OPEC+ Considers Output-Limit Cut Of As Much As Two Million Barrels A Day

The group may discuss a cut of that size, plus smaller reductions ranging from 1 million to 1.5 million barrels a day, when it meets on Wednesday, delegates said. Based on current discussions, so far curbs would use existing baselines to measure each country’s contribution, one delegate said.

Europe Gas Slides As Storage, EU Steps Cut Risks For This Winter

Benchmark futures declined as much as 9.7%. European demand is likely to fall by a record 10% this year, and another 4% next year due to the high prices, according to the International Energy Agency. Gas saving measures will be crucial to help stretch inventories to the end of winter even with dwindling Russian supply, … Read more

US Redoubles Efforts to End Dependence on Russian Nuclear Fuel

“We are going to get Congressional support in a bipartisan way for us to make our own fuel cycle supply chain independent, certainly of Russia,” Granholm, 63, said in an interview at the International Atomic Energy Agency in Vienna. “We’ve got to make this happen for our own independence and national security.”

Oil Edges Higher on Report Russia to Push for OPEC+ Supply Cuts

Traders were also tracking the progress of Hurricane Ian, which is expected to make landfall on Florida’s west coast late Wednesday. Ahead of that, US energy companies have idled about 190,000 barrels of daily crude production, some 11% of US Gulf of Mexico output, according to government figures.

Leaked Study Shows Exxon, Partners Overspent by $138 Billion

(Bloomberg) — Oil and natural gas projects that Exxon Mobil Corp. invested in between 1998 and 2017 ended up costing $138 billion more than early-stage estimates, potentially due to mismanagement by operators and poor planning, according to an internal analysis seen by Bloomberg. The 2020 study, reviewing 110 projects in which Exxon took a stake … Read more

Oil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook

West Texas Intermediate was steady near $84 a barrel, and down almost 2% for the week. The Federal Reserve gave its clearest signal yet that it is willing to tolerate a US recession as the necessary trade-off for regaining control of inflation, while the UK, Norway and South Africa also followed with hikes.