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News

EU To Create Social Fund To Help Households Through Energy Transition

EU To Create Social Fund To Help Households Through Energy Transition

Jun 10, 2021 at 13:25 | Tsvetana Paraskova

The European Commission plans to create a so-called “climate action social fund” if it moves to introduce carbon pricing on road transportation fuels and buildings, in order to protect the…

OPEC Raised Oil Production By 400,000 Bpd In May

OPEC Raised Oil Production By 400,000 Bpd In May

Jun 10, 2021 at 10:43 | Tsvetana Paraskova

OPEC’s crude oil production rose by 390,000 barrels per day (bpd) to 25.46 million bpd in May 2021, the cartel said on Thursday as it started last month the gradual…

Exxon Strikes More Oil Offshore Guyana

Exxon Strikes More Oil Offshore Guyana

Jun 10, 2021 at 09:33 | Irina Slav

Exxon has made yet another in a long string of discoveries offshore Guyana in the Stabroek block, the company said this week. “Longtail-3, combined with our recent discovery at…

TC Energy Cancels Critical Keystone XL Pipeline

TC Energy Cancels Critical Keystone XL Pipeline

Jun 09, 2021 at 17:30 | Julianne Geiger

The Keystone XL pipeline project’s owner, TC Energy, said on Wednesday that it has terminated the controversial pipeline project that would have served as a lifeline to Canadian oilsands…

Iran Says It's Ready For Speedy Oil Output Hike

Iran Says It's Ready For Speedy Oil Output Hike

Jun 09, 2021 at 15:02 | Charles Kennedy

Iran has plans in place to swiftly restore its crude oil production to pre-sanctions levels of nearly 3.4 million barrels per day (bpd), a senior Iranian industry official said on…

Canada’s Top Oil Sands Firms Set Up Net-Zero Emissions Alliance

Canada’s Top Oil Sands Firms Set Up Net-Zero Emissions Alliance

Jun 09, 2021 at 13:04 | Tsvetana Paraskova

The biggest oil sands producers in Canada announced on Wednesday a net-zero collaboration initiative to achieve net-zero emissions from oil sands operations by 2050 to help Canada to meet…

Israeli Minister Calls For Scrapping UAE Oil Pipeline Deal

Israeli Minister Calls For Scrapping UAE Oil Pipeline Deal

Jun 09, 2021 at 10:30 | Tsvetana Paraskova

Israeli Minister of Environmental Protection Gila Gamliel is looking to have the recent oil pipeline deal between Israel and the United Arab Emirates (UAE) scrapped because of security and environmental…

This EV Startup May Be About To Collapse

This EV Startup May Be About To Collapse

Jun 09, 2021 at 09:03 | Charles Kennedy

EV startup Lordstown warned it may have to shut down its business before this year’s end as its funds run out. The Wall Street Journal reported the company had…

Oil Prices Climb As API Report Adds To Bullish Sentiment

Oil Prices Climb As API Report Adds To Bullish Sentiment

Jun 08, 2021 at 15:46 | Julianne Geiger

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 2.108-million barrels for the week ending June 4. Analysts had predicted a draw of

The Permian Has Solved Its Natural Gas Pipeline Shortage

The Permian Has Solved Its Natural Gas Pipeline Shortage

Jun 08, 2021 at 14:35 | Tsvetana Paraskova

More natural gas pipelines have entered into service in recent months to carry gas from the Permian basin to Mexico, boosting U.S. gas exports to America’s neighbor to the south…

U.S. Crude Oil Exports Jump To Highest Level This Year

U.S. Crude Oil Exports Jump To Highest Level This Year

Jun 08, 2021 at 14:32 | Tsvetana Paraskova

U.S. crude oil exports jumped to 3.236 million barrels per day (bpd) in April, up from 2.615 million bpd in March, and the highest crude export figure so far this…

Oil Pipeline Leak Could Force Libya To Shut In 60,000 Bpd Of Production

Oil Pipeline Leak Could Force Libya To Shut In 60,000 Bpd Of Production

Jun 08, 2021 at 14:22 | Charles Kennedy

Libya may need to shut in around 60,000 barrels per day (bpd) of oil production after a pipeline connecting an oilfield and an oil terminal leaked, sources told Arab energy…

Will Iraq’s $40 Billion Bet On Nuclear Power Solve Its Energy Crisis?

Will Iraq’s $40 Billion Bet On Nuclear Power Solve Its Energy Crisis?

Jun 08, 2021 at 13:20 | Michael Kern

Iraq is in the process of developing a US$40-billion plan to build nuclear reactors as OPEC’s second-largest producer looks to end continual power outages amid a shortage of electricity supply,…

U.S. Government Considers Making Ransom Payments Illegal

U.S. Government Considers Making Ransom Payments Illegal

Jun 08, 2021 at 13:08 | Tsvetana Paraskova

As the CEO of Colonial Pipeline testifies before the Senate Homeland Security Committee on Tuesday about last month’s ransomware attack on the major fuel pipeline to the U.S. East Coast,…

How An Oil Pipeline Hack Sent Bitcoin Prices Tumbling

How An Oil Pipeline Hack Sent Bitcoin Prices Tumbling

Jun 08, 2021 at 11:39 | Josh Owens

Bitcoin slid more than 10% on Tuesday as news of an FBI seizure of Bitcoin funds circulated on social media, exposing a potential security breach in the world’s most “secure”…

Tesla Stock Jumps As It Claws Back Chinese Market Share

Tesla Stock Jumps As It Claws Back Chinese Market Share

Jun 08, 2021 at 09:45 | ZeroHedge

Well, it looks like we finally might have some clarity as to why Elon Musk was bashing bitcoin. The answers - we think - could lie in Tesla's sales numbers…

Mega-Merger Creates A $5.7 Billion U.S. Shale Giant

Mega-Merger Creates A $5.7 Billion U.S. Shale Giant

Jun 08, 2021 at 09:17 | Tsvetana Paraskova

In the latest merger in the U.S. oil and gas industry, Independence Energy and Contango Oil & Gas Company announced Tuesday an all-stock…

Iranian Diplomat Discusses Oil Agenda With OPEC Chief

Iranian Diplomat Discusses Oil Agenda With OPEC Chief

Jun 08, 2021 at 09:00 | Charles Kennedy

Iran’s OPEC envoy, Kazem Gharibabadi, met in Vienna with the secretary-general of OPEC, Mohammed Barkindo, to discuss the global oil market. In a tweet, Gharibabadi

U.S. Claws Back Millions From Pipeline Ransomware Attackers

U.S. Claws Back Millions From Pipeline Ransomware Attackers

Jun 07, 2021 at 18:07 | Julianne Geiger

The FBI has seized $2.3 million of the $4.4 million paid to the ransomware attackers of the Colonial Pipeline. Colonial Pipeline had paid the $4.4 million ransomware—in the form of…

North Sea Oil Floating Off Europe Could Signal Weak Asian Demand

North Sea Oil Floating Off Europe Could Signal Weak Asian Demand

Jun 07, 2021 at 15:59 | Charles Kennedy

Around 6 million barrels of crude of North Sea’s key grades have been kept in tankers offshore Europe for up to three weeks, which could be a sign that demand…

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