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News

Tesla Tumbles Despite Billion-Dollar Earnings Beat

Tesla Tumbles Despite Billion-Dollar Earnings Beat

Jan 27, 2022 at 09:56 | City A.M

Tesla enjoyed an upbeat fourth quarter, as its revenue exceeded analyst estimates by more than $1bn. The car manufacturer, which specializes in electric vehicles (EVs), secured…

State Dept. Vows To End Nord Stream 2 In Case Of Ukraine Invasion

State Dept. Vows To End Nord Stream 2 In Case Of Ukraine Invasion

Jan 27, 2022 at 09:19 | Irina Slav

The United States will make sure the Nord Stream 2 project does not move forward if Russia invades Ukraine, a spokesperson for the State Department told media. "I want to…

Saudi Arabia Expected To Raise March Oil Prices On Robust Demand  

Saudi Arabia Expected To Raise March Oil Prices On Robust Demand  

Jan 26, 2022 at 15:59 | Tsvetana Paraskova

Saudi Arabia, the world’s largest oil exporter, is expected to lift the official selling prices of all its crude grades sold in Asia next month on the back of solid…

U.S. Oil Firms Urge Biden For Caution Over Possible Sanctions On Russia

U.S. Oil Firms Urge Biden For Caution Over Possible Sanctions On Russia

Jan 26, 2022 at 12:34 | Charles Kennedy

Some of the largest U.S. companies, including the biggest oil lobby, called on the Biden Administration and Congress this week to tread carefully with potential new sanctions against Russia that…

U.S. Releases Another 13.4 Million Barrels From SPR

U.S. Releases Another 13.4 Million Barrels From SPR

Jan 26, 2022 at 10:44 | Irina Slav

The U.S. administration has approved the release of another 13.4 million barrels of crude from the strategic petroleum reserve in a move first announced last November by the White House…

Shell To Reduce Output At Europe’s Biggest Oil Refinery

Shell To Reduce Output At Europe’s Biggest Oil Refinery

Jan 26, 2022 at 09:10 | Charles Kennedy

Shell will shut down a key processing unit at its Pernis refinery in Rotterdam as it prepares for seasonal maintenance at Europe’s biggest refinery. Bloomberg reported, citing an unnamed…

Russia’s Flagship Seaborne Oil Exports Set To Slump

Russia’s Flagship Seaborne Oil Exports Set To Slump

Jan 26, 2022 at 08:55 | Charles Kennedy

Exports of Russia’s flagship crude grade from its ports on the Baltic Sea are set to drop in February to the lowest level in five months, at a time when…

Oil Prices Stable After API Reports Small Crude Draw

Oil Prices Stable After API Reports Small Crude Draw

Jan 25, 2022 at 15:51 | Julianne Geiger

The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 872,000 barrels after analysts predicted a draw of 400,000 barrels. U.S. crude inventories…

UAE's State Oil Firm Prepares For First Bond Issue

UAE's State Oil Firm Prepares For First Bond Issue

Jan 25, 2022 at 13:43 | Charles Kennedy

Abu Dhabi National Oil Company (ADNOC) has created a new entity that will sell the first bond of the United Arab Emirates' oil producer as the OPEC member looks to…

Saudi Arabia’s Gas Production Hits Record-High

Saudi Arabia’s Gas Production Hits Record-High

Jan 25, 2022 at 13:38 | Tsvetana Paraskova

Saudi Arabia has grown its natural gas production by 30 percent in a decade to a record 11 billion cubic feet per day (Bcf/d) in 2020, as the world’s top…

High-Impact Oil And Gas Drilling Makes A Comeback

High-Impact Oil And Gas Drilling Makes A Comeback

Jan 25, 2022 at 12:46 | Tsvetana Paraskova

High-impact well drilling activity returned to growth in 2021 after a decade-low in 2020 when the pandemic and crash in demand made oil and gas companies slash drilling budgets and…

Shell Makes Significant Oil & Gas Discovery Offshore Namibia

Shell Makes Significant Oil & Gas Discovery Offshore Namibia

Jan 25, 2022 at 12:19 | Tsvetana Paraskova

Shell has made a significant oil and gas discovery offshore Namibia, one of the expected hotspots for exploration this year, Reuters reported on Tuesday, quoting three sources in the…

UK Plans More Power Capacity To Avoid Outages Next Winter

UK Plans More Power Capacity To Avoid Outages Next Winter

Jan 25, 2022 at 10:26 | Tsvetana Paraskova

The UK looks to prevent power outages next winter season by setting a higher target for the 2022/2023 power capacity auction than the one recommended by grid operator National Grid…

TAP Gas Pipeline Ready To Expand Capacity Ahead Of Schedule

TAP Gas Pipeline Ready To Expand Capacity Ahead Of Schedule

Jan 25, 2022 at 09:34 | Irina Slav

The Trans-Adriatic Pipeline could expand its capacity a year ahead of schedule, the managing director of the project, Luca Schieppati, told Italian media as quoted by Reuters this week.…

ConocoPhillips CEO Sees More Oil Industry Consolidation

ConocoPhillips CEO Sees More Oil Industry Consolidation

Jan 24, 2022 at 17:56 | Julianne Geiger

ConocoPhillips' CEO Ryan Lance is bullish on the price of oil, the executive said on Monday at the Argus Americas Crude Summit in Houston. Lance further expressed his view…

Mexico’s Huge Oil Hedge Was Unaffected By Its Export Ban Plans

Mexico’s Huge Oil Hedge Was Unaffected By Its Export Ban Plans

Jan 24, 2022 at 14:47 | Julianne Geiger

Mexico’s well-known oil hedge is showing no signs of diminishing, even in the wake of Mexico’s ambitious plans to curb oil exports. Mexico’s hedge for 2022 crude oil production, in…

Europe’s Top Copper Producer Wants Nuclear Energy Labeled As Green

Europe’s Top Copper Producer Wants Nuclear Energy Labeled As Green

Jan 24, 2022 at 11:32 | Charles Kennedy

European industries could grow using clean energy only if the European Union (EU) decides to classify some nuclear power plant investments as sustainable, the head of Europe’s top copper producer,…

Mexico's Energy Minister Hits Back At Refinery Criticism

Mexico's Energy Minister Hits Back At Refinery Criticism

Jan 24, 2022 at 10:35 | Irina Slav

The new Dos Bocas refinery that Mexico’s government is building to reduce the country’s dependence on fuel imports is “being built in record time. Opinions around the world are very…

Soaring Gas Prices Will Boost Profits For India’s Biggest Company

Soaring Gas Prices Will Boost Profits For India’s Biggest Company

Jan 24, 2022 at 09:42 | Tsvetana Paraskova

Reliance Industries expects the global natural gas crunch and the gas price rally to continue benefiting India’s oil-to-telecoms conglomerate with more earnings in the coming months after higher…

Iraq Is Preparing For Higher Oil Demand

Iraq Is Preparing For Higher Oil Demand

Jan 24, 2022 at 09:20 | Irina Slav

Iraq is already scheduling crude oil shipments for delivery in March thanks to strong demand, the deputy head of the State Organization for the Marketing of Oil, or SOMO, told…

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