As Floridians prepare for Hurricane Idalia, Lipow Oil Associates President Andrew Lipow joins Yahoo Finance Live to discuss the impact of the hurricane on oil prices. Lipow says, “the impact of Hurricane Idalia on the energy infrastructure is actually very small. The majority of natural gas and oil production, if you will, is to the west of Mobile, Alabama.” Lipow explains what he is “really looking for is the supply disruptions coming from tanker deliveries of gasoline and diesel being delayed into the port of Tampa, as well as along the Florida panhandle from Pensacola over to Panama City.” “For the global oil market,” Lipow says, we’ve been focusing on “the production cuts that we’ve been seeing out of OPEC+, specifically Saudi Arabia, as they try to get the price back towards $90 a barrel for Brent crude oil. And we’ve seen Saudi Arabia impose voluntary production cuts,” that Lipow expects will “continue through October and perhaps through the end of the year.” Lipow notes that “the oil market has been… disappointed with the re-opening of the Chinese economy and the rate of growth that we’re seeing in oil demand.” Chinese oil demand in the second quarter was “very robust” at '16 million barrels a day… but we expect that demand is going to start to slack in the third and fourth quarter,” Lipow says.
Check out the hottest cars owned by your favourite celebrities. The prices will surprise you. -- China’s Zijin Mining Group Co. is developing plans to expand its copper mine in eastern Serbia due to demand for the metal considered vital to the global energy transition — an effort that could cost billions of dollars. Most Read from BloombergChina’s Worsening Economic Slowdown Is Rippling Across the Globe3M Agrees to Pay More Than $5.
BEAVER COUNTY, Utah — In a sagebrush valley full of wind turbines and solar panels in western Utah, Tim Latimer gazed up at a very different device he believes could be just as powerful for fighting climate change — maybe even more. It was a drilling rig, of all things, transplanted from the oil fields of North Dakota. But the softly whirring rig wasn’t searching for fossil fuels. It was drilling for heat.
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Hurricane Franklin gaining strength, Idalia expected to hit Florida as hurricaneThis year's Atlantic hurricane season is expected to have 18 named tropical storms, nine of which become hurricanes, four of them major, according to forecasters.
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Storm Idalia seen strengthening to hurricane ahead of Florida landfallBy Brendan O'Brien and Rich McKay (Reuters) - Tropical Storm Idalia was expected to intensify into a major hurricane on Monday as it barreled toward ...
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Florida braces for Idalia, forecast to become a major hurricaneTropical Storm Idalia intensified and was expected to be a major hurricane when it reaches Florida's Gulf Coast later this week, the National Hurricane Center said Monday, as officials declared states of emergencies in dozens of counties and ordered some evacuations.
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Idalia set to slam Florida's Gulf Coast on Wednesday as major hurricaneBy Rich McKay, Dave Sherwood and Brendan O'Brien (Reuters) - Tropical Storm Idalia closed in on Florida's Gulf Coast on Tuesday after skirting past ...
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Idalia set to slam Florida's Gulf Coast on Wednesday as major hurricaneBy Rich McKay, Dave Sherwood and Brendan O'Brien (Reuters) - Tropical Storm Idalia closed in on Florida's Gulf Coast on Tuesday after skirting past ...
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