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News

OPEC’s New Headache Is Its Third-Biggest Producer

OPEC’s New Headache Is Its Third-Biggest Producer

Sep 15, 2020 at 12:20 | Tsvetana Paraskova

The United Arab Emirates (UAE), currently OPEC’s third-largest producer, breached its OPEC+ oil production quota by a massive 520,000 barrels per day (bpd) in August, data from the International Energy…

IEA Cuts Oil Demand Forecast On More Fragile Outlook

IEA Cuts Oil Demand Forecast On More Fragile Outlook

Sep 15, 2020 at 11:05 | Tsvetana Paraskova

For a second consecutive month, the International Energy Agency (IEA) cut on Tuesday its forecast for global oil demand this year, citing an “even more fragile outlook” about the oil…

Venezuela Charges U.S. Citizen With Spying

Venezuela Charges U.S. Citizen With Spying

Sep 15, 2020 at 09:28 | Michael Kern

Venezuela has charged a U.S. citizen arrested recently on allegations of spying with plotting terrorist attacks on oil refineries and the country’s electricity supply to incite unrest, the Associated Press…

Colombia’s Oil Major Plans To Drill 100 Wells In The Permian

Colombia’s Oil Major Plans To Drill 100 Wells In The Permian

Sep 14, 2020 at 16:58 | Charles Kennedy

Colombia’s state-held oil firm Ecopetrol, which has a strategic alliance with Occidental Petroleum to develop acreage in the Permian, plans to have drilled as many as 100 wells in…

India’s Oil Import Bill Shrinks, But So Do Crude Imports

India’s Oil Import Bill Shrinks, But So Do Crude Imports

Sep 14, 2020 at 14:36 | Tsvetana Paraskova

India paid much less for the crude oil imported between April and July 2020 compared to the same period last year, due to the significantly low oil prices and lower…

Saudi Aramco Retakes Crown From Apple As World’s Most Valuable Company

Saudi Aramco Retakes Crown From Apple As World’s Most Valuable Company

Sep 14, 2020 at 12:35 | Tsvetana Paraskova

Saudi Arabia’s oil giant Aramco reclaimed the spot of the world’s most valuable company after a relatively steady performance in Riyadh so far this month, while shares in Apple plunged…

Delivery Drones Will Soon Become A Reality

Delivery Drones Will Soon Become A Reality

Sep 14, 2020 at 12:24 | Safehaven.com

The world’s largest retailer, Walmart, just launched a pilot project on delivering select groceries and essential items using automated drones, and the implications are enormous, not just because Amazon won’t…

Gold Prices Near Two-Week High

Gold Prices Near Two-Week High

Sep 14, 2020 at 11:42 | MINING.com

Gold prices advanced higher on Monday as a weaker US dollar and expectations that…

OPEC Cuts Oil Demand Forecast For 2020, Again

OPEC Cuts Oil Demand Forecast For 2020, Again

Sep 14, 2020 at 10:26 | Tsvetana Paraskova

OPEC revised down by another 400,000 bpd its forecast for global oil demand this year, expecting consumption to shrink by 9.5 million bpd over 2019, cutting forecasts for the second…

Tropical Storm Sally Forces Drillers To Evacuate Gulf Of Mexico Oil Platforms

Tropical Storm Sally Forces Drillers To Evacuate Gulf Of Mexico Oil Platforms

Sep 14, 2020 at 09:35 | Charles Kennedy

Oil companies have started evacuating staff and shutting in oil production at about half a dozen platforms in the Gulf of Mexico ahead of tropical storm Sally, which is expected…

Trump Announces ‘Historic Peace Deal’ Between Bahrain And Israel

Trump Announces ‘Historic Peace Deal’ Between Bahrain And Israel

Sep 11, 2020 at 16:08 | Tom Kool

In a three-way phone call on Friday with Israeli Prime Minister Benjamin Netanyahu and King Hamad bin Isa Al Khalifa of Bahrain, U.S. President Trump announced that Bahrain…

Tesla In Discussions To Source Low-Carbon Nickel From Canada

Tesla In Discussions To Source Low-Carbon Nickel From Canada

Sep 11, 2020 at 15:59 | Charles Kennedy

Tesla is in talks with Canada's Giga Metals to potentially help it develop a nickel mine and buy the low-emissions nickel production for its batteries, Reuters reported on Friday,…

OPEC’s Third-Largest Producer Fails To Comply With Output Cuts

OPEC’s Third-Largest Producer Fails To Comply With Output Cuts

Sep 11, 2020 at 11:18 | Tsvetana Paraskova

The United Arab Emirates (UAE), currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota…

Copper Prices Are Soaring On Growing Battery Metal Demand

Copper Prices Are Soaring On Growing Battery Metal Demand

Sep 11, 2020 at 11:07 | Metal Miner

A fair part of the bull story for copper this year has been supply-side fears. The world’s largest mines are in South America, which has suffered…

U.S. SPR Site Suffers Negligible Damage After Direct Hit From Hurricane Laura

U.S. SPR Site Suffers Negligible Damage After Direct Hit From Hurricane Laura

Sep 11, 2020 at 10:30 | Tsvetana Paraskova

The damage from Hurricane Laura on one of the four U.S. sites holding the Strategic Petroleum Reserve (SPR) is limited to buildings and other support infrastructure, with caverns and pipes…

Iran To Link Its Power Grid To Russia, Azerbaijan

Iran To Link Its Power Grid To Russia, Azerbaijan

Sep 11, 2020 at 09:31 | Tsvetana Paraskova

Iran’s electricity grid will be connected with Russia and Azerbaijan in a few months, once grid compatibility studies are completed, Iran’s Energy Minister Reza Ardakanian said on Friday. Iran’s…

U.S. Oil Company Hess Attempts To Load Crude From Libya Port

U.S. Oil Company Hess Attempts To Load Crude From Libya Port

Sep 10, 2020 at 17:36 | Julianne Geiger

Hess may attempt to load a cargo of crude oil from Libya’s Es Sider port this week. If successful, the loading represents a glimmer of hope for oil-rich Libya who…

Oil Major BP Makes First Ever Move In Offshore Wind Energy

Oil Major BP Makes First Ever Move In Offshore Wind Energy

Sep 10, 2020 at 17:13 | Charles Kennedy

BP is making its first move into the offshore wind market with a strategic partnership in U.S. offshore wind assets with Equinor in a deal worth US$1.1 billion. Under the…

Trump Hints At Saudi  Participation In UAE,-Israel Peace Deal

Trump Hints At Saudi Participation In UAE,-Israel Peace Deal

Sep 10, 2020 at 16:00 | Tom Kool

The historic diplomatic deal between Israel and the United Arab Emirates that was announced on August 13 added yet another layer of difficulty to the geopolitical…

Colorado Regulators Want Oil Wells Much Further Away From Homes, Schools

Colorado Regulators Want Oil Wells Much Further Away From Homes, Schools

Sep 10, 2020 at 15:27 | Tsvetana Paraskova

The members of the Colorado Oil and Gas Conservation Commission (COGCC) supported four-to-one a proposal to extend the setback for oil wells from homes and schools to 2,000 feet—four…

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