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News

Google’s Self-Driving Car Unit Raises $2.25 Billion

Google’s Self-Driving Car Unit Raises $2.25 Billion

Mar 03, 2020 at 09:18 | Irina Slav

Waymo, the self-driving car developer of Alphabet, has raised $2.25 billion in funding from external investors, led by tech investment firms including Silver Lake, Alphabet itself, Andreesen…

Sinopec Sends London Staff On Home Office On Coronavirus Scare

Sinopec Sends London Staff On Home Office On Coronavirus Scare

Mar 02, 2020 at 17:03 | Tsvetana Paraskova

Unipec, the oil trading unit of Asia’s largest refiner China Petroleum & Chemical Corporation, or Sinopec, has sent its London staff to work from home after an employee showed coronavirus-like…

The Age Of Canada’s Huge Oil Sands Projects May Be Over

The Age Of Canada’s Huge Oil Sands Projects May Be Over

Mar 02, 2020 at 15:40 | Tsvetana Paraskova

After Teck Resources canceled its oil sands project, even approved oil sands projects could be difficult for Canada’s companies to bring online in the short term until more pipeline capacity…

World’s Top LNG Importer Has More Bad News For Markets

World’s Top LNG Importer Has More Bad News For Markets

Mar 02, 2020 at 13:28 | Tsvetana Paraskova

Demand for liquefied natural gas (LNG) in the world’s top importer of the fuel, Japan, is set to take additional hit this month as the country ordered the closure…

Venezuela’s Maduro Reshuffles Senior Jobs At PDVSA After Energy Emergency

Venezuela’s Maduro Reshuffles Senior Jobs At PDVSA After Energy Emergency

Mar 02, 2020 at 11:05 | Tsvetana Paraskova

Nicolas Maduro has appointed four new vice presidents at Venezuela’s state oil firm PDVSA and a new president of the unit managing the company’s relations with private foreign firms, PDVSA…

OPEC+ Could Cut Up To 2.7 Million Bpd

OPEC+ Could Cut Up To 2.7 Million Bpd

Mar 02, 2020 at 09:45 | Irina Slav

OPEC could agree further oil production cuts at its meeting in Vienna this week, even if Russia decides not to join them, unnamed sources in the know told Reuters.…

US Fracking Ban Could Cost The Economy $7 Trillion

US Fracking Ban Could Cost The Economy $7 Trillion

Feb 28, 2020 at 17:51 | Julianne Geiger

A ban on oil and gas drilling in the United States proposed by US Democrat presidential hopefuls will cost the economy $7 trillion, US oil industry lobby group American…

Total Shortlisted For $7 Billion Wind Project

Total Shortlisted For $7 Billion Wind Project

Feb 28, 2020 at 17:46 | Irina Slav

Total is among the shortlisted bidders for an offshore wind power project that has been estimated to cost some $7 billion, Bloomberg reports, citing unnamed sources in the know.…

Indian Refiners To Stop Importing Venezuelan Crude

Indian Refiners To Stop Importing Venezuelan Crude

Feb 28, 2020 at 16:23 | Tsvetana Paraskova

Two Indian oil refiners who still buy Venezuelan crude will stop importing oil from the Latin American country from April as the U.S. steps up sanctions pressure on Nicolas Maduro’s…

This Oil Major Expects Its Oil Production To Peak In 2025

This Oil Major Expects Its Oil Production To Peak In 2025

Feb 28, 2020 at 14:58 | Tsvetana Paraskova

Italy’s Eni expects its oil production to start declining after 2025 under its new long-term strategy to rely on natural gas, renewables, and new technologies to cut net greenhouse gas…

Ron Baron Believes Tesla Could Be Worth $1.5 Trillion In 2030

Ron Baron Believes Tesla Could Be Worth $1.5 Trillion In 2030

Feb 28, 2020 at 12:44 | Tsvetana Paraskova

Billionaire investor Ron Baron believes that Tesla could be worth as much as US$1.5 trillion by 2030, because the recent stock rally and revenue rise is “only the beginning,” Baron,…

Alberta Upbeat About Oil Prices Despite Coronavirus

Alberta Upbeat About Oil Prices Despite Coronavirus

Feb 28, 2020 at 11:44 | Irina Slav

Despite the current oil price situation, Alberta is optimistic for the next fiscal year, expecting its budget deficit to narrow as oil prices improve and disappear by 2022-23, the provincial…

Big Chinese Oil Trader In Trouble, Sends Ripples Of Worry Across Industry

Big Chinese Oil Trader In Trouble, Sends Ripples Of Worry Across Industry

Feb 28, 2020 at 10:42 | Irina Slav

The trading arm of an independent Chinese refiner went into receivership this week, sending ripples of worry across the industry that more pain is yet to come. Reuters reported…

This Could Be The End Of Chevron’s Business With Venezuela

This Could Be The End Of Chevron’s Business With Venezuela

Feb 28, 2020 at 09:22 | Tsvetana Paraskova

The Trump Administration is unlikely to grant U.S. supermajor Chevron another waiver to operate in Venezuela as the United States is increasing pressure on Nicolas Maduro’s regime, Bloomberg reported…

Mexico’s Pemex Widens Q4 Net Loss To $9 Billion   

Mexico’s Pemex Widens Q4 Net Loss To $9 Billion   

Feb 27, 2020 at 16:03 | Tsvetana Paraskova

Mexican state-owned oil firm Petróleos Mexicanos (Pemex) reported on Thursday a net loss of US$8.77 billion (169.8 billion Mexican pesos) for the fourth quarter of 2019, widened from a…

Saudis Slash March Crude Oil Exports To China As Demand Slumps

Saudis Slash March Crude Oil Exports To China As Demand Slumps

Feb 27, 2020 at 15:25 | Tsvetana Paraskova

China’s top oil supplier and the world’s largest oil exporter, Saudi Arabia, will be cutting its crude exports to the world’s top oil importer by at least 500,000 bpd in…

China’s Crude Oil Imports Set To Plunge By 20% In February

China’s Crude Oil Imports Set To Plunge By 20% In February

Feb 27, 2020 at 13:21 | Tsvetana Paraskova

China’s crude oil imports could drop by as much as 15 to 20 percent on the year in February, due to the coronavirus outbreak and the slump in domestic fuel…

Africa, Latin American Countries Have Massive Oil-Backed Debt To China

Africa, Latin American Countries Have Massive Oil-Backed Debt To China

Feb 27, 2020 at 10:32 | Irina Slav

African and Latin American countries have accumulated at least $152 billion in debt to Chinese banks, backed by oil and other mineral resources, a study from non-profit the Natural…

Aramco Begins Preparing For International Listing

Aramco Begins Preparing For International Listing

Feb 27, 2020 at 09:00 | Irina Slav

Aramco has reportedly started the preparation process for the international leg of its listing, which most expected to be years away. According to unnamed sources that spoke to Bloomberg,…

BP Quits Oil Lobby Groups Over Climate Policy Differences

BP Quits Oil Lobby Groups Over Climate Policy Differences

Feb 26, 2020 at 15:47 | Tsvetana Paraskova

BP will leave three U.S. energy trade associations, including the main refining lobby group, the American Fuel and Petrochemical Manufacturers (AFPM), due to differences over climate policies, the UK-based oil…

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