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Oil Rallies After Poor Open

Oil Rallies After Poor Open

Crude prices rallied on Wednesday…

Mexico's Drug Cartels Are Stealing Oil Again

Mexico's Drug Cartels Are Stealing Oil Again

Cartels in Mexico are turning…

News

Saudi-Owned Motiva Hasn’t Given Up On Its Texas Petchem Plans

Saudi-Owned Motiva Hasn’t Given Up On Its Texas Petchem Plans

Jul 21, 2021 at 09:30 | Tsvetana Paraskova

Motiva Enterprises, owned by Saudi Aramco, is considering a relaunch of a previously halted expansion of its Port Arthur refinery with a petrochemical unit in 2023, Bloomberg reports, citing…

China Wants A Piece Of The $30 Billion Shipping Fuel Market 

China Wants A Piece Of The $30 Billion Shipping Fuel Market 

Jul 21, 2021 at 09:15 | Charles Kennedy

China has been raising its marine fuel sales in recent years, aiming to grow its share of Asia’s large bunkering market, which is valued at more than US$30 billion and…

Surprise Crude Inventory Build Sends Oil Prices Down

Surprise Crude Inventory Build Sends Oil Prices Down

Jul 20, 2021 at 15:40 | Julianne Geiger

The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 806,000 barrels for the week ending July 16, bringing the total 2021 crude draw so…

U.S. Requires Critical Pipelines To Beef Up Cybersecurity

U.S. Requires Critical Pipelines To Beef Up Cybersecurity

Jul 20, 2021 at 12:00 | Charles Kennedy

The U.S. Department of Homeland Security issued on Tuesday a new security directive requiring owners and operators of critical oil and gas pipelines to implement additional protection against cyberattacks.…

Halliburton Q2 Profit Beats Estimates As Oil Markets Improve

Halliburton Q2 Profit Beats Estimates As Oil Markets Improve

Jul 20, 2021 at 11:26 | Charles Kennedy

Improved North American and international markets for drilling, completion, and production helped oilfield services provider Halliburton Company (NYSE: HAL) book a higher net profit for the second quarter than analysts…

China Faces Outages Amid Soaring Power Demand

China Faces Outages Amid Soaring Power Demand

Jul 20, 2021 at 10:40 | Tsvetana Paraskova

Areas in China have started to warn residents and businesses that peak summer demand amid a heatwave could lead to outages as electricity grids buckle under peak-load surges, Bloomberg

Hackers Put Aramco’s Data For Sale On The Darkweb For $5 Million

Hackers Put Aramco’s Data For Sale On The Darkweb For $5 Million

Jul 20, 2021 at 09:16 | Tsvetana Paraskova

Saudi Aramco has suffered a data breach in which cyber attackers have stolen 1 terabyte of proprietary data of Saudi Arabia’s oil giant and are selling it on the dark…

Chevron’s Carbon Capture Project Falls Short Of Requirements

Chevron’s Carbon Capture Project Falls Short Of Requirements

Jul 20, 2021 at 08:46 | Charles Kennedy

The world’s largest oil firms may need to be careful relying on carbon capture and storage to reduce emissions from operations as much as they would like. While almost every…

Oil Continues To Collapse On OPEC News, COVID Fears

Oil Continues To Collapse On OPEC News, COVID Fears

Jul 19, 2021 at 16:07 | Julianne Geiger

Oil prices continued their decline in the afternoon hours on Monday, with WTI crude falling sharply to $66.33 per barrel. The price of a WTI barrel was…

US Considers Choking Off Iran's Oil Exports To China Amid Stalled Nuclear Talks

US Considers Choking Off Iran's Oil Exports To China Amid Stalled Nuclear Talks

Jul 19, 2021 at 14:40 | Tsvetana Paraskova

The United States is considering clamping down on Iran's rising oil exports to China as a tool to either force Tehran to conclude a nuclear deal or punish it if…

Saudi Arabia Boosted Crude Oil Exports To 4-Month High In May

Saudi Arabia Boosted Crude Oil Exports To 4-Month High In May

Jul 19, 2021 at 12:44 | Charles Kennedy

The world’s top oil exporter, Saudi Arabia, raised its crude oil exports in May to the highest level in four months after OPEC+ decided in April to gradually ease its…

Credit Suisse Lifts 2021 Average Brent Price To $70

Credit Suisse Lifts 2021 Average Brent Price To $70

Jul 19, 2021 at 11:53 | Tsvetana Paraskova

Improving supply and demand fundamentals have prompted Credit Suisse to raise its short and long-term forecasts for oil prices, expecting the average Brent price at $70 a barrel this year,…

Iran To Export First Oil Bypassing Strait Of Hormuz

Iran To Export First Oil Bypassing Strait Of Hormuz

Jul 19, 2021 at 10:42 | Tsvetana Paraskova

Iran looks to export its first oil cargo from a terminal on the Sea of Oman without the need for tankers traveling through the Strait of Hormuz, senior officials said…

What’s Behind The New OPEC Agreement?

What’s Behind The New OPEC Agreement?

Jul 19, 2021 at 09:32 | Julianne Geiger

The OPEC+ group managed to come to an agreement on Sunday regarding the production cuts that would add another 400,000 barrels per day into the oil market starting in August,…

China Is Growing Increasingly Reluctant To Fund African Energy Projects

China Is Growing Increasingly Reluctant To Fund African Energy Projects

Jul 16, 2021 at 15:49 | Tsvetana Paraskova

Chinese investors haven’t yet disbursed US$1.8 billion that the Nigerian National Petroleum Corporation (NNPC) was expecting so it could proceed with the construction of a US$2.8-billion natural gas pipeline, Reuters

U.S. Senate Plans To Penalize Utilities That Miss Climate Targets

U.S. Senate Plans To Penalize Utilities That Miss Climate Targets

Jul 16, 2021 at 13:17 | Julianne Geiger

As the Biden Administration carries on at least in spirit with its green energy agenda, U.S. Senate Democrats are looking to penalize energy utilities that fail to meet clean energy…

Another Major Firm Quits Oil Drilling In Great Australia Bight

Another Major Firm Quits Oil Drilling In Great Australia Bight

Jul 16, 2021 at 13:02 | Charles Kennedy

After European and U.S. supermajors quit exploration for oil and gas in the Great Australian Bight, now Santos and Murphy Oil relinquished on Friday their right to drill in the…

Nigeria Approves New Petroleum Bill After 20-Year Delay

Nigeria Approves New Petroleum Bill After 20-Year Delay

Jul 16, 2021 at 11:36 | Tsvetana Paraskova

Nigeria's House of Representatives voted on Friday to approve a new petroleum industry bill in Africa's top oil producer and exporter, putting an end to 20 years of debates…

Greenland Ditches Oil Exploration Efforts After 50 Years Of Failure

Greenland Ditches Oil Exploration Efforts After 50 Years Of Failure

Jul 16, 2021 at 10:35 | Tsvetana Paraskova

Greenland is abandoning its ambition of 50 years of becoming an oil-producing nation, suspending its oil exploration strategy because of environmental and climate concerns. Greenland, an autonomous territory part of…

Angola Receives 45 Bids For Oil Blocks

Angola Receives 45 Bids For Oil Blocks

Jul 16, 2021 at 09:29 | Irina Slav

Angola has received 15 bids for a total of nine oil blocks the government tendered in 2020, Energy Voice reports, citing the Africa Energy Chamber as saying that 15…

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