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News

EIA: Jet Fuel Demand Is On The Mend

EIA: Jet Fuel Demand Is On The Mend

May 02, 2021 at 10:33 | Tsvetana Paraskova

U.S jet fuel demand is rising along with an increase in domestic air travel, the Energy Information Administration (EIA) said this week. Global and U.S. jet fuel demand is…

Angola And Zambia Sign $5 Billion Oil Pipelines Deal

Angola And Zambia Sign $5 Billion Oil Pipelines Deal

Apr 30, 2021 at 15:47 | Tsvetana Paraskova

African OPEC member Angola signed this week a $5-billion memorandum of understanding with its neighbor to the east, Zambia, to study the construction of oil products and gas pipelines…

Scientists: Bacteria Could Be Used To Source Copper

Scientists: Bacteria Could Be Used To Source Copper

Apr 30, 2021 at 12:32 | MINING.com

US and Brazil-based researchers have published a new study where they outline what they…

Oil Trading Giant Looks To Enter The Permian Through Major Asset Sale

Oil Trading Giant Looks To Enter The Permian Through Major Asset Sale

Apr 30, 2021 at 10:37 | Irina Slav

Commodity trading major Vitol is reportedly negotiating a deal to acquire the oil wells of Hunt Oil Co. in the Permian Basin. According to Bloomberg, which cited unnamed sources,…

Chesapeake Considering Texas Asset Sale

Chesapeake Considering Texas Asset Sale

Apr 30, 2021 at 08:58 | Charles Kennedy

Chesapeake Energy plans to sell its producing oil assets in South Texas in the hopes of pocketing some $2 billion, Reuters has reported, citing two anonymous sources. Chesapeake

Shell Raises Dividend As Q1 Earnings Jump On Higher Oil Prices

Shell Raises Dividend As Q1 Earnings Jump On Higher Oil Prices

Apr 29, 2021 at 15:04 | Charles Kennedy

Shell (NYSE: RDS.A) reported on Thursday a surge in adjusted earnings for the first quarter and lifted its dividend by 4 percent as higher oil and gas prices and…

U.S. Oil Imports From OPEC Plunge To Lowest Since 1973

U.S. Oil Imports From OPEC Plunge To Lowest Since 1973

Apr 29, 2021 at 13:26 | Tsvetana Paraskova

The OPEC+ production cuts, lower overall oil demand, and declining demand for foreign-sourced lighter crudes resulted in 2020 in the lowest annual American crude oil imports from…

Mexico’s Private Oil Companies Could Add 700,000 Bpd By 2030

Mexico’s Private Oil Companies Could Add 700,000 Bpd By 2030

Apr 29, 2021 at 10:38 | Irina Slav

Crude oil projects involving private companies in Mexico could bring an additional 704,000 bpd to total national oil production by 2030, BNAmericas has reported, citing a commissioner from Mexico’s…

Senate Reinstates Methane Emission Rules For Oil, Gas Industry

Senate Reinstates Methane Emission Rules For Oil, Gas Industry

Apr 29, 2021 at 09:31 | Charles Kennedy

The U.S. Senate approved yesterday a return of methane emission regulation from the Obama era that was rolled back during Trump's administration. The regulation, called Oil and Natural Gas New…

Major Chinese Investors Could Buy Stake In Aramco

Major Chinese Investors Could Buy Stake In Aramco

Apr 28, 2021 at 17:44 | Julianne Geiger

Major Chinese investors, including the sovereign wealth fund China Investment Corporation (CIC) and Chinese national oil companies, are the ones looking to buy a stake at the biggest oil company…

Oman's National Oil Firm To Sell Off Assets To Fund $8 Billion In Spending

Oman's National Oil Firm To Sell Off Assets To Fund $8 Billion In Spending

Apr 28, 2021 at 14:45 | Tsvetana Paraskova

Oman’s state-held energy company OQ looks to sell assets and tap the international debt market in order to fund its planned US$7.9 billion expenditures over the next five…

Brent Crude Loadings Could Stop If Workers Go On Strike In Mid-May

Brent Crude Loadings Could Stop If Workers Go On Strike In Mid-May

Apr 28, 2021 at 14:29 | Tsvetana Paraskova

Workers at a terminal loading Brent in the UK North Sea, a component of the Brent Crude international benchmark, have overwhelmingly voted for a strike in the middle of…

Alberta Wins “Turn Off Oil Taps” Court Battle

Alberta Wins “Turn Off Oil Taps” Court Battle

Apr 28, 2021 at 14:06 | Tsvetana Paraskova

Canada’s oil-producing province of Alberta scored a win in court this week after the Federal Court of Appeal said that the province had the right to enact its “turn-off-the-taps”…

Uganda Set To Launch Tenders On Massive Oil Project In December

Uganda Set To Launch Tenders On Massive Oil Project In December

Apr 28, 2021 at 14:03 | Charles Kennedy

The Petroleum Authority of Uganda will launch in December the first key tenders for the long-awaited oil resources development project in the East African country, which cleared a major…

BP Resumes Buybacks After Q1 Profit Triples

BP Resumes Buybacks After Q1 Profit Triples

Apr 28, 2021 at 11:41 | Charles Kennedy

BP (NYSE: BP) is resuming share buybacks this quarter after more than tripling its first-quarter earnings from a year ago on the back of rising oil prices and “exceptional…

Canada’s Oil Sands In Trouble As COVID Cases Soar

Canada’s Oil Sands In Trouble As COVID Cases Soar

Apr 28, 2021 at 10:57 | Charles Kennedy

The northern parts of Canada’s province of Alberta have seen rising coronavirus cases in recent weeks with several oil sands sites becoming hot spots of outbreaks as workers are flying…

Biden Administration To Provide $8.25 Billion In Grid Improvement Loans

Biden Administration To Provide $8.25 Billion In Grid Improvement Loans

Apr 28, 2021 at 09:36 | Charles Kennedy

As the cost of the energy transition begins to draw growing attention, the Biden Administration has announced it will provide $8.25 billion in loans for companies to upgrade the…

U.S. Oil Inventories Rise Beyond Expectations

U.S. Oil Inventories Rise Beyond Expectations

Apr 27, 2021 at 15:43 | Julianne Geiger

The American Petroleum Institute (API) on Tuesday reported an extensive build in crude oil inventories of 4.319 million barrels for the week ending April 23. Analysts had predicted a much…

Oil Refiners Vs. Biofuels Clash Ends Up In Supreme Court

Oil Refiners Vs. Biofuels Clash Ends Up In Supreme Court

Apr 27, 2021 at 15:03 | Tsvetana Paraskova

The U.S. Supreme Court is hearing oral argument on Tuesday in a case that has pitted the oil industry and the corn lobby for years—whether refiners can obtain exemptions from…

Pandemic Triggers Worker Shortage At Indian Refiners

Pandemic Triggers Worker Shortage At Indian Refiners

Apr 27, 2021 at 11:38 | Irina Slav

Some Indian refiners are being forced to delay maintenance at their facilities because of the surge in Covid-19 cases in the country, which has had refinery workers fleeing to their…

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