The OPEC+ oil association was unable to agree on official production cuts at its meeting last Thursday. However, individual member states announced plans for cuts. In a joint statement after the meeting, the more than twenty OPEC+ states also announced that Brazil would join the production alliance at the beginning of next year.
Article on tag "oil"
The invasion of Ukraine by Russia and its massive effects
Within two years, the global economy has been confronted by two negative events or, indeed, shocks: the Covid pandemic was the first one, having not only killed six million people globally at this point, but having also caused an unprecedented slump in the global economy and the subsequent recovery. The second one, i.e. the invasion of Ukraine by Russia, is of a geopolitical nature and has triggered a commodity price shock.
Soaring Oil Prices may Accelerate Phase-Out of Fossil Fuels
After the oil price climbed to its highest level since 2008 in the previous week, the countries want to end their dependence on Russian oil and natural gas supplies.
Ukraine war accelerates renewable energy development
The extreme rise in the price of oil and natural gas due to the Ukraine war is leading to a rethink in Europe: many states are striving for sovereignty in energy supply. The expansion of renewable energies and storage technologies will proceed even faster.
Oil prices climb to multi-year highs after OPEC negotiations fail
The rise in oil and energy prices is fueling concerns about a burgeoning inflation. Behind the failure of the latest OPEC negotiations is also a political competition for influence and power in the Gulf region.
Upward trend at the beginning of the week – Update from the Investment Division
At the beginning of the week stock markets continue the upward trend of the previous week and the WTI oil price falls in double digits to a multi-year low. What will we see this week?
Erste Asset Management excludes oil companies
Austrian sustainability pioneer withdraws early from the oil sector in all sustainable funds with eco-labels. What are the reasons?
Ørsted AS: Best Practice and Environmental Leader
According to our evaluation, the Danish Ørsted AS is among the leading companies in the environmental sector, which results from a radical transformation of the business model that the company has gone through in the recent decade. Whereas ten years ago the company produced 85% of its energy from fossil fuels and only 15% from […]
Divesting oil – personal preface included
When I think back to my first school outing to the refinery in Schwechat (Lower Austria), the first thing that comes to mind are the excellent wiener sausages at the canteen. The highly complex processes involved in the refinement of crude oil, on the other hand, are hard to digest even for an adult. Divesting […]
Turbulent start of the year for oil
Oil prices came under pressure at the beginning of the year. The consequences of the coronavirus in China were cited as the main reason for the fall in prices.
How does the struggle for a stable oil price continue?