Rumors are making rounds that Saudi Arabia is selling oil for yuan, which it converts into gold on the Shanghai International Gold Exchange (SGEI). Such a development would make sense as large parts of the world want to de-dollarize, but the renminbi is not suitable to be used as a reserve currency....

To say that the six countries that make up the Gulf Cooperative Council (GCC) live and breathe hydrocarbons is hardly an exaggeration. About 60years ago, the average city in Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Qatar, Bahrain, and Oman was home to maybe a few thousand people; fast f...

Sales of U.S. crude to other nations are now a record 3.4 million barrels per day Export terminal operators are rushing to boost their capacity HOUSTON: The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War...

After two weeks of silence in detailing how it would react to the G7 oil price cap, overnight the Kremlin raised the stakes for the west when state-run Tass news service quoted Deputy Prime Minister Alexander Novak as saying that Russia may reduce output by 500,000 to 700,000 barrels a day in respon...

The Path to Q1 Deflation The odds that we get at least one month of negative inflation data in Q1 is increasing. Will deflation become a concern in Q1? That is possible (and maybe even probable) if we continue on the course of action that we are currently taking. I do not believe that we will be wor...

The role of the US military in stealing Syria’s oil runs deeper than mere petty theft. The funds are used to prop up Kurdish self-rule and ensure Syria's geographic division. In July 2021, Chinese Foreign Ministry spokesman Wang Wenbin described the US theft of oil from the areas it occupies in east...

Historically, the prices of two of the world’s biggest commodities, crude oil and iron ore, are strongly correlated, which is hardly surprising given that they are the lifeblood of the global economy including in the transport, industrial production and construction sectors. However, the past few we...

As part of a policy to support and finance a net-zero transition, HSBC will stop funding new oil and gas field developments and related infrastructure, the banking giant said on Wednesday. In an update on its energy policy, the bank said, “We will no longer provide new lending or capital markets fin...

As part of the sanctions imposed against Russia over its special operation in Ukraine, the European Union reached an agreement on Friday on setting a price cap on Russian seaborne crude at $60 per barrel. On the same day, the G7 nations and Australia also agreed to set a $60 price ceiling on oil fr...