The Railroad Commission of Texas (RRC) recently issued $1.95 million in fines against oil and gas operators, consisting of $1.52 million in agreed orders for compliance and $436,232 in default orders for those who failed to appear at proceedings.
Oil prices could jump to $200 per barrel and even higher if the Strait of Hormuz remains near-closed as it is at the moment, Fereidun Fesharaki, Chairman Emeritus of energy consultancy FGE NexantECA, told Bloomberg on Tuesday.
Curious Minds Corner
What is Saudi Aramco known as?
Saudi Aramco is the Middle Eastern oil company often considered the world’s most valuable, despite not being publicly traded.