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News

Not All Foreign Companies Eager To Leave Iran

Not All Foreign Companies Eager To Leave Iran

Jun 11, 2018 at 09:47 | Irina Slav

Amid a growing number of companies preparing to leave Iran as U.S. sanctions kick in, one international oil and gas consortium has announced it will stay in the country. Pergas…

OPEC Set To Reject Iran’s Plea For U.S. Sanctions Discussion

OPEC Set To Reject Iran’s Plea For U.S. Sanctions Discussion

Jun 08, 2018 at 16:52 | Tsvetana Paraskova

OPEC will probably reject Iran’s request to put the U.S. sanctions against Tehran up for discussion at the cartel’s official meeting later this month, a source familiar with the issue…

Scientists Find Cheap Way To Suck Air And Make It Into Fuel

Scientists Find Cheap Way To Suck Air And Make It Into Fuel

Jun 08, 2018 at 16:44 | Tsvetana Paraskova

A Canadian clean energy company and its founder who is a Harvard Professor say that they have developed an affordable way to capture carbon dioxide (CO2) from the atmosphere…

Equinor Strikes Oil In Wildcat Well In The North Sea

Equinor Strikes Oil In Wildcat Well In The North Sea

Jun 08, 2018 at 14:15 | Tsvetana Paraskova

Equinor has struck oil in a wildcat well drilled in the central part of the North Sea, in an area not previously known to contain oil and gas reserves, the…

China’s Crude Oil Imports In May Ease From All-Time High

China’s Crude Oil Imports In May Ease From All-Time High

Jun 08, 2018 at 14:01 | Tsvetana Paraskova

China’s crude oil imports dropped in May from the record-high in April, as some major refineries started planned maintenance and as China ordered some independent refiners to reduce operating rates…

White House Allocates $4M For Alaska Oil Drilling Preps

White House Allocates $4M For Alaska Oil Drilling Preps

Jun 08, 2018 at 12:16 | Irina Slav

The Trump administration has allocated US$4 million for construction work ahead of the start of oil and gas drilling in the Arctic National Wildlife Refuge, the Department of the…

White House Allocates $4M For Alaska Oil Drilling Preps

White House Allocates $4M For Alaska Oil Drilling Preps

Jun 08, 2018 at 12:16 | Irina Slav

The Trump administration has allocated US$4 million for construction work ahead of the start of oil and gas drilling in the Arctic National Wildlife Refuge, the Department of the…

Sudan, South Sudan To Jointly Repair Oil Infrastructure

Sudan, South Sudan To Jointly Repair Oil Infrastructure

Jun 08, 2018 at 11:43 | Irina Slav

Sudan and South Sudan have agreed to jointly repair oil infrastructure that was damaged during the bloody civil war that resulted in the split in 2011, Reuters reports, citing…

Equinor Sees Peak Oil Demand Around 2030

Equinor Sees Peak Oil Demand Around 2030

Jun 08, 2018 at 09:14 | Tsvetana Paraskova

Peak oil demand could come around 2030 at 111 million bpd in the current market as road transport electrification and efficiency gains in all sectors offsets increasing petrochemical and aviation…

Big Oil Bets Big On Brazil’s Pre-Salt In Latest Offshore Auction

Big Oil Bets Big On Brazil’s Pre-Salt In Latest Offshore Auction

Jun 07, 2018 at 17:36 | Tsvetana Paraskova

Some of the world’s biggest oil companies bid aggressively in Brazil’s latest offshore bid round on Thursday, snapping up acreage in three blocks in the coveted pre-salt layer, despite…

Not All OPEC Members Benefit Equally From Higher Oil Prices

Not All OPEC Members Benefit Equally From Higher Oil Prices

Jun 07, 2018 at 17:23 | Tsvetana Paraskova

OPEC’s efforts to erase the oil glut and lift oil prices paid off as the cartel reaped higher revenues from crude oil exports in 2017, but the spoils were unevenly…

Iraq Moves To Create Its Own Oil Tanker Fleet

Iraq Moves To Create Its Own Oil Tanker Fleet

Jun 07, 2018 at 16:35 | Tsvetana Paraskova

OPEC’s second-largest producer Iraq has taken steps toward selling its crude oil on a delivered basis after it is looking to build its own tanker fleet. At present, most of…

The U.S. Sought Saudi Oil Support Before Iran Deal Withdrawal

The U.S. Sought Saudi Oil Support Before Iran Deal Withdrawal

Jun 07, 2018 at 12:50 | Tsvetana Paraskova

A day before U.S. President Donald Trump pulled the United States out of the Iran nuclear deal, a senior official of the Trump Administration phoned Saudi Arabia to ask it…

Venezuela Releases Chevron Execs In Effort To Smooth Relationships With US

Venezuela Releases Chevron Execs In Effort To Smooth Relationships With US

Jun 07, 2018 at 11:59 | Irina Slav

Venezuela has released two local Chevron executives that were arrested back in April on corruption allegations, Reuters reports, citing sources from Caracas and Chevron. A source close to Chevron…

Moscow, Oil Companies Agree On Oil Export Duty Phase-Out

Moscow, Oil Companies Agree On Oil Export Duty Phase-Out

Jun 07, 2018 at 11:08 | Irina Slav

The Russian energy and finance ministries agreed with oil companies to start cutting the export duty on crude gradually, to bring it from the current 30 percent to zero over…

24 Million Barrel Backlog And Counting: PDVSA’s Fate Looks Bleak

24 Million Barrel Backlog And Counting: PDVSA’s Fate Looks Bleak

Jun 07, 2018 at 09:31 | Irina Slav

Dozens of tankers waiting to load over 24 million barrels of Venezuelan crude are sitting at the country’s main oil export terminal, with the loading delays at almost a month,…

Higher Oil Prices Boost Hiring At Houston Energy Companies

Higher Oil Prices Boost Hiring At Houston Energy Companies

Jun 06, 2018 at 17:32 | Tsvetana Paraskova

The rise in oil prices moved in tight correlation with the hiring at companies at the heart of the U.S. oil production—Houston—where hiring jumped by 12.4 percent annually in May…

European Refiners Begin To Scale Back Oil Imports From IranEuropean Refiners Beg

European Refiners Begin To Scale Back Oil Imports From IranEuropean Refiners Beg

Jun 06, 2018 at 16:28 | Tsvetana Paraskova

After an initial hesitance over how the returning U.S. sanctions will affect Iran’s oil buyers, European refiners are beginning to wind down purchases from Iran after tanker providers, insurers, and…

The World’s Top Wealth Fund Voted Against Musk As Chair At Tesla

The World’s Top Wealth Fund Voted Against Musk As Chair At Tesla

Jun 06, 2018 at 14:28 | Tsvetana Paraskova

The world’s largest sovereign wealth fund, Norway’s US$1-trillion Government Pension Fund Global, voted in favor of a proposal to separate Elon Musk’s chairman and CEO roles at Tesla at…

Maduro Says U.S. Infiltrated Venezuela’s Oil Industry

Maduro Says U.S. Infiltrated Venezuela’s Oil Industry

Jun 06, 2018 at 14:21 | Tsvetana Paraskova

Venezuela’s President Nicolas Maduro has accused the United States of infiltrating senior positions at the Venezuelan oil industry. “There was a process of penetration and infiltration in key positions…

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