Goldman Sachs expects oil prices to jump to $100 a barrel by the third quarter of 2023. The bank said China’s reopening was likely to add 1.6 million barrels a day in demand to the market. Goldman’s Nikhil Bhandari said supply was unlikely to keep up after underinvestment in recent years. Goldman Sachs sees oil … Read more
President Joe Biden said on Tuesday there will be “consequences” for Saudi Arabia as the Riyadh-led OPEC+ alliance moves to cut oil production and Democratic lawmakers call for a freeze on cooperation with the Saudis. Biden suggested he would soon take action as aides announced that the administration is reevaluating its relationship with the kingdom … Read more
The Union Cabinet on Wednesday approved deregulation of sale of domestically produced crude oil in a bid to remove irregularities and boost revenue. Briefing the media on the decisions take by the Cabinet, minister Anurag Thakur said that the move will ensure marketing freedom for all exploration and production (E&P) companies. The provision will come … Read more
Warren Buffett’s Berkshire Hathaway plowed another $44 million into Occidental Petroleum, boosting its bet on the oil-and-gas firm to about $9 billion. With the purchase of another 794,389 shares of Occidental Petroleum Corp for about $55.40 each, the conglomerate now holds nearly 16.4% stake in the Houston, Texas-based oil firm. In a regulatory filing, Berkshire … Read more