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Oil Prices Gain 2% on Tightening Supply

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PetroChina Books Record Profit as Natural Gas and Fuel Demand Soar

PetroChina Books Record Profit as Natural Gas and Fuel Demand Soar

Mar 25, 2024 at 07:20 | Tsvetana Paraskova

A rebound in Chinese natural gas demand and rising fuel sales pushed the earnings of state oil and gas giant PetroChina to a record high in 2023, despite the drop…

Iraq Points the Finger at Foreign Firms for Stalled Kurdish Oil Exports

Iraq Points the Finger at Foreign Firms for Stalled Kurdish Oil Exports

Mar 25, 2024 at 06:35 | Tsvetana Paraskova

Foreign oil firms in Iraqi Kurdistan are partially to blame for the delays to the resumption of exports from the semi-autonomous region of OPEC’s second-largest producer, Iraq’s Oil Ministry said…

World’s Top Oilfield Services Provider Not Leaving Russia

World’s Top Oilfield Services Provider Not Leaving Russia

Mar 25, 2024 at 06:20 | Tsvetana Paraskova

SLB, the biggest oilfield services firm in the world, is not planning to abandon its business in Russia, chief executive Olivier Le Peuch told the Financial Times in an…

Goldman Sachs Expects Commodity Prices to Rally

Goldman Sachs Expects Commodity Prices to Rally

Mar 25, 2024 at 04:17 | Irina Slav

Commodity demand will increase this year driven by interest rate cuts by central banks. This is according to Goldman Sachs, which sees potential commodity returns as high as 15%. The…

Houthis Strike Hong Kong Tanker in the Red Sea

Houthis Strike Hong Kong Tanker in the Red Sea

Mar 25, 2024 at 03:23 | Charles Kennedy

Houthi forces have struck a tanker owned and operated by a company based in Hong Kong, the U.S. Central Command has reported, calling the vessel “Chinese”. The Huang Pu, which…

Russia Attacks Natural Gas Storage Site in Ukraine

Russia Attacks Natural Gas Storage Site in Ukraine

Mar 25, 2024 at 02:15 | Charles Kennedy

Russia attacked an underground natural gas storage site in the Ukraine, but the Ukrainian state energy company Naftogaz said that supply had not been disrupted. “We have sufficient…

Exxon Is Sure It Has Right Of First Refusal In Spat Over Guyana Oil Assets

Exxon Is Sure It Has Right Of First Refusal In Spat Over Guyana Oil Assets

Mar 23, 2024 at 09:55 | Julianne Geiger

Exxon has “strong feelings” that it is right in its view of the right-of-first-refusal provision in its spat over oil assets in Guyana, Exxon Senior Vice President Jack Williams told…

Venezuelan Oil Refinery Halts Units After Fire

Venezuelan Oil Refinery Halts Units After Fire

Mar 22, 2024 at 13:06 | Julianne Geiger

Venezuela's Cardon refinery halted its distillation units on Friday following a fire, anonymous sources told Reuters. A fire that began with a bang following a gasoline leak has been put…

U.S. Has Urged Ukraine To Stop Attacks on Russian Refineries

U.S. Has Urged Ukraine To Stop Attacks on Russian Refineries

Mar 22, 2024 at 12:42 | Charles Kennedy

The United States has repeatedly urged Ukraine to halt its drone attacks on Russian oil refineries due to Washington’s assessment that the strikes could led to Russian retaliation and push…

Russian Diesel in Floating Storage Hits Highest Level Since 2017

Russian Diesel in Floating Storage Hits Highest Level Since 2017

Mar 22, 2024 at 12:12 | Charles Kennedy

The volumes of Russian diesel in floating storage at sea have jumped this month to the highest levels since at least 2017, according to data from analytics firm Kpler compiled…

Mexico’s Oil Giant Delays Platform Repairs Despite Methane Leaks

Mexico’s Oil Giant Delays Platform Repairs Despite Methane Leaks

Mar 22, 2024 at 08:59 | Charles Kennedy

Pemex, Mexico’s state-owned oil firm, has been putting off urgent equipment repairs on a major producing platform in the Gulf of Mexico, despite being aware of the faulty components and…

All Indian Refiners Now Reject Russian Crude Shipped by Sovcomflot Tankers

All Indian Refiners Now Reject Russian Crude Shipped by Sovcomflot Tankers

Mar 22, 2024 at 08:13 | Tsvetana Paraskova

All Indian refiners are now refusing to take Russian crude transported on vessels of sanctioned Russian tanker fleet owner Sovcomflot to avoid running afoul of the stricter enforcement of the…

Exxon Slightly Ahead of Schedule to Double Its LNG Portfolio by 2030

Exxon Slightly Ahead of Schedule to Double Its LNG Portfolio by 2030

Mar 22, 2024 at 06:39 | Tsvetana Paraskova

ExxonMobil is slightly ahead of schedule in its work to double its LNG portfolio by 2030, Peter Clarke, senior vice president for global LNG, has told Reuters in an 

PetroChina Buys Venezuelan Crude for New Mega Refinery

PetroChina Buys Venezuelan Crude for New Mega Refinery

Mar 22, 2024 at 05:49 | Tsvetana Paraskova

PetroChina is welcoming this weekend a cargo of Venezuela’s Merey crude for use at a new huge refinery after the U.S. eased sanctions on Venezuelan oil exports a few months…

16 States Sue Federal Government Over LNG Permitting Pause

16 States Sue Federal Government Over LNG Permitting Pause

Mar 22, 2024 at 04:40 | Irina Slav

16 states are suing the federal government for the decision to “pause” new LNG export capacity permitting. The plaintiffs, all Republican-led, include Texas and Louisiana, as well as Florida, claim…

BlackRock Dismayed by Texas Fund Decision to Divest $8.5 Billion in Assets

BlackRock Dismayed by Texas Fund Decision to Divest $8.5 Billion in Assets

Mar 22, 2024 at 02:57 | Irina Slav

BlackRock has asked Texas authorities to reconsider the withdrawal of $8.5 billion in assets of the Permanent School Fund from the asset manager. The decision to withdraw from BlackRock was…

Oil Prices Under Pressure Despite Bullish Sentiment

Oil Prices Under Pressure Despite Bullish Sentiment

Mar 22, 2024 at 02:19 | Irina Slav

Oil prices are set to end this week flat after gaining around 3% last week amid robust demand and growing supply unease. This week, these factors were tempered…

Offshore Wind Development Costs 30% Higher in United States

Offshore Wind Development Costs 30% Higher in United States

Mar 21, 2024 at 14:56 | Julianne Geiger

Offshore wind development costs are 30% higher in the United States than they are in Europe, Germany’s biggest utility said on Thursday at the CERAWeek conference. According to RWE AG…

US Senators Look to Strengthen Ban on Selling Off Oil Stockpiles to China

US Senators Look to Strengthen Ban on Selling Off Oil Stockpiles to China

Mar 21, 2024 at 14:44 | Julianne Geiger

U.S. senators introduced a bill on Thursday designed to expand the ban on selling off the nation's oil held in the Strategic Petroleum Reserves to China. U.S. President Joe Biden…

Restored Import Tax Hits Russian Coal Sales to China

Restored Import Tax Hits Russian Coal Sales to China

Mar 21, 2024 at 12:18 | Charles Kennedy

Russia’s coal sales to China plunged by 22% in January and February compared to the same months last year after China re-imposed an import tax, which makes Russian coal more…

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