2022 was roller coaster year for crude oil. At the start of the year Russia invaded Ukraine which saw price rush till $130 before retracing back to $80 and in the second half of the year remained between $70-$90. Now crude is at the same price which it was at the start of the year 2022. According to IEA and OPEC forecast, demand is expected to increase in 2023. The EU will need to buy more gas to ...

Crude oil got shot in the arm boost after US braces for winter storm. Previously bulls took charge after China relaxed its covid policy. Cold weather is expected in the United States, with a storm forecast to bring more than a foot of snow and potential blizzards. In addition to the weather forecast, the latest weekly petroleum report of the U.S. Energy Information Administration also contributed ...

The geopolitics of oil and gas (resulting from the balance between supply and demand) is heating up. Crude oil prices are predominantly influenced be geopolitical tensions or war in an energy-producing country. It’s impacting the power dynamics between energy exporters and importers, energy security, and the military strength of major powers.Let’s unwind – When Russia attacked Ukraine, the p...

Alla, 37, said that as she was sleeping in her home in the southern Ukrainian city of Mykolaiv early Thursday, she was awakened by a sudden burst of light. Then, she recounted, an acrid smell filled her nostrils as it became clear her home had been hit by a Russian strike. Immediately, her thoughts turned to her 11-year-old son, Artem, she said. NBC News has chosen not to divulge the last name...

Oil prices got a boost in the arm when OPEC decided to cut production by 2 million bpd, a figure that was larger than market had expected. Oil prices climbed on the news but the gains were limited as the market was waiting for US response. OPEC has been undershooting its own production for months so in reality, the market is only getting cut of 1 million bpd instead of 2 million as OPEC is behi...