while crude prices have skyrocketed. “It’s a double whammy for everyone outside the US,” an economist told Insider. A strong US dollar has historically put downward pressure on […]

“Virtual Children” for the Good of Earth

What if you had a child who was simply a virtual reality, who had no existence about from your own wishes? British psychologist Catriona Campbell, whose aim is to secure “a healthy, human-centred relationship with AI,” thinks that’s the way of the future and better for the planet. The vision of the author of AI […]

Five Warning Signs The End Of Dollar Hegemony Is Near

It’s no secret that China and Russia have been stashing away as much gold as possible for many years. China is the world’s largest producer and buyer of gold. Russia is number two. Most of that gold finds its way into the Russian and Chinese governments’ treasuries. Russia has over 2,300 tonnes—or nearly 74 million […]

Saudi Aramco net profit soars 82%

State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world’s most valuable companies, reported a net income of $39.5 billion for the quarter to March 31 from […]

Kuntler: You’ve Been Misinformed

Half the nation doesn’t believe anything it is told by those in authority and the other half revels in its reckless abuse of authority…. Isn’t it obvious by now that pervasive dishonesty is the foremost crisis of many crises in Western Civ generally and American life in particular? All our authorities have made themselves false, […]

BofA Research Maintains $100+ Oil Forecast

BofA Global Research is maintaining its $102 per barrel average Brent crude oil price forecast for 2022 and 2023, a new report from the company has revealed. In the BofA Global Research report, which was sent to Rigzone, the company outlined that it had lowered its summer spike price for Brent to $120 per barrel […]

No, The Vatican Is Not Paying For Russian Gas In Rubles

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A tweet went viral on Wednesday, claiming that the Vatican has reportedly become the first customer in Europe to pay in rubles for Russian natural gas. The report turned out to be a joke, the author of the tweet later said, apologizing to their followers. Still, the report made it in some Russian and even […]

Saudi Arabia and China are looking to ditch the dollar in a new oil deal

Reports of a Saudi oil deal priced in China’s currency could signal unease with reliance on the US dollar, according to an economist. “A potential deal in yuan is a sign that the world is looking for some counterweight to the US dollar,” Aleksandar Tomic told Insider. China plays an outsized role in Africa, which […]

Fortunes of Oil Tycoons Surge

Soaring oil prices are padding the fortunes of U.S. shale and gas tycoons, even vaulting one into the ranks of the world’s 500 richest people for the first time. American oil and gas industrialists on the Bloomberg Billionaires Index now have a collective net worth of $239 billion, a jump of nearly 10% since Russia […]

Luke Gromen: dollar’s place at the heart of the financial system is now under threat

  My guest in the latest episode of The Grant Williams Podcast is my good friend, Luke Gromen, publisher of Forest For The Trees.   With events in Ukraine happening at breakneck speed, the moves by Western nations to isolate Russia through a series of escalating sanctions have revealed weaknesses in the global financial system […]

Price Swings Make Oil Too Hot to Handle

In two of the four trading sessions this week, Brent crude futures have swung by the most on record.   Russia’s invasion of Ukraine has catapulted the oil market into one of the most tumultuous periods it has ever seen — and pushed some investors to the sidelines. In two of the four trading sessions […]

A Weaponization Of Money We’ve Never Seen Before

Can you do this: removing Russia’s central bank and a number of other commercial banks from the SWIFT payment messaging system. That’s what just happened. This is the weaponisation of money on this scale we’ve never seen before. Why do I say this? Because the second-order effects are that the whole world sees this. Pray […]

Operator of Nord Stream 2 denies it filed for bankruptcy

The Swiss-based company behind the Nord Stream 2 pipeline denied on Wednesday that it filed for bankruptcy but confirmed it terminated employee contracts. Why it matters: Long viewed as a Kremlin influence project that would increase Europe’s energy dependence on Russia, Nord Stream 2 was one of the first targets of the flurry of Western […]

Saudi Arabia transfers 4% of Aramco shares to sovereign wealth fund

Saudi Arabia’s Crown Prince Mohammed bin Salman has transferred 4% of Saudi Aramco (2222.SE) shares worth $80 billion to the kingdom’s sovereign wealth fund, the government said on Sunday. The shares will bolster the Public Investment Fund’s (PIF) strong financial position and high credit ratings in the medium term, the crown prince said in a […]

Dude, Where’s My Oil?

