oil

US oil producers defy calls to open taps and tame war-driven energy prices

US oil producers defy calls to open taps and tame war-driven energy prices

America’s largest oil and gas producers are keeping a lid on supply, defying calls from the Biden administration to lift output even as soaring fuel prices driven by Russia’s war in Ukraine deliver bumper profits. Top shale oil and gas producers including ConocoPhillips, Pioneer Natural Resources and Devon Energy all unveiled a sharp increase in …

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New Buyback Tax Will Force Companies to Think Twice on How to Use Cash

New Buyback Tax Will Force Companies to Think Twice on How to Use Cash

In the scrap over how to fund President Joe Biden’s spending plans, the Democrats’ focus has shifted from taxing private funds to public at the last minute. Sen. Kyrsten Sinema (D., Ariz.) backs dropping a proposed tax increase on carried interest income and adding a 1% tax on stock buybacks to the legislation. It means …

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OPEC

OPEC’s Lackluster Quota Hike Won’t Solve Oil Market Tightness

Yesterday, OPEC and its partners led by Russia agreed to increase their combined oil production by 100,000 bpd in September. Reports note that the decision follows calls from the U.S. and other big consumers for more oil. However, 100,000 additional barrels daily will probably not be enough to lower prices much further. The production increase …

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Oil drops with dollar on recession fears; Wall Street ends mixed

Oil drops with dollar on recession fears; Wall Street ends mixed

Oil hits pre-Ukraine lows as demand outlook worsens Bank of England expects recession throughout 2023 Treasury yield curve inversion deepens Dollar drops; sterling slides against euro OTTAWA, Aug 4 (Reuters) – Crude oil sank with Treasury yields and the dollar on Thursday as recession worries intensified following the Bank of England’s warning of a drawn-out …

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Oil falls to nearly 6-month lows after surprise U.S. crude, gasoline build

Oil falls to nearly 6-month lows after surprise U.S. crude, gasoline build

Sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant Register now for FREE unlimited access to Reuters.com Register U.S. crude, gasoline stockpiles rise unexpectedly – EIA OPEC+ decides on small 100,000 bpd increase to output target U.S. had …

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