oil

Tensions are rising in the Middle East, but the rise in oil prices is muted – so far

4:26pm October 03, 2024

by Camila Domonoske

Crude oil prices have risen as Iran and Israel trade attacks, but not as much as you might expect. One reason? OPEC+ could pump a lot more oil if it wanted to.

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Gas prices are down. We could be headed for lows not seen since 2021

5:00am August 23, 2024

Pump prices having been falling all summer, and as Labor Day approaches, they're 47 cents lower than this time last year. Some analysts see $3 gasoline in our future.

(Photo by MANDEL NGAN/AFP via Getty Images)

Economy

Oil gluts, Russian bucks, and Starbucks

5:58pm June 14, 2024

Indicators of the Week is back! This week, we've got indicators about oil gluts, big bucks for Ukraine and fewer bucks at Starbucks. (Apologies for the slurping.)

Related episodes:
How to get Russia to pay Ukraine
An oil boom, a property slump and dental deflation

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Oil drills in Maracaibo Lake in Venezuela's oil rich Zulia state. The U.S. is renewing sanctions on Venezuela's oil industry.

World News

The U.S. renews oil sanctions on Venezuela citing a failure to allow fair elections

5:51pm April 17, 2024

by Tara Neill

The Biden administration will reinstate sanctions on Venezuela's oil and gas sector, accusing the government President Nicolás Maduro of failing to commit to "an inclusive and competitive election."

A man walks past a mural featuring oil pumps and wells in Caracas, Venezuela, as the country faces the prospect of the U.S. reimposing oil sanctions.

World News

Biden has to decide soon whether to sanction Venezuela. Here's what to know

8:18am April 16, 2024

by John Otis

Venezuelan President Nicolás Maduro's government faces a deadline this week — to commit to holding free and fair elections or face renewed U.S. oil sanctions.

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Oil tankers are seen at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11. This is one of the largest facilities for oil and petroleum products in southern Russia.

World News

Russia has amassed a shadow fleet to ship its oil around sanctions

6:01am January 21, 2023

by Jackie Northam

Russia would have to use tankers willing to get around sanctions to ship its crude to Asia. It's known in the oil industry as a "shadow fleet."

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World News

OPEC keeps oil targets the same amid uncertainty on Russian sanctions

8:07am December 04, 2022

by The Associated Press

The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine.

An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, Oct. 11, one of the largest facilities for oil and petroleum products in southern Russia. The deadline is looming for Western allies to agree on a price cap on Russia oil.

World News

What to know about the West's new efforts to slash Russia's oil revenue

3:14pm December 02, 2022

by Jackie Northam

Plans take effect next week that would ban most Russian oil imports from Europe and put a price cap on the oil going elsewhere. But Russia could still make money off oil to fund its war in Ukraine.

Harvard University has had the largest academic endowment since 1986.

Education

As Harvard's endowment abandons fossil fuels, oil-rich University of Texas catches up

5:01am November 10, 2022

by David Gura

Royalties on oil and natural gas, along with lease payments on millions of acres of land, are helping the University of Texas, which is in second place, narrow the gap with Harvard.

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Abdulaziz bin Salman, Saudi Arabia's energy minister, speaks during a news conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on Oct. 5.

World News

The White House accuses Saudi Arabia of aiding Russia and coercing OPEC oil producers

12:40pm October 13, 2022

by Jackie Northam

A major oil output cut by Saudi Arabia, Russia and other oil producers has drawn sharp accusations in Washington.

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