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News

Low Crude Prices Force Another Oil Major To Slash Dividends

Low Crude Prices Force Another Oil Major To Slash Dividends

May 06, 2020 at 13:38 | Tsvetana Paraskova

Suncor Energy is axing its quarterly dividend by 55 percent to reduce its cash breakeven to a WTI Crude price of US$35 a barrel, one of Canada’s biggest oil firms 

Russia Predicts U.S. Oil Output Will Drop By 2-3 Million Bpd

Russia Predicts U.S. Oil Output Will Drop By 2-3 Million Bpd

May 06, 2020 at 11:06 | Tsvetana Paraskova

U.S. oil production could decline this year by 2 million bpd-3 million bpd, due to limited storage capacity and low oil prices, Russia’s Deputy Energy Minister Pavel Sorokin told local…

OPEC’s Second Largest Oil Producer Isn’t Complying With Output Cuts

OPEC’s Second Largest Oil Producer Isn’t Complying With Output Cuts

May 06, 2020 at 10:35 | Tsvetana Paraskova

Iraq, OPEC’s second-largest producer and the biggest cheater in previous production cut deals, faces problems in the new OPEC+ deal as well.   Iraq's compliance with the deal is yet again…

Shale Giant Posts $2.2 Billion Loss In Dismal Earnings Report

Shale Giant Posts $2.2 Billion Loss In Dismal Earnings Report

May 06, 2020 at 09:37 | Irina Slav

Occidental Petroleum booked a net loss of $2.2 billion for the first quarter of the year, attributing most of it to goodwill impairment charges of $1.4 billion and equity investment losses…

Oil Prices Rally Despite Another Inventory Build

Oil Prices Rally Despite Another Inventory Build

May 05, 2020 at 15:51 | Julianne Geiger

The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build, of 8.440 million barrels for the week ending May 1 as the demand destruction continues and…

Canadian Oil Sees Its Smallest Discount To WTI In 12 Years

Canadian Oil Sees Its Smallest Discount To WTI In 12 Years

May 05, 2020 at 14:41 | Tsvetana Paraskova

Due to ongoing production cuts from Canadian oil producers and to increased storage capacity, the price of Canada’s heavy oil soared early this week to its smallest discount to the…

U.S. Energy CO2 Emissions Drop In 2019, Offsetting 2018 Rise 

U.S. Energy CO2 Emissions Drop In 2019, Offsetting 2018 Rise 

May 05, 2020 at 14:34 | Tsvetana Paraskova

Energy-related carbon dioxide (CO2) emissions in the United States declined by 2.8 percent last year, offsetting a 2.9-percent carbon emissions increase in 2018, the Energy Information Administration (EIA) said on Tuesday.…

Shell Halts Philippines Oil Refinery As Demand Collapses

Shell Halts Philippines Oil Refinery As Demand Collapses

May 05, 2020 at 13:59 | Tsvetana Paraskova

Shell’s Philippines unit will suspend refining operations at its 110,000-bpd refinery in the country for a month starting in the middle of May, due to the dramatic plunge in fuel demand…

Bank Of China To Take Up Part Of $1.4B Oil-Linked Losses

Bank Of China To Take Up Part Of $1.4B Oil-Linked Losses

May 05, 2020 at 11:34 | Tsvetana Paraskova

Bank of China has told its clients that it would pick up the tab for part of the $1.4-billion total loss that its retail customers amassed from investing in a…

IEA Chief Calls For Boost To Battery And Hydrogen Technology

IEA Chief Calls For Boost To Battery And Hydrogen Technology

May 05, 2020 at 11:30 | MINING.com

The executive director of the International Energy Agency (IEA), Fatih Birol, said that the turmoil in the oil sector caused by the covid-19 pandemic gives governments the perfect opportunity to…

Oil Major Total Reports Profit Decline, Leaves Dividends Untouched

Oil Major Total Reports Profit Decline, Leaves Dividends Untouched

May 05, 2020 at 10:39 | Irina Slav

French supermajor Total proved more resilient than some peers in the first quarter, remaining profitable despite a 35-percent decline in net income to $1.8 billion. The company said it would continue…

Renewables Overtake Coal In U.S. In Electricity Generation

Renewables Overtake Coal In U.S. In Electricity Generation

May 05, 2020 at 09:28 | Irina Slav

Hydropower plants, solar farms, and wind farms generated more electricity than coal in the United States for a record 40 days in a row, the Institute for Energy Economics and…

Venezuela Oil Exports Climb As OPEC Agreement Kicks In

Venezuela Oil Exports Climb As OPEC Agreement Kicks In

May 04, 2020 at 17:46 | Julianne Geiger

While OPEC begins to scale back oil production to offset at least partially some of the world’s excess oil supply, Venezuela was busy ramping up its oil exports—even in the…

Petrobras Sets Record Of 1 Million Bpd Oil Exports

Petrobras Sets Record Of 1 Million Bpd Oil Exports

May 04, 2020 at 15:21 | Tsvetana Paraskova

Brazil’s Petrobras set a new oil exports record of 1 million bpd in April, as domestic demand plunged, the state-controlled oil firm said on Monday, days after a large group of…

India’s Fuel Demand Crashes 60% In Lockdown

India’s Fuel Demand Crashes 60% In Lockdown

May 04, 2020 at 13:21 | Tsvetana Paraskova

Gasoline and diesel demand in the world’s third-largest oil importer, India, crashed by around 60 percent annually in April due to the nationwide lockdown to curb the spread of the…

Tesla Applies To Sell Electricity In The UK

Tesla Applies To Sell Electricity In The UK

May 04, 2020 at 11:45 | Irina Slav

Tesla has applied for a license to supply electricity in the United Kingdom, The Telegraph reports, citing a document. According to sources the daily cited in its report, Tesla will…

Haftar-Affiliated Military Group Storms HQ Of Libya’s Brega Oil Company

Haftar-Affiliated Military Group Storms HQ Of Libya’s Brega Oil Company

May 04, 2020 at 11:27 | Tsvetana Paraskova

Armed militants, believed to be affiliated with one of the sons of eastern Libyan strongman General Khalifa Haftar, stormed during the weekend the headquarters of Brega Oil Marketing Company in…

Iran’s OPEC Governor Hospitalized

Iran’s OPEC Governor Hospitalized

May 04, 2020 at 09:31 | Irina Slav

Iran’s governor for OPEC, Hossein Kazempour Ardebili is in a coma following a severe cerebral hemorrhage, Iranian media are reporting. The official, who used to be deputy oil minister…

Chevron Doesn’t Plan To Exit Venezuela

Chevron Doesn’t Plan To Exit Venezuela

May 01, 2020 at 16:08 | Tsvetana Paraskova

Chevron is complying with the U.S. Administration’s requirements, but it is not winding down all activities in Venezuela preparing to leave the country, the U.S. supermajor’s chief executive officer Michael…

Chevron Slashes Capex Again To Protect Dividend In Oil Price Rout

Chevron Slashes Capex Again To Protect Dividend In Oil Price Rout

May 01, 2020 at 14:39 | Tsvetana Paraskova

U.S. oil supermajor Chevron Corporation (NYSE: CVX) reduced its capex guidance for the second time in two months to protect its dividend, as it warned on Friday that its financial…

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