Saudi Arabia may pump more oil next month but this does not necessarily mean it will raise exports as well, Reuters reports , citing sources familiar with Riyadh’s plans. The Continue Reading
President Hassan Rouhani said on Saturday Iran must counter U.S. sanctions by continuing to export its oil as well as boosting non-oil exports. Rouhani’s comments, carried live on Iranian TV, Continue Reading
Iranian oil exports will slide in May as the United States tightens the screws on Tehran’s main source of income, industry sources said, deepening global supply losses caused by U.S. Continue Reading
Mozambique, on the verge of being transformed with the development of major LNG export projects, needs to improve government finances and the country’s social environment for the projects to generate Continue Reading
The Federal Government has disclosed that about 43 refineries, including large scale and modular refineries, have been licensed to refine petroleum products across the country. The Senior Technical Adviser to Continue Reading
The Nigerian National Petroleum Corporation (NNPC) yesterday said $2.2 billion (N673.2 billion) had been saved from refining over 40 billion liters of crude oil abroad through the nation’s Direct Sale Continue Reading
Exxon Mobil Corp said on Friday it has funded the Liza Phase 2 development offshore Guyana after it received government and regulatory approvals. Exxon has been investing heavily in its Continue Reading
Exxon Mobil Corp on Friday sued Cuba’s state-owned Cuba-Petroleo and CIMEX Corp in U.S. federal court seeking $280 million over a refinery, gasoline stations and other assets seized after Fidel Continue Reading
Venezuela’s state-run oil company PDVSA said on Friday it would install 20 generators to make a crude project partly owned by Chevron “independent” of the national grid, after a wave Continue Reading
Venezuela’s opposition came tantalizingly close to removing President Nicolás Maduro from power this week, according to more than a dozen people involved in talks to oust him. But in the Continue Reading
Shell is seeking to sell its minority stake in a liquefied natural gas (LNG) project in Indonesia, hoping to get US$1 billion for its 35-percent interest in the US$15-billion project, Continue Reading
It is well known that oil discoveries are in continuous decline worldwide in spite of ever-increasing investments. What is less known, however, is that spending on oil exploration is fast Continue Reading
White House National Economic Council Director Larry Kudlow said on Friday that he did not favor a higher federal tax on gasoline to fund an infrastructure program, but if states Continue Reading
Cities along the Mississippi River are sandbagging and evacuating downtown homes and businesses as floodwaters that overwhelmed defenses in Davenport, Iowa, earlier in the week make their way toward St. Continue Reading
Vistra Energy President and CEO Curt Morgan on Friday touted the advantages for all stakeholders if Illinois enacts the state Coal to Solar and Energy Storage Act in this legislative Continue Reading
The terminal facilities will handle Permian crude oil and condensate for transport to the Gulf Coast. KBR, Inc. has won a reimbursable front-end engineering design (FEED) and engineering, procurement and Continue Reading
The U.S. added two oil rigs and dropped three gas rigs this week for a net loss of one rig. The U.S. added two oil rigs and dropped three gas Continue Reading
Two Exxon Mobil Corp shareholders said on Friday they would withhold their support for the re-election of all ExxonMobil directors at the company’s annual meeting due to the U.S. oil Continue Reading
Elon Musk does not mince words when rejecting the technologies that other companies are relying on to control their driverless cars. “The two main crutches that should not be used Continue Reading
Fiat Chrysler Automobiles has said it will pay electric carmaker Tesla close to C2bn to help it meet tough new emissions targets and has reported a 29 percent drop in Continue Reading
New York Governor Andrew M. Cuomo announced that Maid of the Mist, which has been navigating the waters of the Lower Niagara River since 1846, will launch later this year Continue Reading
Poland, Hungary and the Czech Republic are offering their domestic refiners about 8 million barrels of oil from strategic reserves after supplies from Russia’s Druzhba pipeline to Europe were halted, Continue Reading
Russia is cutting oil output by as much as 10 percent for several days amid disruptions due to contamination of crude in a major pipeline to Europe and at a Continue Reading
State-controlled Equinor reported a 9% year-on-year drop in its Norwegian oil output for the first quarter on Friday, suggesting continued problems and steep natural decline at currently producing fields ahead Continue Reading
The world’s largest sovereign wealth fund—Norway’s US$1-trillion fund that has amassed its wealth from oil—earned US$84 billion in Q1 in the “strongest quarter ever”, boosted by technology and oil and Continue Reading
