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Oil Prices Gain 2% on Tightening Supply

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First Floating U.S. LNG Project Continues Despite US-China Trade War

First Floating U.S. LNG Project Continues Despite US-China Trade War

Mar 07, 2019 at 16:02 | Tsvetana Paraskova

The first U.S. floating liquefied natural gas (LNG) project continues to plan future steps in its progress despite the U.S.-China trade war, a top manager at one of the project’s…

Tesla Says New Supercharger Cuts Charging Time By 50%

Tesla Says New Supercharger Cuts Charging Time By 50%

Mar 07, 2019 at 15:53 | Tsvetana Paraskova

Tesla says that it is introducing its next-generation V3 Supercharging, which is expected to ultimately reduce the amount of time drivers spend charging their electric vehicle by an average…

Renewables To Overtake Fossil Fuels In UK Power Generation By 2030

Renewables To Overtake Fossil Fuels In UK Power Generation By 2030

Mar 07, 2019 at 14:08 | Tsvetana Paraskova

The UK government launched on Thursday a joint government-industry Offshore Wind Sector Deal, which is expected to significantly raise the share of renewable energy generation by 2030 and help…

Washington’s Offshore Drilling Plan Due In Weeks

Washington’s Offshore Drilling Plan Due In Weeks

Mar 07, 2019 at 13:28 | Irina Slav

The Trump administration is set to unleash its offshore, five-year oil drilling plan within weeks, Reuters reported, quoting an unnamed source in the know. The plan is being prepared…

Production Costs Are Soaring In Norway’s Oil & Gas Industry

Production Costs Are Soaring In Norway’s Oil & Gas Industry

Mar 07, 2019 at 11:35 | Tsvetana Paraskova

Oil and gas production costs on the Norwegian Continental Shelf (NCS) rose by 7 percent in 2018 compared to 2017, ending a streak of several years of continuous cost reductions,…

Netanyahu: Iran’s Oil Smuggling Needs To Stop

Netanyahu: Iran’s Oil Smuggling Needs To Stop

Mar 07, 2019 at 11:03 | Irina Slav

Iran is smuggling crude oil in violation of the U.S. sanctions and this needs to stop, Israel’s Prime Minister Benjamin Netanyahu said, urging the international community to do the stopping,…

PDVSA Declares Emergency On Tanker Fleet

PDVSA Declares Emergency On Tanker Fleet

Mar 07, 2019 at 09:34 | Irina Slav

Venezuela’s struggling oil company PDVSA declared a maritime emergency after a German company operating a portion of its tanker fleet said it planned to return ten vessels because of unpaid…

Russia’s Rosneft Aims At Asia’s Oil Market With Trading Unit

Russia’s Rosneft Aims At Asia’s Oil Market With Trading Unit

Mar 06, 2019 at 17:44 | Tsvetana Paraskova

Russia’s largest oil producer, state-run Rosneft, plans to open a trading arm in Singapore in a bid to boost its crude sales on the fastest-growing oil market in the world,…

Canada Books Record Trade Deficit As Low Oil Prices Weigh

Canada Books Record Trade Deficit As Low Oil Prices Weigh

Mar 06, 2019 at 17:41 | Tsvetana Paraskova

Canada recorded a record trade deficit in December 2018, almost entirely due to declining energy exports as a result of falling crude oil prices and decade-low Canadian oil prices, Statistics…

Volkswagen Launches $50B EV Race To Challenge Tesla

Volkswagen Launches $50B EV Race To Challenge Tesla

Mar 06, 2019 at 15:43 | Tsvetana Paraskova

One of the world’s largest carmakers, Germany’s Volkswagen AG, is betting big on electric vehicles and e-mobility with a war chest of around US$50 billion to challenge Tesla, which, for…

Sanctioned Bank To Service Venezuela PDVSA Accounts In Russia

Sanctioned Bank To Service Venezuela PDVSA Accounts In Russia

Mar 06, 2019 at 15:39 | Tsvetana Paraskova

The Russian accounts of Venezuela’s state oil company PDVSA and all other Venezuelan companies will be moved to a Russian bank that is sanctioned by the United States, Russia’s RIA…

Exxon Sees Earnings Rising By Over $4B Through 2020

Exxon Sees Earnings Rising By Over $4B Through 2020

Mar 06, 2019 at 12:28 | Tsvetana Paraskova

ExxonMobil expects its earnings to grow by more than US$4 billion from 2019 to 2020, the U.S. supermajor said in its Investor Day presentation on Wednesday. In 2018, Exxon…

Sinopec Might Strike LNG Supply Deal with Cheniere If Trade War Ends

Sinopec Might Strike LNG Supply Deal with Cheniere If Trade War Ends

Mar 06, 2019 at 11:23 | Irina Slav

China’s biggest refiner Sinopec is preparing to ink a 20-year LNG supply deal with Cheniere Energy if the U.S.-China trade conflict gets resolved as many in the energy market anticipate,…

Mexico Set To Lose Billions From Auction Delay

Mexico Set To Lose Billions From Auction Delay

Mar 06, 2019 at 09:07 | Irina Slav

Mexico will lose billions as a result of the new government’s decision to delay oil and gas auctions while it reviews all contracts awarded by the previous government over the…

Oil Heads Lower After API Reports Large Crude Build

Oil Heads Lower After API Reports Large Crude Build

Mar 05, 2019 at 15:44 | Julianne Geiger

The American Petroleum Institute (API) reported a large surprise build in crude oil inventories of 7.29 million barrels for the week ending March 1, coming in way over analyst expectations…

Sour Crude Oil Market To Tighten Further in Mediterranean

Sour Crude Oil Market To Tighten Further in Mediterranean

Mar 05, 2019 at 13:30 | Tsvetana Paraskova

Azerbaijan’s state oil firm SOCAR is ramping up production at its new refinery in Turkey and is actively buying sour crude grades for the facility, additionally tightening the already tight…

China Halts Tesla Model 3 Customs Clearance

China Halts Tesla Model 3 Customs Clearance

Mar 05, 2019 at 13:19 | Tsvetana Paraskova

China is currently holding around 1,600 Tesla Model 3s at the customs in Shanghai and the customs authority has issued a notice prohibiting the sale of any Model 3 already…

Top BP Manager: We Should Take Climate Change Seriously

Top BP Manager: We Should Take Climate Change Seriously

Mar 05, 2019 at 13:07 | Tsvetana Paraskova

The world and the oil and gas industry need to start tackling in earnest climate change, Spencer Dale, group chief economist at supermajor BP, told The Washington Post in…

Mexico Will Depend On U.S. Natural Gas Despite Energy Sovereignty Push

Mexico Will Depend On U.S. Natural Gas Despite Energy Sovereignty Push

Mar 05, 2019 at 11:01 | Tsvetana Paraskova

Mexico will continue to need U.S. natural gas imports over the next decade, despite efforts by the new Mexican government to reduce dependence on American natural gas, data and analytics…

South Dakota Governor Proposes Anti-Pipeline Protest Legislation

South Dakota Governor Proposes Anti-Pipeline Protest Legislation

Mar 05, 2019 at 10:35 | Irina Slav

South Dakota’s governor, Kristi Noem, has proposed legislation seeking to uncover where out-of-state funds for pipeline protests come from and “cut them off at the source,” the Associated Press

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