You won’t find it here. Photographer: Qilai Shen/Bloomberg Where did all the oil go? According to the latest estimates, the world should still be awash in oil stockpiles built up during the pandemic. But that’s not what the actual data on oil supplies show. The International Energy Agency’s latest report, published on Wednesday, shows that, […]

Goldman Says $100 Oil Possible

Oil at $100 a barrel cannot be ruled out in 2023 as supply additions are expected to be too slow to keep up with record demand, according to Goldman Sachs Group Inc. While the bank’s base forecast is for Brent to stay around $85 next year and 2023, it could breach triple digits through either […]

Oil CEOs Strike Back

“Bloomberg Commodities Edge” talks to the smartest voices in the commodity world about the companies, the physical assets and the trading behind the hottest commodities. This week Bloomberg’s Alix Steel discusses Europe’s energy crunch, big oil’s faceoff with the White House and how SPACs are reshaping alternative energy investments.

how China has monopolized the electric vehicle industry

Think of an electric car and the first name that comes to mind will probably be Tesla. The California company makes the world’s bestselling electric car and was recently valued at $1tn. But behind this US success story is a tale of China’s manufacturing might. Tesla’s factory in Shanghai now produces more cars than its […]

Saudi Arabia’s oil company Aramco’s net income rises to USD 30.4bn in 3rd quarter 2021

The world’s largest oil company, Saudi Arabia’s Aramco announced on Sunday that its net income in the third quarter 2021 increased to $30.4 billion, which is 158% more than in the same period 2020. ANI | Riyadh | Updated: 31-10-2021 14:30 IST | Created: 31-10-2021 14:30 IST Representative image. Image Credit: ANI   Riyadh [Saudi […]

Oil Majors Won’t Come Running to Help World Facing Energy Crunch

The world’s biggest energy companies are producing the most cash in years, but don’t expect them to spend it on bringing on fresh supplies of oil and natural gas to combat shortages in Europe and China this winter.Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp. confirmed this week that, for the most part, […]

Global Energy Crisis: Brace for Higher Gas, Electricity and Utility Bills

I’m bringing some bad energy to your inbox. Not sorry for the terrible pun. Definitely sorry for the bad news, though: Wherever in the world you’re reading this, you’re likely just a few weeks away from a massive energy bill, if you haven’t been slammed with one already. What’s happening: Oil and gas prices are […]

The everything shortage

A few BP stations couldn’t get fuel because of a lack of truck drivers, and next thing you know half of Britain is out of gas, thanks to panic buying. Now, an isolated problem has become a national nightmare. This is how the pandemic is still leaving deep marks on society, unleashing one lollapalooza event […]

$42B Harvard Fund to Stop Investing in Fossil Fuels

Harvard University will stop investing in fossil fuels and instead use its giant $42 billion endowment to support the green economy, joining a growing wave of investors moving away from pollutive industries. Harvard Management Co., which runs the endowment, has no investments in companies that explore for or develop fossil fuels and “does not intend […]

Saudi Aramco aims to raise at least $17 bln from gas pipeline

Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, sources familiar with the matter said on Monday. Potential bidders including North American private equity and infrastructure funds, as well as state-backed […]

Exxon mulls pledging net-zero carbon emissions by 2050

Exxon Mobil Corp (XOM.N) is considering a pledge to reduce its net carbon emissions to zero by 2050, according to two people familiar with the matter. The deliberations come as the company is considering its future, the sources said, speaking on the condition of anonymity because the discussions are private. They also comesome two months […]

Bitcoin Miners Eye Nuclear Option

Amid a heated debate over Bitcoin’s environmental toll, two companies say they have an answer on mitigating some of the negative effects: Nuclear energy. Power startup Oklo Inc. said it’s partnering with Bitcoin mining and hosting firm Compass Mining to introduce advanced fission to the energy-intensive process of minting new coins. It’s an effort, the […]

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