Oil prices edged lower in choppy trade on Wednesday, taking a breather after gains earlier this week, as investors assessed the impact of the omicron coronavirus variant on the global economy.
Mubadala Investment Company, the UAE’s sovereign fund, purchased the stake of 1.9% in the Russian petrochemical giant Sibur, the company said on Wednesday.
Oil prices fell below $75 a barrel on Wednesday, taking a breather after strong gains this week, as investors assessed the impact of the omicron coronavirus variant on the global economy and fuel demand.
Buoyed by high oil prices, the bosses of the biggest explorers this week laid out a vision for the energy transition that hinges on more fossil-fuel investment rather than less.
Amid the rusted remnants of Venezuela’s once-mighty oil industry, a motley crew of obscure drillers has achieved a feat few thought possible: It’s more than doubled the country’s crude production in the space of a year.
The signing of new investment deals reportedly worth $30 billion between Saudi Arabia and Oman is no doubt a positive development for solidifying cooperation between the member countries of the Gulf Cooperation Council.
Iraq’s oil minister Ihsan Abdul-Jabbar expects crude oil to recover to $75 per barrel, Reuters has reported, citing an interview of Abdul-Jabbar for Iraqi state TV.
Iraq’s oil minister said on Monday that he expects oil prices to reach over $75.
Oil traders are scooping up options contracts that would pay out if U.S. crude futures plummet against international benchmark Brent, a signal that some believe the Biden administration could intervene in the market again to bring down oil prices.
Saudi Aramco CEO Amin Nassir on Monday rejected what he called a “deeply assumption” that the entire world can run on alternatives and the vast global energy system can be totally transformed, virtually overnight.