Oil advanced for a third day after the IEA lifted its forecasts for demand and an industry report pointed to another decline in U.S. crude stockpiles. Futures rose 1.6% in New Continue Reading
Highlights OPEC raises 2021 demand outlook US dollar tests three-week lows Libya pay dispute threatens to shutter ports Crude oil futures settled higher April 13 on the back of a Continue Reading
The International Energy Agency has sharply raised its world oil demand estimate for 2021, pointing to further signs that the global economy is recovering faster than previously expected, particularly in Continue Reading
Temperatures in the Arctic Ocean, an area that has a significant influence on the world’s weather, were much warmer last month than the average for the past two decades. Northeastern Canada Continue Reading
About face in 2021 demand outlook OPEC+ alliance set to add more than 2 mil b/d Global stocks 29 million barrels above 5-year average OPEC has increased its oil demand Continue Reading
Egypt seized the giant container vessel that blocked the Suez Canal last month as part of an effort to get more than $900 million in compensation. The court in the Continue Reading
Iran said on Tuesday it will start enriching uranium to 60% purity, a move bringing the fissile material closer to levels suitable for a bomb, after accusing Israel of sabotaging Continue Reading
Iran will begin enriching uranium to 60 percent purity, a top official said Tuesday, far exceeding its current level, in a defiant move following an attack on one of its Continue Reading
Satellite image ©2021 Maxar Technologies image captionThe Ever Given created a six-day jam in the canal The log jam in the Suez canal last month produced a spike in ship Continue Reading
Rising Middle Eastern oil production is making the commodity that comes out of this region cheaper compared to Brent-linked grades, which may lead to a price war, Bloomberg has reported Continue Reading
Libya pumped 1.283 million b/d of crude in March, the North African producer revealed to OPEC in the producer group’s latest monthly oil market report. Crude production in March rose Continue Reading
Iran’s move to enrich uranium up to 60% purity is a response to the sabotage at its key nuclear facility, President Hassan Rouhani said on Wednesday, adding the Islamic Republic Continue Reading
India on Tuesday said it will fast-track emergency approvals for COVID-19 vaccines authorised by Western countries and Japan, paving the way for possible imports of Pfizer, Johnson & Johnson, and Continue Reading
India’s new coronavirus infections reached a record on Wednesday, as crowds of pilgrims gathered for a religious festival despite oxygen shortages at some hospitals and strict coronavirus curbs in other Continue Reading
Conservative candidate Guillermo Lasso, 65, won the presidential election in South American oil producer Ecuador, and said he would propose new oil deals to private oil companies. Lasso won the Continue Reading
Ecuador’s beaten-down petroleum industry has been struggling to recover from a savage 2020 where pipeline failures, the COVID-19 pandemic, corruption scandals , and heightened political uncertainty sharply impacted operations. There Continue Reading
In a bid to reduce refining overcapacity, China is stepping up pressure on independent refiners to uproot illegal tax practices and check if outdated facilities have been closed as required, Continue Reading
The Texas grid operator is warning of tight power supplies as a cold front moving through the state is limiting wind and solar production while generating units are down for Continue Reading
The United States is back in the Paris climate accord, but the depth of its commitment will become clear only in the next two weeks, when President Joe Biden unveils Continue Reading
As many as 375 local and state elected officials are calling on the Biden Administration to institute a ban on new oil and gas drilling permits on federal lands and Continue Reading
U.S. consumer prices rose sharply in March as the economic recovery gained momentum, marking the start of an expected monthslong pickup in inflation pressures. Some of the price increases reflected temporary factors, Continue Reading
It is no secret that the reflation in oil prices, WTI and Brent, above $50.00/bbl in the last six months has been a boon to the companies that service oil Continue Reading
BP on Tuesday reported an oil discovery on Green Canyon Block 821. BP (NYSE: BP) on Tuesday reported an oil discovery at the Puma West prospect in the deepwater U.S. Continue Reading
The markets are not headed to a new supercycle in oil, and $100 a barrel oil is still a very distant possibility unless major unexpected market shocks occur, analysts at Continue Reading
The Kremlin told Washington on Wednesday it would act decisively if the United States undertook any new “unfriendly steps” such as imposing sanctions, the RIA news agency reported, citing a Continue Reading
