Energy Market

A $9 billion oil pipeline was officially canceled on Wednesday. The pipeline became a symbol of the rising political influence of climate change advocates and a flashpoint in U.S.-Canada relations. Keystone XL proposed in 2008 to send oil from Western Canada’s tar sands to U.S. refineries. However, after U.S. President Joe Biden revoked the essential permit required …

Keystone XL Pipeline Project Suspends Due to Ecology Issues Read More »

Oil prices fell after hitting a two-year high of more than US$72 per barrel on Monday. Demand recovery and OPEC + supply constraints provided potential support. However, they received pressure from the prospect of increased Iranian exports. With the relaxation of COVID-19 restrictions, demand in the U.S. and Europe is rising. Besides, as another promising step in …

Oil Falls After Reaching a Two-Year High on Monday Read More »

Oil price surge hit almost a two-year high on Friday. OPEC and its allies said on Tuesday that they would comply with agreed supply restrictions. In addition, Thursday’s weekly supply report showed that U.S. crude oil inventories fell more than expected last week. As of 8:12 am GMT, Brent crude oil rose 33 cents, or …

Oil Prices Rose to 72 US Dollars per Barrel on Friday Read More »

Because of potential obstacles in the 2015 Iran nuclear agreement, oil prices rose on Monday. There are doubts about the future of indirect negotiations, which may end U.S. sanctions on Iranian crude oil exports and add more oil supply to the market. Even if Iran’s exports increase, the reasons for the price increase remain intact. …

Oil price overview: will extra Iranian oil drop the prices? Read More »