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News

New Mexico Oil Auction Rakes In $3 Million

New Mexico Oil Auction Rakes In $3 Million

Oct 29, 2020 at 14:05 | Julianne Geiger

It wasn’t perhaps what it could have been without the pandemic, but the New Mexico oil auction that the Bureau of Land Management held today managed to bring in $3…

Exxon To Cut 1,900 Jobs In The U.S.

Exxon To Cut 1,900 Jobs In The U.S.

Oct 29, 2020 at 13:48 | Tsvetana Paraskova

ExxonMobil said on Thursday that it will cut around 1,900 jobs in the United States in its latest attempt to cut costs and protect its balance sheet amid low…

NASA's New Discovery Could Spark A Moon Mining Frenzy

NASA's New Discovery Could Spark A Moon Mining Frenzy

Oct 29, 2020 at 13:19 | MINING.com

It has long been accepted that the moon lacks the bodies of liquid water that are the hallmark of Earth, but lunar water may be more widespread than…

Tesla’s German Gigafactory Could Be Ready To Deliver Ahead Of Schedule

Tesla’s German Gigafactory Could Be Ready To Deliver Ahead Of Schedule

Oct 29, 2020 at 12:59 | Tsvetana Paraskova

European reservation holders of Tesla’s Model Y could begin to receive their vehicles manufactured at Tesla’s Gigafactory in Berlin earlier than expected, Teslarati reports, citing a tip from one…

Exxon Fails To Raise Dividend For The First Time In 38 Years

Exxon Fails To Raise Dividend For The First Time In 38 Years

Oct 29, 2020 at 12:11 | Josh Owens

ExxonMobil is keeping its quarterly fourth-quarter dividend flat at $0.87 per share - the first time in 38 years that the company has failed to increase the dividend that…

Venezuela Refinery Explodes

Venezuela Refinery Explodes

Oct 29, 2020 at 11:05 | Charles Kennedy

A refinery in northern Venezuela suffered a blast yesterday, and ousted leader Nicolas Maduro—still clinging to power—has stated it was a terrorist attack with a "large and powerful weapon." An…

Shell Surprises With Strong Profit, Dividend Hike

Shell Surprises With Strong Profit, Dividend Hike

Oct 29, 2020 at 10:07 | Irina Slav

Royal Dutch Shell reported better than expected financial results for the third quarter and hiked its dividend in a surprise move targeting investors who are getting increasingly anxious about…

Weak Oil Demand Set To Keep Crude Tanker Rates Low

Weak Oil Demand Set To Keep Crude Tanker Rates Low

Oct 28, 2020 at 18:34 | Charles Kennedy

Crude oil tanker rates—which fell in September to their lowest since 2003 on the key route from the Arabian Gulf to Asia—are expected to remain low until global oil demand…

Russia’s Crude Oil Exports Drop 8% In January-August

Russia’s Crude Oil Exports Drop 8% In January-August

Oct 28, 2020 at 14:36 | Charles Kennedy

Russia’s crude oil exports dropped by 7.9 percent year over year in the period January to August, according to Russian federal customs data cited by local cargo analytics outlet…

China Launches Construction Of Huge $20 Billion Refinery Complex

China Launches Construction Of Huge $20 Billion Refinery Complex

Oct 28, 2020 at 13:10 | Tsvetana Paraskova

China has launched the construction of a refinery and petrochemical complex worth US$20 billion in the Shandong province, the home of the independent Chinese refiners, Reuters reports, citing a…

Washington Greenlights Conoco Oil Project In Alaska

Washington Greenlights Conoco Oil Project In Alaska

Oct 28, 2020 at 12:51 | Irina Slav

The Bureau of Land Management approved a ConocoPhillips-led oil exploration project in Alaska, which could yield some 160,000 barrels of crude daily when it becomes operational, the BLM said.…

Tesla Launches UK Energy Plan With Low Power Rates

Tesla Launches UK Energy Plan With Low Power Rates

Oct 28, 2020 at 11:36 | Tsvetana Paraskova

Tesla is offering its Tesla Energy Plan in the UK designed for homes with solar and Powerwall that will turn them into virtual power plants to produce clean energy.…

Why U.S. Residential Heating Oil Prices Slumped By 28% This Season

Why U.S. Residential Heating Oil Prices Slumped By 28% This Season

Oct 28, 2020 at 10:50 | Charles Kennedy

U.S. residential heating oil prices at the start of the winter heating season are 28 percent lower than in the previous heating season due to lower crude oil prices and…

Oil Prices Plunge 5% As Demand Fears Intensify  

Oil Prices Plunge 5% As Demand Fears Intensify  

Oct 28, 2020 at 10:10 | Tsvetana Paraskova

Oil prices plummeted early on Wednesday, with Brent falling below $40 a barrel, dragged down by estimates of a surge in U.S. inventories and the surge in coronavirus cases in…

Oil Rally Stalls On Larger Than Expected Crude Inventory Build

Oil Rally Stalls On Larger Than Expected Crude Inventory Build

Oct 27, 2020 at 15:45 | Julianne Geiger

The American Petroleum Institute (API) reported on Tuesday a bigger build than expected in crude oil inventories of 4.577 million barrels for the week ending October 23. Analysts had predicted…

Oil Prices Rise As Another Storm Rocks U.S. Gulf Coast

Oil Prices Rise As Another Storm Rocks U.S. Gulf Coast

Oct 27, 2020 at 15:35 | Julianne Geiger

Nearly half of all oil production on the U.S. Gulf Coast has been shut-in ahead of Tropical Storm Zeta, the Bureau of Safety and Environmental Enforcement (BSEE) said on Tuesday…

BP Beats Forecasts To Return To Small Profit In Q3

BP Beats Forecasts To Return To Small Profit In Q3

Oct 27, 2020 at 14:08 | Tsvetana Paraskova

BP (NYSE: BP) avoided a second consecutive loss and beat analyst estimates as it reported on Tuesday a small profit for the third quarter after oil prices stabilized at…

Washington Slaps More Sanctions On Iranian Oil Sector

Washington Slaps More Sanctions On Iranian Oil Sector

Oct 27, 2020 at 12:00 | Irina Slav

The U.S. Treasury Department announced new sanctions on Iranian entities, this time including the Petroleum Ministry, the National Iranian Oil Company, and the National Iranian Tanker Company. These were sanctioned…

Mexican Energy Minister: Pemex Is Open To Working With Foreign Oil Companies

Mexican Energy Minister: Pemex Is Open To Working With Foreign Oil Companies

Oct 27, 2020 at 11:30 | Charles Kennedy

The Mexican government is ready to review offers for so-called farm-outs with Pemex if the projects proposed are feasible, Reuters has reported, quoting Energy Minister…

Venezuela’s Oil Stocks On The Rise As Exports Fall

Venezuela’s Oil Stocks On The Rise As Exports Fall

Oct 27, 2020 at 10:30 | Irina Slav

Oil inventories at the port of Jose have reached 11.8 million barrels, which is the highest since August, Reuters reports, citing a PDVSA document. The port is the largest export…

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