A Shell logo displayed on a sign at a gas station in Nakuru, Kenya. Sopa Images | Lightrocket | Getty Images British oil giant Shell on Thursday beat expectations for full-year profit, announcing a 4% increase to its dividend and a $3.5 billion share buyback program. Shell reported adjusted earnings of $28.25 billion for the full-year 2023, … Read more
Oil prices are on pace for the first monthly gain since September as the U.S. and Iran stand on the brink of a more direct confrontation in the Middle East. The West Texas Intermediate contract for March was last down $1.09, or 1.40%, to trade at $76.73 a barrel on Wednesday. The Brent contract for … Read more
Riyadh, Saudi Arabia. Xavierarnau | E+ | Getty Images Saudi Arabia’s fourth-quarter real GDP fell 3.7% year-on-year, according to flash estimates published by the General Authority for Statistics on Wednesday. That’s a smaller drop than the 4.4% year-on-year slide in the third quarter. The drop was attributed to a 16.4% decline in oil activities, while … Read more
A view of a gas station which ran out of fuel due to Israeli attacks in Rafah, Gaza on October 25, 2023. Abed Rahim Khatib | Anadolu Agency | Getty Images Oil prices edged lower on Tuesday as Hamas considers a temporary truce in Gaza and the market waits to see how the U.S. will … Read more
A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom. John Keeble | Getty Images News | Getty Images Activist investor Bluebell Capital Partners is pushing for BP to urgently change tack, saying it is “highly debatable” whether the oil major’s strategy of reducing fossil … Read more
Valvoline had last year decided to separate its retail services and global products divisions following a strategic review. Rafael Henrique/SOPA Images/LightRocket via Getty Images Saudi Arabia’s state-controlled Aramco on Tuesday announced it is shelving plans to raise its crude production capacity from 12 million barrels per day to 13 million barrels per day, amid broader … Read more
President Joe Biden on Friday temporarily paused approval of new liquefied natural gas export projects, pending a thorough analysis of how shipments will impact global climate change. The move, which follows a growing pressure campaign from climate activists, effectively freezes nearly a dozen LNG export projects currently in the pipeline, including the $10 billion Calcasieu … Read more
BURBANK, CALIFORNIA – JANUARY 16: Tesla electric cars are parked at a Tesla dealership on January 16, 2024 in Burbank, California. Carbon emissions fell by about 1.9 percent in 2023, a positive signal, but further cuts must be implemented if the U.S. hopes to achieve its climate goal of 50 percent emissions cuts by 2030. … Read more
Olga Rolenko | Moment | Getty Images Oil prices are on pace for a weekly gain as U.S. economic growth and stimulus in China raise hopes for more robust crude demand this year. The West Texas Intermediate contract for March fell 90 cents, or 1.16%, to trade at $76.46 a barrel Friday morning, while the … Read more
Australia’s electric car drivers will be offered the chance to fill up their vehicles for less than $5 as part of a trial by the nation’s biggest energy retailer. Origin Energy has revealed plans to launch its EV Power Up trial next month as part of a larger plan to manage demand on its network … Read more
