Big Oil

Oil market weighs U.S.-Saudi rift

Saudi oil minister
Saudi oil minister Ali al-Naeimi. Photo: Yasser Al-Zayyat/AFP/Getty Images

Crude oil prices are up Monday after the weekend's escalating rhetoric between the U.S. and Saudi Arabia over the disappearance — and apparent killing — of Jamal Khashoggi.

Between the lines: Traders don't appear convinced at this point that the rupture will cause major upheaval in oil flows. Prices for the benchmark Brent crude are higher but they're not soaring.

The oil industry's next climate moves

Shell oil rig surrounded by wind turbines
A Shell oil rig off the coast of Brazil. Photo: Scott Heppell/AFP/Getty Images

ExxonMobil's pledge Tuesday to put $1 million into carbon tax lobbying is the latest of several industry moves lately — including Exxon and Chevron joining the wider Oil and Gas Climate Initiative and more low-carbon energy investments by some big players.

Reality check: With the big UN report highlighting the unprecedented global energy transition needed to limit the extent of global warming — something far more seismic than the changes occurring today — now is a good time to explore what further steps the industry could take in the near(ish) term.