The residents of Irkutsk, one of Russia’s coldest regions, are used to harsh winters. But when the temperature dropped to negative 60 degrees Celsius (-76 Fahrenheit) last January, even they had to submit Continue Reading
Crude oil futures edged up during midmorning trade in Asia on April 13 on bullishness due to improved economic prospects, even as the market remains weighed down by the possibility Continue Reading
Oil rose toward $60 a barrel as investors assessed an uneven global demand outlook amid rising Covid-19 cases in some regions, with the market bracing for an impending increase in Continue Reading
In the coming years, the power structure of global oil markets is set for a major shakeup if the reserve life of International Oil Companies (IOCs) continues to decline. The Continue Reading
Oil pared gains with prices struggling to break out of its recent trading range as the market considers the jagged outlook for global fuel consumption. Futures in New York closed Continue Reading
Offshore oil has built some well-deserved bad rap over the decades because of oil spills, and it has frequently been the specific target of protest action from environmentalists. But if Continue Reading
Higher oil prices and an expected rebound in the global economy and oil demand are set to lower the fiscal breakeven oil price of the major Middle Eastern oil producers Continue Reading
Iran blames regional arch-foe Israel for a sabotage incident at its key Natanz nuclear site and will exact revenge, state TV quoted its foreign minister as saying, in what appeared Continue Reading
Egypt is still in talks about compensation stemming from the operations to free the giant container ship whose stranding in the Suez Canal for nearly a week roiled global cargo Continue Reading
World powers have sought to distance themselves from an alleged attack on Iran’s main uranium enrichment facility that threatens to complicate talks to revive an international nuclear deal with Tehran. The Continue Reading
The Iranian foreign minister, Mohammad Javad Zarif, vowed revenge against Israel on Monday morning, a day after a blackout at an Iranian nuclear enrichment site was attributed to an Israeli Continue Reading
Iran is blaming Israel for what it says was sabotage on its Natanz nuclear site over the weekend and vowed revenge against the perpetrators. Iran uses the Natanz site for Continue Reading
The dispute over so-called field allowances paid to Libya’s Petroleum Facilities Guard has returned, with the potential to lead to some oil terminal closures later this month, industry sources said Continue Reading
Iran’s top diplomat said on Tuesday that an attack on its Natanz nuclear facility which it blames on Israel was a “very bad gamble” that would strengthen Tehran’s hand in Continue Reading
Iran on Monday accused Israel of orchestrating an attack on its main nuclear facility that stirred fears for the future of talks involving Washington and Tehran over a deal to constrain the Continue Reading
The Iranian foreign minister, Mohammad Javad Zarif, vowed revenge against Israel on Monday morning, a day after a blackout at an Iranian nuclear enrichment site was attributed to an Israeli Continue Reading
Oil and gas is the lifeblood of Nigeria’s economy. A total of 1,161 pipeline points were vandalised across Nigeria in the 21 months between January 2019 and September 2020. Nigeria Continue Reading
India overtook Brazil as the country with the second-most cases in the world. Indonesia is sticking with Sinovac Biotech Ltd.’s vaccine even as a study raised new concerns over the Continue Reading
The developers of a $4 billion hydropower plant on the Zambia-Zimbabwe border delayed the project until next year because of the coronavirus pandemic. Pre-construction work on the Batoka Gorge project Continue Reading
There is a cloud of uncertainty surrounding $62 billion outstanding taxes and royalties owed Nigeria by operating major oil companies in the country. The federal government had in 2019 taken Continue Reading
Argentina’s oil and natural gas output could begin to fall in the next few days if protesting health workers and truckers continue to block access to fields in Vaca Muerta, Continue Reading
An expert panel of India’s drugs regulator has recommended emergency use approval of Russia’s Sputnik V coronavirus vaccine, two sources said on Monday, which could make it the nation’s third Continue Reading
Crude oil prices had a rocky start to 2021. There are plenty of wildcards which will continue to fuel price volatility for the foreseeable future, the most notable being supply Continue Reading
Japan will release more than 1 million tonnes of contaminated water from the destroyed Fukushima nuclear station into the sea, the government said on Tuesday, a move opposed by neighbours Continue Reading
South Korea summoned Japan’s ambassador to Seoul on Tuesday to protest the Japanese government’s plan to release huge amounts of contaminated water that have built up at the wrecked Fukushima Continue Reading
