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Prices for the U.S. will go up by between 40 and 60 cents.,". Those for Europe, a relatively small market for Aramco, will be cut. OPEC+ opted on Thursday to proceed with a production increase for next month, even as new Covid-19 cases threaten to sap demand and with the alliance predicting the oil market will flip from a supply deficit to a surplus in early 2022. Brent crude is down 15% since late November to just below $70 a barrel, reducing this year’s gain to 35%. The fall is mainly due to the discovery of omicron and the prospect...

Full title: Britain's Guardian newspaper tells staff to avoid saying 'climate change,' use 'climate emergency, crisis or breakdown' instead Britain's Guardian newspaper is officially changing its language concerning climate change, opting to call it instead “climate emergency, crisis or breakdown.” Editor-in-chief Katharine Viner advised the staff in an email Friday that the phrase “climate change” should be avoided because it “sounds rather passive and gentle’ and doesn’t capture the real threat to humanity. “We want to ensure that we are being scientifically precise and rooted in facts, while also communicating clearly with readers on this very important issue,” Viner wrote. The...

Iran's energy industry is plagued by a host of challenges--from leaking pipelines to skeptical western oil investors--as it attempts to throttle up crude output next year when western sanctions are expected to be lifted. Iran's aging infrastructure is in disrepair after several years without the expertise of the world's largest oil companies, western and Iranian officials say. The country is likely to be selling as much as 500,000 new barrels of oil into an already saturated market for crude exports, setting up logistical hurdles. And the Islamic Republic is more divided politically over the return of western companies than expected,...

(Reuters) - Oil rose for a third straight session on Monday as OPEC forecast greater demand for crude this year than previously thought and projected less supply from countries outside the group. The Organization of the Petroleum Exporting Countries forecast demand for its oil will average 29.21 million barrels per day (bpd) in 2015, up 430,000 bpd from its previous forecast, while slashing its outlook for crude supply growth in non-OPEC countries. Benchmark Brent oil futures LCOc1 were up 35 cents, or half a percent, at $58.15 a barrel by 11:40 a.m. EST, after revisiting Friday's one-week peak of $59.06.

The European Central Bank will plough €1.1 trillion into the eurozone economy in a last-ditch attempt to breathe life into the European economy. At its monthly governing council on Thursday (January 22), the bank’s governing council agreed to start buying up to €60 billion of government bonds from March in an unprecedented quantitative easing program. The program is open-ended, and will run until September 2016 at the earliest. Speaking at a press conference following the governing council meeting, ECB president Mario Draghi said that the bond-buying program would remain in place “until we see a sustained adjustment in the path...

Europe’s energy union needs to be bolstered by EU laws binding on each nation, Germany said in a policy paper seen by Reuters that sets it at odds with Britain. […] After last October’s outline agreement on 2030 climate goals on carbon emissions, increased use of renewable energy and improved energy efficiency, Germany urged the Commission to draw up a proposal on “governance”. Governance refers to legal implementation plans for targets on renewable energy and energy savings. […] That position is diametrically opposed to the stance of Britain, which has called in general for a “light-touch and non-legislative” approach. …

Technology is cheaper and West doesn’t use oil to fund a welfare state Give Saudi Arabia credit: Whoever sets oil-production policy for the desert kingdom has guts. Unfortunately, the sheiks have made what’s likely to become a sucker’s bet.You know this part already, but the 12-nation Organization of the Petroleum Exporting Countries last week declined to cut production, sending Brent crude oil futures tumbling to their cheapest point since 2009. The Saudis appear to be spoiling for a fight, trying to find out exactly how cheap oil must be to force surging U.S. shale-oil production to seize up like an...

Pickens: Brent crude will be above $100 forever Jackie DeAngelis | @JackieDeAngelis 4 Hours AgoCNBC.com 72 SHARES                         39COMMENTSJoin the Discussion Oil and gas entrepreneur T. Boone Pickens thinks international oil prices will stay high indefinitely—over $100 a barrel—despite recent declines in the futures market. Adam Jeffery | CNBC T. Boone Pickens At the Investools 4th Annual Investor Education Conference in Dallas, Pickens reminded investors that OPEC's largest producer, Saudi Arabia, needs oil prices to remain elevated in order to maintain its social spending programs; therefore, the Organization...

Brent crude rose on Thursday for a fourth day in a row, topping $120 a barrel at settlement -- an eight-month high -- on worries about supply from Iran and from the North Sea, where output was expected to dip next month. The euro's rebound against the dollar also boosted crude oil on both sides of the Atlantic. The euro surged, reversing an early decline after reports that euro zone central banks had agreed to exchange Greek bonds they hold for new bonds as part of a deal to help the debt-strapped country. This raised hopes that Greece's long-sought debt...

Brent crude surpassed $103 on Thursday after violent clashes in Egypt raised the prospect of further unrest across the Middle East, overshadowing the bearish effect of soaring gasoline inventories in top consumer the United States.

Fears that the turmoil in Egypt could disrupt oil shipments passing through the Suez canal and engulf the Middle East drove the price of Brent crude oil through the $100 barrier for the first time in over two years. The price of a barrel of the benchmark Brent crude soared by more than $1.50 to as high as $101.08 a barrel as the protests against President Hosni Mubarak's regime intensified. Prices are now at their highest since September 2008, at the start of the financial crisis. Abdullah Al-Badri, secretary general of Opec, the cartel of oil producers, expressed concern about...

Brent crude fell $5 on Tuesday and U.S. crude dropped $4 as concerns over a deepening nuclear crisis in Japan heightened risk aversion and pushed prices lower in the oil markets. Brent crude for April delivery fell as low as $107.88 while U.S. crude for April delivery dropped briefly to $97.10.

Oil prices tumbled more than $6 a barrel Monday, briefly slipping below the $100 level as traders bet that global demand for petroleum products will keep falling despite a planned $700 billion U.S. financial bailout. A stronger dollar also weighed on crude prices as investors who bought oil and other commodities as a hedge against inflation sold their contracts. Light, sweet crude for November delivery fell as low as $99.80 a barrel in morning trading on the New York Mercantile Exchange before edging up slightly to $100.28, down $6.61. The contract fell Friday $1.13 to settle at $106.89. Crude has...

SINGAPORE (Reuters) - Oil prices pushed above $49 a barrel on Monday, approaching record levels as worries about the stability of supplies from Iraq, Nigeria and Russia compounded concerns over low fuel stocks ahead of winter. U.S. light crude climbed to a session high at $49.36 a barrel, up 48 cents and just 4 cents below the all-time intraday peak set in late August at $49.40. At 10:38 p.m. EDT Sunday, U.S. oil was 32 cents higher at $49.20. Oil was driven higher last week by a big dip in U.S. oil stockpiles, at a time when inventories should be...

LONDON (Reuters) - World oil prices tumbled from 13-year peaks at $40 Monday after leading world exporter Saudi Arabia said OPEC should raise supply to stop high prices hurting world economic growth. The Saudi remarks reassured markets after a sabotage pipeline attack at the weekend struck Iraq's crude exports, reinforcing fears over Middle East supply security. U.S. light crude slumped $1.30 a barrel to $38.63, after striking the $40 mark Friday for the first time since October 1990 in the run up to the first Gulf War. London's Brent crude was down $1.35 at $35.65 a barrel. Prices slid after...