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News

Venezuela Confident It Will Recover Oil Production By End-2019

Venezuela Confident It Will Recover Oil Production By End-2019

Sep 12, 2019 at 17:44 | Tsvetana Paraskova

Venezuela is confident that it can recover the oil production lost to U.S. sanctions after the ousting of John Bolton as U.S. national security advisor, Venezuela’s Oil Minister Manuel…

Non-Compliant Iraq, Nigeria Vow To Fall In Line With OPEC Oil Quotas

Non-Compliant Iraq, Nigeria Vow To Fall In Line With OPEC Oil Quotas

Sep 12, 2019 at 16:58 | Tsvetana Paraskova

Iraq and Nigeria—the two rogue members of OPEC that haven’t been complying with their share of the production cuts in recent months—pledged on Thursday to fall within their respective…

BP To Sell Some Oil Projects To Meet Paris Climate Goals

BP To Sell Some Oil Projects To Meet Paris Climate Goals

Sep 12, 2019 at 13:29 | Tsvetana Paraskova

UK oil and gas supermajor BP considers selling some heavily carbon-intensive oil projects and not develop others in order to have its business compatible with the Paris Climate Agreement, BP’s…

Toyota Experiments With Solar-Powered Car

Toyota Experiments With Solar-Powered Car

Sep 12, 2019 at 12:26 | Irina Slav

Toyota is testing a solar-powered Prius that may some day not need to be plugged in to recharge, Reuters reports, adding that the car’s range on a single charge…

Duterte: China Offered Oil Project Majority To Drop Territorial Claim

Duterte: China Offered Oil Project Majority To Drop Territorial Claim

Sep 12, 2019 at 11:18 | Irina Slav

China’s President Xi Jinping offered a majority stake in a joint oil and gas exploration project to his Philippino counterpart Rodrigo Duterte in exchange for Duterte dropping a claim on…

VW CEO Rejects Tesla Acquisition Rumors

VW CEO Rejects Tesla Acquisition Rumors

Sep 12, 2019 at 09:35 | Irina Slav

“I wouldn’t consider a stake in Tesla,” the chief executive of Volkswagen told The Observer at the Frankfurt Motor Show. “I wouldn’t buy a stake because I think all…

Russia’s Gazprom Lifts 2019 Borrowing To $11B

Russia’s Gazprom Lifts 2019 Borrowing To $11B

Sep 11, 2019 at 18:03 | Tsvetana Paraskova

Russia’s gas giant Gazprom is raising its borrowing target for this year 2.4 times to US$11.1 billion (725 billion Russian rubles), a source familiar with the plan told Russia’s…

Why Trafigura Just Set Its Short-Term Price Target For Oil At $50

Why Trafigura Just Set Its Short-Term Price Target For Oil At $50

Sep 11, 2019 at 17:54 | Irina Slav

Crude oil could decline to $50 a barrel under the double weight of geopolitical concerns and rising production in the United States. That’s according to the co-head of global oil…

Oil Legend Boone Pickens Passes Away At 91

Oil Legend Boone Pickens Passes Away At 91

Sep 11, 2019 at 15:07 | Julianne Geiger

Oil legend T Boone Pickens passed away on Wednesday at age 91 at his Dallas home. He was most known for his strong opinions about American energy. Geologist by trade,…

China's Refined Oil Imports Jump 28.4% In August

China's Refined Oil Imports Jump 28.4% In August

Sep 11, 2019 at 12:58 | JLC

China’s imports of refined oil products in August jumped by 462,000 mt or 28.4% from the previous month but dropped by 615,000 mt or 22.7% from year-ago level to 2.089…

Aramco Gives Top IPO Roles To Nine Of The World’s Biggest Banks

Aramco Gives Top IPO Roles To Nine Of The World’s Biggest Banks

Sep 11, 2019 at 12:15 | Tsvetana Paraskova

Saudi Aramco has given the leading role in its share listing to nine of the world’s largest banks that would lead what will be the biggest initial public offering (IPO)…

OPEC Cuts 2019 Global Oil Demand Growth Forecast  

OPEC Cuts 2019 Global Oil Demand Growth Forecast  

Sep 11, 2019 at 11:29 | Tsvetana Paraskova

OPEC revised down on Wednesday its forecast for global oil demand growth this year by 80,000 bpd to 1.02 million bpd, citing weaker demand in the first half and expectations…

GE Cuts Baker Hughes Stake Below 50%

GE Cuts Baker Hughes Stake Below 50%

Sep 11, 2019 at 09:39 | Irina Slav

GE will sell more shares in Baker Hughes, which it acquired in 2017, and this will reduce its stake in the oilfield services provider below 50 percent, the company said…

Large Crude Inventory Draw Lifts Oil Prices

Large Crude Inventory Draw Lifts Oil Prices

Sep 10, 2019 at 15:47 | Julianne Geiger

The American Petroleum Institute (API) has estimated a large crude oil inventory draw of 7.227 million barrels for the week ending September 5, compared to analyst expectations of a

India Confirms Huge $44-Billion Refinery Will Probably Cost More

India Confirms Huge $44-Billion Refinery Will Probably Cost More

Sep 10, 2019 at 14:19 | Tsvetana Paraskova

The mega refinery complex that India plans with the national oil companies of Saudi Arabia and the United Arab Emirates (UAE) will cost more than the original US$44-billion estimate, Indian…

US May Slap Sanctions On Rosneft For Trading Venezuelan Oil

US May Slap Sanctions On Rosneft For Trading Venezuelan Oil

Sep 10, 2019 at 13:41 | Tsvetana Paraskova

The United States is not ruling out imposing sanctions on Russia’s oil giant Rosneft over its involvement in trading oil from Venezuela, Sputnik quoted the U.S. Special Representative for…

Japanese Minister: Radioactive Fukushima Water Could Be Dumped Into The Pacific

Japanese Minister: Radioactive Fukushima Water Could Be Dumped Into The Pacific

Sep 10, 2019 at 13:22 | Tsvetana Paraskova

Tokyo Electric Power (Tepco), the operator of the former Fukushima nuclear plant, is running out of storage to keep radioactive water from the 2011 disaster and may have to…

Mexican Minister Accused Of Unrealistic Oil Output Projections

Mexican Minister Accused Of Unrealistic Oil Output Projections

Sep 10, 2019 at 11:06 | Irina Slav

Mexico’s Finance Minister Arturo Herrera has had to defend the government’s budget proposal for next financial year after it came under fire for stipulating an unrealistic oil production growth rate.…

Venezuela Reels As Chinese Oil Giant Bends To U.S. Sanctions

Venezuela Reels As Chinese Oil Giant Bends To U.S. Sanctions

Sep 10, 2019 at 10:42 | Tsvetana Paraskova

China National Petroleum Corporation (CNPC), which was a key buyer of Venezuelan oil until recently, will not be purchasing oil from the South American country for a second month in…

A $1 Billion Oil Acquisition In The Gulf Of Mexico

A $1 Billion Oil Acquisition In The Gulf Of Mexico

Sep 10, 2019 at 09:14 | Irina Slav

Spain’s Repsol is in talks with Exxon to acquire some of the supermajor’s acreage in the Gulf of Mexico in a deal that could fetch up to $1 billion, Reuters…

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