Sectors News Results

  • OPEC Sees Oil Demand Boosted by Stimulus and Vaccine Programs

    Some of the world's wealthiest nations are grappling with stubborn coronavirus rates, but a brightening outlook and historic stimulus packages will boost economic activity and oil demand this year, the Organization of the Petroleum Exporting Countries said Tuesday. In its closely watched monthly market report, OPEC increased its 2021 global oil demand forecast by 100,000 barrels a day and raised its forecast for global economic growth by 0.3 percentage points to 5.4%.

  • OPEC Sees Oil Demand Boosted by Stimulus and Vaccine Programs

    Some of the world's wealthiest nations are grappling with stubborn coronavirus rates, but a brightening outlook and historic stimulus packages will boost economic activity and oil demand this year, the Organization of the Petroleum Exporting Countries said Tuesday. In its closely-watched monthly market report, OPEC increased its 2021 global oil demand forecast by 100,000 barrels a day and raised its forecast for global economic growth by 0.3 percentage points to 5.4%.

  • Shell Flags $200 Million Hit to 1Q Earnings From Texas Storm

    Royal Dutch Shell PLC (RDS/A) on Wednesday warned that the Texas winter storm is expected to have had a negative impact of$ 200 million on its first-quarter adjusted earnings. In addition, the FTSE 100 oil and gas major said it expects to report natural gas production of between 920,000 and 960,000 oil-equivalent barrels a day for the first quarter, combined with liquefied natural gas volumes of 7.8 million- 8.4 million metric tons. This compares with previous guidance of...

  • Equinor Makes Oil Discovery in Barents Sea

    Norway's Equinor ASA (EQNR) said Wednesday that it has made an oil discovery near the Johan Castberg field in the Barents Sea. Equinor (EQNR) and partners Var Energi and Petoro struck oil in exploration well 7220/ 7-4 in production license 532. It said recoverable resources are estimated at between 5 million and 8 million standard cubic meters of recoverable oil, corresponding to 31 million-50 million barrels of recoverable oil. Exploration well 7220/ 7-4 is the first of four planned...

  • Exxon, Once A Skeptic, Sees Profit in Capturing Carbon Emissions

    Exxon Mobil Corp. (XOM) says the time has come to turn capturing carbon emissions into a real business, as it faces pressure from activists to become a greener company. That represents an about-face for the Texas oil giant, which for years has held a pessimistic view of investing heavily to commercialize carbon-capture projects, saying they made little economic sense without massive government incentives. Exxon, which is counting on carbon capture and storage as a primary way to...

  • How the Oil Market Bounced Back From a Year of Crisis

    Oil prices have staged a rapid recovery since the biggest crisis to strike the energy industry in decades. The Organization of the Petroleum Exporting Countries and its allies stepped in last spring to backstop the market by slashing production in the teeth of a collapse in crude prices. This week, the cartel is expected to reach a deal on unwinding some of those cuts.

  • Biden to Meet With Unions Pushing for Infrastructure Spending -- 2nd Update

    WASHINGTON-- President Biden is scheduled to meet in the White House on Wednesday with senior labor union leaders, who are hoping to win commitments for a massive federal investment in infrastructure as well as efforts to create jobs in clean tech and alternative energy, according to people familiar with the matter. Sean McGarvey, president of North America's Building Trades Unions, will be meeting with the president and Vice President Kamala Harris in the Oval Office, and may be...

  • BHP Sees Robust Prices As Covid Vaccine Rolled Out -- Commodity Comment

    BHP Group Ltd. (BHP) on Tuesday recorded a 16% lift in first-half underlying profit in large part because of higher iron ore and copper prices. Here are some remarks on world commodity markets from that report. "The deployment of vaccines in key economies, albeit with some uncertainty as to timing and efficacy, removes a material amount of downside risk to the short term demand and price outlook for our portfolio commodities.

  • Small West Virginia Publisher Launches Antitrust Fight With Google and Facebook

    When Doug Reynolds bought the largest paper in West Virginia out of bankruptcy in 2018, he knew he would have to fight hard to save a business hammered by a dramatic shift of readers and advertising online. That fight just got a lot bigger. Last week, his company, HD Media LLC, filed a federal antitrust lawsuit against Alphabet Inc.' s Google (GOOG) and Facebook Inc. (FB), claiming they are manipulating the digital-advertising market, making it difficult for his paper, the Charleston...

  • Exxon, Chevron CEOs Discussed Merger -- Update

    By Christopher M. Matthews, Emily Glazer and Cara Lombardo. The chief executives of Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) spoke last year about combining the oil giants, according to people familiar with the talks, testing the waters for what could be one of the largest corporate mergers ever. Chevron Chief Executive Mike Wirth and Exxon CEO Darren Woods spoke shortly after the coronavirus pandemic took hold, decimating oil and gas demand and putting enormous financial strain on...

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