The speculation surrounding China's zero-covid policy has sparked volatility in oil markets, and while crude was moving higher last week, this week may see a turnaround.
to a $2 billion loss on the Santa Ynez offshore oil and gas field in California, idled since 2015 after a pipeline spill.
- The German government seems to be inclined to block the Chinese takeover of a chip factory owned and operated byTuesday, November 08, 2022 China first giveth but then it taketh away, if one could recap happenings in the oil market over the past couple of days. The pre-weekend surge in oil prices, driven by reports that Beijing is working on a plan to soften zero-COVID restrictions with the aim of easing day-to-day business operations, was first beaten down by top officials scorching the speculation and then aggravated by surging COVID cases in the country. Amidst expectations of a U.S.
from poor countries criticizing oil companies for driving global warming, saying they should pay the damages as the “planet is burning”. US President Biden saying there will be no more oil drilling on federal land and in federal waters, meaning that despite the IRA deal with Senator Manchin the White House remains intent to halt leasing.
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