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News

Russia’s Oil Export Revenues Jumped In August As Prices Rose

Russia’s Oil Export Revenues Jumped In August As Prices Rose

Sep 13, 2023 at 08:35 | Charles Kennedy

Russia’s oil export revenues jumped to $17.1 billion in August, up by $1.8 billion compared to July, as higher oil prices more than offset lower export volumes, the…

Gunvor Returns To Metals As Oil Traders Expand Into Energy Transition Materials

Gunvor Returns To Metals As Oil Traders Expand Into Energy Transition Materials

Sep 13, 2023 at 07:54 | Charles Kennedy

After seven years on the sidelines, oil trader Gunvor Group Ltd is back into the metals trading business as more commodity trading houses are betting on metals amid…

European Commission Vows To Help The EU’s Wind Industry

European Commission Vows To Help The EU’s Wind Industry

Sep 13, 2023 at 06:56 | Tsvetana Paraskova

The European Commission is set to propose a European Wind Power package to help get the bloc’s flailing wind industry back on the track of growth to help…

UAE’s ADNOC Looks To Boost Its Oil Trading Business In Europe

UAE’s ADNOC Looks To Boost Its Oil Trading Business In Europe

Sep 13, 2023 at 05:07 | Tsvetana Paraskova

Abu Dhabi National Oil Company (ADNOC) plans to expand its oil, fuels, and LNG trading business in Europe as it looks to boost its global presence in the…

BP Plans $11 Billion Clean Energy Investment In Germany By 2030

BP Plans $11 Billion Clean Energy Investment In Germany By 2030

Sep 13, 2023 at 03:32 | Tsvetana Paraskova

UK supermajor BP expects to invest up to $10.75 billion (10 billion euros) in low-carbon energy solutions in Germany by 2030 as it looks to accelerate EV charging…

Georgia Suspends Gasoline And Diesel Tax Amid Inflation Pain

Georgia Suspends Gasoline And Diesel Tax Amid Inflation Pain

Sep 13, 2023 at 02:23 | Charles Kennedy

The Governor of Georgia has ordered the suspension of state taxes on gasoline and diesel as part of measures to relieve economic pain caused by soaring inflation. The suspension will…

PDVSA Values Citgo At Between $32 And $40 Billion

PDVSA Values Citgo At Between $32 And $40 Billion

Sep 13, 2023 at 01:09 | Charles Kennedy

Venezuela’s state oil major PDVSA has valued its U.S.-based downstream subsidiary Citgo at between $32 and $40 billion, Reuters has reported, citing a court hearing.…

Surprise Crude Build Ends Gains For Oil

Surprise Crude Build Ends Gains For Oil

Sep 12, 2023 at 15:49 | Julianne Geiger

The American Petroleum Institute (API) has reported a 1.174-million-barrel build in U.S. crude inventories, compared to the previous week's 5.521-million-barrel draw. Analysts were expecting an inventory draw of 2 million…

BP CEO Looney To Step Down

BP CEO Looney To Step Down

Sep 12, 2023 at 14:25 | Tom Kool

BP's Chief Executive Officer, Bernard Looney, is poised to step down after serving in the role for over three years, as reported by the Financial…

Chevron To Be Majority Owner Of World's Largest Hydrogen Production Facility

Chevron To Be Majority Owner Of World's Largest Hydrogen Production Facility

Sep 12, 2023 at 13:08 | Julianne Geiger

U.S.-based Chevron Corp. will soon be the majority owner of what will be the world’s largest hydrogen production and storage facility as it branches out past fossil fuels. Chevron New…

Oil Prices Soar To 10-Month High

Oil Prices Soar To 10-Month High

Sep 12, 2023 at 12:27 | Julianne Geiger

Crude oil is trading at levels not seen since last November, with Brent crude prices reaching $92 per barrel on Tuesday. Brent crude was trading at $92.30…

Iran: Revived LNG Project Is Almost 50% Complete

Iran: Revived LNG Project Is Almost 50% Complete

Sep 12, 2023 at 09:45 | Charles Kennedy

Construction works at Iran’s revived LNG project is almost 50% complete, the Islamic Republic claims.    “Progress at this project now stands at almost 50pc,” Abdolhossein Bayat, chairman of oil…

Russia’s Sakhalin-2 Back To Full Production After Maintenance

Russia’s Sakhalin-2 Back To Full Production After Maintenance

Sep 12, 2023 at 08:53 | Tsvetana Paraskova

Russia’s Sakhalin-2 project producing LNG and oil has returned to full operations after planned maintenance, Gazprom’s Deputy CEO Vitaly Markelov has told Russian news agency Interfax

OPEC’s Production Rises In August

OPEC’s Production Rises In August

Sep 12, 2023 at 08:45 | Julianne Geiger

OPEC’s crude oil production climbed to 27.45 million barrels per day in August, according to the group’s latest Monthly Oil Market Report (MOMR) published on Tuesday. A gain…

Amazon Buys Carbon Credits In Its First Investment In Direct Air Capture

Amazon Buys Carbon Credits In Its First Investment In Direct Air Capture

Sep 12, 2023 at 07:47 | Tsvetana Paraskova

Amazon is joining the group of companies supporting direct air capture (DAC) technology by announcing it would buy carbon removal credits from 1PointFive, which is developing the world’s…

European Parliament Approves Higher Renewable Energy Targets 

European Parliament Approves Higher Renewable Energy Targets 

Sep 12, 2023 at 07:31 | Tsvetana Paraskova

The European Parliament voted on Tuesday to endorse much higher binding renewable energy targets by 2030, but the bill will need approval from all EU…

International Energy Majors Interested In Colombia’s Offshore Gas

International Energy Majors Interested In Colombia’s Offshore Gas

Sep 12, 2023 at 04:57 | Tsvetana Paraskova

International oil and gas majors, including UK-based Shell and Brazil’s Petrobras, have shown interest in expanding their participation in natural gas projects offshore Colombia, Ricardo Roa, the head…

Hedge Fund Partner Blasts Oil Demand Decline Narrative

Hedge Fund Partner Blasts Oil Demand Decline Narrative

Sep 12, 2023 at 02:17 | Charles Kennedy

“We have never consumed more oil in history than we have today,” Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners told Bloomberg in an interview, adding…

Trans Mountain Pipeline To Face 9-Month Delay If Route Change Isn’t Approved

Trans Mountain Pipeline To Face 9-Month Delay If Route Change Isn’t Approved

Sep 12, 2023 at 01:08 | Irina Slav

The Trans Mountain pipeline expansion could be set back by nine months unless regulators approve a proposed change of its route. The original route of the expanded pipeline…

G20 New Trade Corridor Promises Enhanced Energy Security

G20 New Trade Corridor Promises Enhanced Energy Security

Sep 11, 2023 at 18:18 | Charles Kennedy

At the G20 summit in India this weekend, the U.S., India, Saudi Arabia and the UEA announced a new trade route that intends to connect India to the…

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