President Biden is ready to use the strategic petroleum reserve again should the need arise, a reserve that the White House has been working on replenishing in recent months.
On being asked if the high government revenue collection seen in both direct and indirect tax provided scope to do away with the windfall tax, the official said:
The hike highlights Saudi Arabia’s efforts to keep the market tight amid fading war risk in the Middle East, which has helped drive oil prices in London lower.
BP is set to reverse its commitment to reduce oil and gas production by the end of the decade, part of a broader industry pivot to providing more hydrocarbons.
Oil prices have fallen roughly 10% from a five-month high that it hit mid-April, possibly due to a curtailed impact of Iran-Israel tensions, and renewed efforts to resolve the conflict in Gaza.
After facing regulatory scrutiny, Exxon Mobil closed a roughly $60 billion acquisition of Pioneer Natural Resources. The largest shale oil transaction ever signed will reshape the order of power in the vast Permian Basin oil field.