The emergence of the new Omicron variant has ended, at least for the moment, the surge in oil prices that has unfolded over the course of much of this year.
The U.S. government announced that it would release oil from the strategic petroleum reserve in coordination with a handful of other countries in an effort to tame oil prices.
After months of oil prices steadily climbing amid a tightening market, the worldwide rally may soon take a breather.
OPEC+ will meet in the coming days to decide on next steps in regards to unwinding extraordinary production cuts. Meanwhile, in Glasgow, global leaders are trying to ratchet up the climate ambition.
Ahead of COP26, one of the world’s largest oil producers committed to reaching net-zero emissions by 2060.
Modest OPEC+ production increases push oil prices toward their highest in seven years - and can climb further as investors stay away from the industry.
The White House wants to slash greenhouse gas emissions in half by 2030. But asking the OPEC+ cartel to pump more oil seems to undercut those aspirations.
As Brent crosses $70, oil market narratives have flipped to questions over supply rather than demand.
Drilling returns to the shale patch as oil prices rise, but it remains to be seen if this activity will result in production.
As oil prices jump to 13-month highs, OPEC+ has opportunity to unwind its deep production cuts.