Russia’s oil production will be cut by another 1 million barrels per day over the next week after its oil exports were restricted due to contamination issues, according to Reuters Continue Reading
Crude oil futures slid during mid-morning trade in Asia Friday amid expectations that the supply void from Iran will be filled by other key crude oil producers, Saudi Arabia and Continue Reading
Oil prices dipped on Friday, paving the way for a weekly decline as surging U.S. output was expected to start hitting global markets soon. Brent crude oil futures were at Continue Reading
Oil prices plunged early on Thursday to the lowest in a month after U.S. government data showed on Wednesday that inventories hit their highest since September 2017 and production soared Continue Reading
Oil plunged Thursday, with U.S. crude dropping more than 3 percent as the market grappled with oversupply fears as increased U.S. sanctions on Iran had more incremental impact than expected Continue Reading
Oil prices crashed mid-week on news that U.S. crude oil inventories spiked, offering evidence that the oil market is not as tight as expected only a few days ago. U.S. Continue Reading
More than a week after the U.S. announced that it was ending all sanction waivers for Iranian oil customers, President Donald Trump’s policy toward Iran is still the key wild Continue Reading
The Clean Shipping Alliance, or CSA 2020, has received written approvals and no-objection letters from more than 20 ports covering Europe, the Americas, Asia and Australasia indicating they have no Continue Reading
The global battery energy storage market will to grow to $13.13 billion by 2023, according to a new forecast by GlobalData. Asia-Pacific (APAC) and EMEA will be the dominant markets Continue Reading
The world’s major oil producers can offset any potential supply disruption as tougher US sanctions remove more Iranian barrels from the market, the US Department of Energy said Thursday. Energy Continue Reading
OPEC production estimates from a couple of surveys are in and they suggest the cartel, despite its best efforts, has not been completely successful in its efforts to drive prices Continue Reading
Turkey will not be able to “quickly” source oil from alternate sources after the US ended the waivers previously extended to Turkey for the purchase of Iranian oil, Turkish foreign Continue Reading
Iran’s armed forces should prepare as if an attack were imminent, General Abdolrahim Mousavi instructed on Thursday just as the US waivers on Iranian crude oil sanctions expired, according to Continue Reading
India has asked the United States if it would be flexible in allowing India to continue importing Iranian crude oil despite the end of the sanction waivers on May 1, Continue Reading
The Trump administration is considering a more-aggressive enforcement of its economic sanctions on Iran—targeting more companies and financial institutions that do business with the Islamic Republic in an attempt to Continue Reading
Iran will respond if other OPEC members threaten its interests, Oil Minister Bijan Zanganeh said on Thursday amid rising pressures from Washington to bring Iranian crude sales to zero with Continue Reading
ISTANBUL (Reuters) – Turkey will be unable to diversify oil imports quickly after the United States ended waivers on purchases from Iran, the Turkish foreign minister said on Thursday, a Continue Reading
The United States sharply tightened energy sanctions against Iran on Thursday, seeking to cut the Islamic Republic’s exports to zero and ushering in a new era of uncertainty for the Continue Reading
Saudi Arabia has pledged to boost oil output if needed, as the Trump administration starts banning all Iran oil exports on Thursday. But behind the scenes, Riyadh and Washington face Continue Reading
Saudi Arabia’s oil output may edge up in June, sources familiar with the kingdom’s policy said, but the extra crude may be used for domestic power generation rather than providing Continue Reading
Iraq’s crude exports remained steady from March to April, as the federal government and the autonomous Kurdistan Regional Government (KRG) combined for oil sales of 3.858 million barrels per day Continue Reading
Among the challenges besetting Nigeria’s economy, which has been internationally acknowledged is the multifaceted nature of losses that are largely induced by poor records, corruption and tardiness in enforcement of Continue Reading
As opposition leader Juan Guaidó failed to ignite a military uprising in Venezuela this week, his allies in Washington placed the blame not only on troop loyalty toward President Nicolás Continue Reading
Pemex is struggling–to put it lightly. Petroleos Mexicanos, Mexico’s long-mismanaged state-owned oil company, has been bleeding money as its production levels have fallen to a trickle of their former production Continue Reading
Chinese representatives had a lot to say at this month’s 2019 Spring International Summit at China’s Nuclear Energy Sustainability Forum in Beijing. Yu Jianfeng, chairman of the China National Nuclear Continue Reading
