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News

Largest Indian Refiner Switches From Venezuelan To Canadian Crude

Largest Indian Refiner Switches From Venezuelan To Canadian Crude

Sep 30, 2020 at 09:18 | Charles Kennedy

Reliance Industries, owner of India’s biggest refinery, has started buying Canadian heavy crude to replace Venezuelan imports on fears that the U.S. could take sanction action against the company. According…

Shell To Cut Up To 9,000 Jobs

Shell To Cut Up To 9,000 Jobs

Sep 30, 2020 at 08:51 | Irina Slav

Anglo-Dutch Shell will slash its workforce by between 7,000 and 9,000 as part of cost-cutting efforts, with the cuts to take place until the end of 2022, the company said…

UAE Bets Big On Space Tech To Diversify From Oil

UAE Bets Big On Space Tech To Diversify From Oil

Sep 29, 2020 at 17:07 | Michael Kern

OPEC’s third-largest oil producer, the United Arab Emirates (UAE), is shooting for the moon—quite literally—as part of its space strategy to diversify its oil-dependent economy.  The…

Is Another Gold Run On The Horizon?

Is Another Gold Run On The Horizon?

Sep 29, 2020 at 16:58 | Arkadiusz Sieron

The Fed Vice Chair says that the Fed will not even think about hiking interest rates until the inflation reaches 2 percent. Meanwhile, the price of gold decreases…

Oil Prices Under Pressure As Gasoline Inventories Climb

Oil Prices Under Pressure As Gasoline Inventories Climb

Sep 29, 2020 at 16:07 | Julianne Geiger

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 831,000 barrels for the week ending September 25 - but this draw was more than…

Solar Could Be Europe’s Top Power Source In 5 Years

Solar Could Be Europe’s Top Power Source In 5 Years

Sep 29, 2020 at 13:47 | Tsvetana Paraskova

Solar power could be Europe’s biggest energy source in terms of installed capacity by 2025 if the European Union (EU) stays on track for its net-zero targets, the…

India Looks To Store Oil In The U.S. To Reduce Supply Risks

India Looks To Store Oil In The U.S. To Reduce Supply Risks

Sep 29, 2020 at 12:31 | Charles Kennedy

The world’s third-biggest oil importer, India, is considering using storage facilities in the United States and other commercially viable locations to reduce its supply risks, India’s Oil Minister Dharmendra Pradhan…

Environmentalist Poll: 82% Of UK Oil Workers Consider Leaving Sector

Environmentalist Poll: 82% Of UK Oil Workers Consider Leaving Sector

Sep 29, 2020 at 11:39 | Tsvetana Paraskova

Four in five oil and gas workers offshore the UK, or 81.7 percent, would consider leaving the industry, a new poll of environment campaign groups showed on Tuesday, while…

Mexico’s Pemex Is Losing Market Share To Private Companies

Mexico’s Pemex Is Losing Market Share To Private Companies

Sep 29, 2020 at 09:57 | Irina Slav

Mexico’s state energy major Pemex has lost some 13 percent of its share of the local fuel market to private companies despite efforts by the government to strengthen the troubled…

Is California’s Gasoline Car Ban Legal?

Is California’s Gasoline Car Ban Legal?

Sep 29, 2020 at 09:24 | Charles Kennedy

The chief of the Environmental Protection Agency has questioned “the legality and practicality” of an executive order issued earlier this week by California Governor Gavin Newsom that will ban…

Venezuela Is Buying Iranian Oil With Planes Full Of Gold

Venezuela Is Buying Iranian Oil With Planes Full Of Gold

Sep 28, 2020 at 17:10 | Charles Kennedy

Iran has received gold from Venezuela for the fuel cargoes Tehran had sent to the Latin American country, a commander at Iran’s Islamic Revolutionary Guard Corps (IRGC) said…

Former Libya Oil Wealth Handler Arrested For Fraud

Former Libya Oil Wealth Handler Arrested For Fraud

Sep 28, 2020 at 15:54 | Julianne Geiger

The former CEO of the bank responsible for handling Libya’s oil wealth has been arrested for fraud, according to Libyan security and judicial officials cited…

Import Costs Rise As U.S.-China Trade Spat Escalates

Import Costs Rise As U.S.-China Trade Spat Escalates

Sep 28, 2020 at 15:16 | Metal Miner

We have written in previous posts about volatility this year in the logistics market adding to buyers’ delivery and import cost uncertainty. At other times, we have also written about…

Elon Musk “Feels Bad” About Hating On The Oil And Gas Industry

Elon Musk “Feels Bad” About Hating On The Oil And Gas Industry

Sep 28, 2020 at 14:10 | Tsvetana Paraskova

Elon Musk said he “feels a bit bad” about hating on the oil and gas industry through the years, saying that many oil companies built their business of…

Nigeria Considers Privatizing Its State Oil Firm

Nigeria Considers Privatizing Its State Oil Firm

Sep 28, 2020 at 12:43 | Tsvetana Paraskova

Nigeria will look to privatize its state oil firm Nigerian National Petroleum Corporation (NNPC) under a draft new petroleum law currently in Parliament for discussion, Reuters

Iran Admits To Forging Oil Documents To Skirt U.S. Sanctions 

Iran Admits To Forging Oil Documents To Skirt U.S. Sanctions 

Sep 28, 2020 at 12:05 | Josh Owens

Iran is forging oil export documents so it can pass its oil on the market as non-Iranian crude, thus skirting the U.S. sanctions on its oil industry and…

Libya’s Oil Production Soars After Blockade Ends 

Libya’s Oil Production Soars After Blockade Ends 

Sep 28, 2020 at 10:47 | Tsvetana Paraskova

Crude oil production in Libya jumped nearly threefold from below 100,000 barrels per day last week to around 250,000 bpd now - a…

Can The UK Auto Industry Bounce Back?

Can The UK Auto Industry Bounce Back?

Sep 28, 2020 at 10:17 | Metal Miner

We may be coming out of the first pandemic lockdown and business does, broadly, appear to be picking up; however, but some sections of manufacturing, including U.K. car…

Another Billion-Dollar Oil Merger Is On The Horizon

Another Billion-Dollar Oil Merger Is On The Horizon

Sep 28, 2020 at 09:13 | Irina Slav

Devon Energy and WPX Energy are discussing a merger to weather the impact of the pandemic on the oil industry, unnamed sources in the know

Iran Significantly Boosts Oil Exports Despite Sanctions

Iran Significantly Boosts Oil Exports Despite Sanctions

Sep 25, 2020 at 17:05 | Tsvetana Paraskova

Iran is estimated to have exported nearly 1.5 million barrels per day (bpd) of crude oil and condensate so far in September, TankerTrackers told Reuters

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