Author: bitcointalk

Authored by Irina Slav via OilPrice.com,

Chevron has resorted to mediation talks with the unions representing its workers at the Gorgon and Wheatstone LNG projects in the latest attempt to avert a strike.

If the talks fail, industrial action is set to begin as soon as this week.

Reuters reports that the talks begin today, to be hosted by an official from the Australian Fair Work Commission. They will continue throughout the week.

The report notes Chevron reached (more…)

Authored by Tsvetana Paraskova via OilPrice.com,

• The G7 has no immediate plans to review its price cap on Russian oil, with the last review having taken place in March of this year.

• The recent oil price rally has driven Russian oil above the G7 price cap, with its flagship Urals blend averaging $72 in August.

• There were some talks in June or July to do a review, but that review never happened and there are no immediate plans to do another.

Despite the fact that (more…)

Oil prices rallied to fresh 10-monthhighs today (9 straight days higher) as traders digested a decision by OPEC+ leaders Saudi Arabia and Russia to extend supply curbs through the end of the year.

The big question is – will we see inventory draws continuing

API

• Crude -5.2mm (-2.1mm exp)

• Cushing -1.4mm

• Gasoline -5.09mm (-1.2mm exp) – biggest draw since March

• Distillates +310k (-200k exp)

API reports a 5.2mm barrel inventory draw, bigger than (more…)