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News

Russian Oil Boss: OPEC+ Won't Decide On Output Cuts Before 2020

Russian Oil Boss: OPEC+ Won't Decide On Output Cuts Before 2020

Nov 20, 2019 at 11:19 | Tsvetana Paraskova

Vagit Alekperov, the chief executive of the second-biggest Russian oil producer, Lukoil, expects OPEC and its Russia-led non-OPEC partners to decide next March whether to roll over the production…

China Slashes Renewable Subsidies

China Slashes Renewable Subsidies

Nov 20, 2019 at 10:31 | Irina Slav

China will cut the total size of its renewable power subsidies to $806.5 million (5.67 billion yuan) next year, from $1.15 billion (8.1 billion yuan) for this year, Reuters

Kuwait Strikes Mega Supply Deal With China’s Largest Refiner

Kuwait Strikes Mega Supply Deal With China’s Largest Refiner

Nov 20, 2019 at 09:32 | Irina Slav

China’s Sinopec, the country’s largest refiner, is building a 200,000-bpd refinery in southern China, which will use Kuwaiti crude as feedstock, unnamed sources told Reuters. The refining and petrochemical complex…

More Bad News For Oil As The API Reports A Large Crude Build

More Bad News For Oil As The API Reports A Large Crude Build

Nov 19, 2019 at 15:54 | Julianne Geiger

The American Petroleum Institute (API) has estimated a crude oil inventory build of 5.954 barrels for the week ending November 14, compared to analyst expectations of a

Oil Major Lashes Out At New York Despite Key Win In Trial

Oil Major Lashes Out At New York Despite Key Win In Trial

Nov 19, 2019 at 15:09 | Tsvetana Paraskova

ExxonMobil may have appeared to score a win when New York dropped two of the four allegations against the oil giant in its much-watched climate change trial,…

Strike In Canada Threatens Crude By Rail Shipments

Strike In Canada Threatens Crude By Rail Shipments

Nov 19, 2019 at 14:48 | Tsvetana Paraskova

More than 3,000 railway conductors, train persons, and yard workers at Canadian National Railway (CN) went on strike at midnight on Tuesday, threatening to disrupt crude by rail shipments…

Tesla To Expand The World’s Largest Lithium-Ion Battery

Tesla To Expand The World’s Largest Lithium-Ion Battery

Nov 19, 2019 at 12:33 | Tsvetana Paraskova

Tesla and power producer Neoen will expand by 50 percent the world’s largest lithium-ion battery in South Australia to ensure additional grid stability, the French company said on Tuesday.…

Asian Gas Glut Forces Key Buyers To Cancel Orders

Asian Gas Glut Forces Key Buyers To Cancel Orders

Nov 19, 2019 at 11:20 | Tsvetana Paraskova

A Singaporean buyer of a U.S. cargo of liquefied natural gas (LNG) has canceled the loading, the company told Reuters on Tuesday, as both Asia and Europe are facing…

Saudi Arabia's Latest Trick To Boost Aramco Investment

Saudi Arabia's Latest Trick To Boost Aramco Investment

Nov 19, 2019 at 10:43 | Tsvetana Paraskova

Saudi Arabia is doubling the leverage limits for loans that banks will extend to domestic retail investors who want to buy shares in the Kingdom’s oil giant Aramco in what…

Mounting Costs Are Posing A Serious Risk To Norway’s Oil Profits

Mounting Costs Are Posing A Serious Risk To Norway’s Oil Profits

Nov 19, 2019 at 10:12 | Irina Slav

Norway’s oil industry will have to deal with lower profit margins resulting from higher production costs per barrel of crude, Statistics Norway said in a new report as…

U.S. Grabs Saudi Market Share In Fastest Growing Oil Market

U.S. Grabs Saudi Market Share In Fastest Growing Oil Market

Nov 19, 2019 at 09:34 | Irina Slav

India increased its intake of U.S. crude oil last month while reducing imports of Saudi crude after the Kingdom increased the official selling price for the commodity. Reuters cites…

The First Sign Of A Consolidation Wave In U.S. Shale

The First Sign Of A Consolidation Wave In U.S. Shale

Nov 18, 2019 at 16:30 | Tsvetana Paraskova

Fund manager Paulson & Co. Inc, a shareholder of Callon Petroleum, is dropping its opposition to a merger between Callon and Carrizo Oil & Gas that could be the start…

Ford Takes On Tesla With New Electric Mustang

Ford Takes On Tesla With New Electric Mustang

Nov 18, 2019 at 15:22 | Tsvetana Paraskova

Ford unveiled on Sunday the Mustang Mach-E, targeting an estimated range of at least 300 miles with the available extended-range battery and rear-wheel drive. Reservations are now open for…

Saudi Crude Oil Exports Drop To 2-Year Low In September

Saudi Crude Oil Exports Drop To 2-Year Low In September

Nov 18, 2019 at 15:06 | Tsvetana Paraskova

Saudi Arabia’s crude oil exports dipped to a 22-month low of 6.67 million bpd in September, when the Kingdom was hit by attacks on its oil infrastructure that knocked…

Fukushima Set To Become A $2.7 Billion Renewable Energy Hub

Fukushima Set To Become A $2.7 Billion Renewable Energy Hub

Nov 18, 2019 at 13:15 | ZeroHedge

Almost nine years after the century's worst nuclear crisis - which by some counts has eclipsed Chernobyl in total radioactive emissions - nearly a thousand storage tanks are scattered across…

California Takes Drastic Step Towards Reducing Emissions

California Takes Drastic Step Towards Reducing Emissions

Nov 18, 2019 at 11:07 | Irina Slav

California state agencies will stop buying gas-powered vehicles from a number of carmakers after the latter joined the White House in their opposition to the state’s new, stricter emissions rules.…

A Huge Red Flag? India Shutters Power Plants Citing Lack Of Demand

A Huge Red Flag? India Shutters Power Plants Citing Lack Of Demand

Nov 18, 2019 at 09:42 | Irina Slav

Half of India’s power generation capacity using coal and nuclear power is being shut down because of lackluster demand, the Indian Express reports, adding that some…

Russia Plans To Boost Crude Oil Exports

Russia Plans To Boost Crude Oil Exports

Nov 15, 2019 at 16:36 | Tsvetana Paraskova

Russia expects to increase its crude oil exports by around 400,000 bpd-500,000 bpd to more than 5.6 million bpd within five years, Energy Minister Alexander Novak said in an article…

Brazil Adds To Supply Glut With Major Deepwater Field

Brazil Adds To Supply Glut With Major Deepwater Field

Nov 15, 2019 at 15:52 | Tsvetana Paraskova

International oil majors and Brazil’s state oil firm Petrobras have just announced first oil from a deepwater field in Brazil’s pre-salt Santos basin, which will add 150,000 barrels of oil…

Money Managers: This Is The Maximum Value Of The Aramco IPO

Money Managers: This Is The Maximum Value Of The Aramco IPO

Nov 15, 2019 at 12:08 | Tsvetana Paraskova

Saudi Aramco is worth no more than US$1.5 trillion, a Bloomberg News poll of money managers showed on Friday, two days before the Saudi oil giant is set to…

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