Oil Rises 18% In Best January On Record
Oil prices rose almost 2 percent on Friday morning, closing higher for the week, with traders turning turned bullish once again as a result of lower OPEC+ supply and global Continue Reading
Oil prices up on strong U.S. jobs data, Venezuela sanctions
Oil prices rose about 3 percent on Friday on upbeat U.S. jobs data and signs that U.S. sanctions on Venezuelan exports have helped tighten supply, then extending gains after weekly Continue Reading
Global Deepwater Oil Production To Hit New Record In 2019
Global deepwater liquid production is set to jump by 700,000 bpd from 2018 to reach a record-high of 10.3 million bpd in 2019, thanks to new fields coming on stream Continue Reading
Big Oil Companies Finished 2018 Strong Despite Plunge in Oil Prices
The world’s largest Western oil companies shrugged off a 38% plunge in oil prices during the final months of 2018 to post some of their biggest annual profits in years. Continue Reading
Qatar, Exxon to proceed with $10 billion Texas LNG project
Qatar Petroleum and Exxon Mobil Corp are expected to announce plans next week to proceed with a $10 billion project that will expand a liquefied natural gas (LNG) export facility Continue Reading
Nigeria: IOCs and Oil Theft in Nigeria
The loss from oil thefts imperils the country’s economy A new report on the protracted practice of crude oil theft in Nigeria has disclosed that amongst those involved in the Continue Reading
EU’s Venezuela sanctions focused on people, not PDVSA: official
The EU has no appetite for general sanctions targeting Venezuela or its state-owned oil company PDVSA, despite the US imposing sweeping curbs on the latter earlier this week, official EU Continue Reading
Venezuela’s Citgo Dismisses Report It Considers Bankruptcy
One of the large refiners in the U.S., Citgo Petroleum, owned by Venezuela’s state oil company PDVSA, has denied a report that it was considering filing for bankruptcy, among other Continue Reading
US gives non-US firms three months to wind down PDVSA deals
The US Treasury Department said Friday that transactions between non-US firms and PDVSA, Venezuela’s state-owned oil firm, which involve the US financial system or US commodity brokers would be prohibited Continue Reading
China Counts the Costs of Its Big Bet on Venezuela
When China hatched the first of a series of oil-for-loans agreements with Venezuela in 2007, it seemed like a perfect match. Venezuela had the world’s biggest oil reserves; China was Continue Reading