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News

UK’s Oil Tanker May Soon Be Released

UK’s Oil Tanker May Soon Be Released

Aug 22, 2019 at 17:28 | Julianne Geiger

Another chapter in the drama on the seas may soon be over. Swedish public service broadcaster SVT says that sources within the Swedish foreign ministry has given it strong indications…

South Sudan Finds First Oil Since Its Independence

South Sudan Finds First Oil Since Its Independence

Aug 22, 2019 at 17:17 | Julianne Geiger

South Sudan’s oil minister reported on Thursday that the country has made its first oil discovery since declaring its independence eight years ago, according to Reuters. The latest oil…

Bernie Sanders Takes Aim at Fossil Fuel Industry in $16T Plan

Bernie Sanders Takes Aim at Fossil Fuel Industry in $16T Plan

Aug 22, 2019 at 17:04 | Tsvetana Paraskova

Hours after the most prominent climate activist among Democratic presidential hopefuls, Jay Inslee, quit the Democratic primary race, Bernie Sanders unveiled a US$16.3-trillion plan to tackle climate change and…

Volkswagen Denies It’s Interested In Buying Stake In Tesla

Volkswagen Denies It’s Interested In Buying Stake In Tesla

Aug 22, 2019 at 15:07 | Tsvetana Paraskova

One of the world’s largest carmakers, Germany’s Volkswagen AG, denied on Thursday a report that its chief executive officer was interested in buying a stake in Tesla in order…

Cuadrilla Halts UK Fracking Again After Biggest Tremor Yet

Cuadrilla Halts UK Fracking Again After Biggest Tremor Yet

Aug 22, 2019 at 11:59 | Tsvetana Paraskova

Just a week after resuming fracking at its UK site, Cuadrilla paused operations—yet again—after a tremor estimated to be the biggest yet since the UK shale gas company began…

Greenpeace’s Top Presidential Pick Calls it Quits

Greenpeace’s Top Presidential Pick Calls it Quits

Aug 22, 2019 at 11:44 | Tsvetana Paraskova

Washington Governor Jay Inslee, who ran his campaign on fighting climate change, is withdrawing from the Democratic presidential primary race. “It’s become clear that I’m not going to be…

Shell Takes Step Toward Becoming World’s Largest Power Utility

Shell Takes Step Toward Becoming World’s Largest Power Utility

Aug 22, 2019 at 10:08 | Irina Slav

Shell has staked a claim in the Australian power sector by making a US$419-million (A$617 million) takeover offer for the country’s second-largest energy retailer to businesses, ERM Power. “This acquisition…

Singapore Slams Tesla For Offering Lifestyle, Not Solution To Climate Change

Singapore Slams Tesla For Offering Lifestyle, Not Solution To Climate Change

Aug 22, 2019 at 09:27 | Irina Slav

A Singapore government official has criticized Tesla and its chief executive Elon Musk for offering a lifestyle choice rather than a solution to the challenges climate change presents, Bloomberg reports.…

US To Sell 10 Million Barrels Of Crude Oil From SPR Next Week

US To Sell 10 Million Barrels Of Crude Oil From SPR Next Week

Aug 21, 2019 at 17:24 | Julianne Geiger

The US will sell another 10 million barrels of sour crude oil, the Department of Energy said on Wednesday in a Notice of Sale, according to S&P Global Platts.…

World’s Biggest Oil Hedge May Not Happen After All

World’s Biggest Oil Hedge May Not Happen After All

Aug 21, 2019 at 17:11 | Julianne Geiger

Despite its track record for turning a sizable profit from its super-secret oil hedge, Mexico may not go through with its massive hedge this year, according to Mexico’s Deputy Finance…

Shale Towns In Texas Boom As Oil Supermajors Settle In The Permian

Shale Towns In Texas Boom As Oil Supermajors Settle In The Permian

Aug 21, 2019 at 16:39 | Tsvetana Paraskova

The towns in the heart of the Permian in West Texas—once notoriously known as boom or ghost towns depending on the price of oil and drilling activity—have…

Rosneft Says PDVSA Cut Debt To Russian Oil Firm To $1.1B

Rosneft Says PDVSA Cut Debt To Russian Oil Firm To $1.1B

Aug 21, 2019 at 15:47 | Tsvetana Paraskova

Venezuela’s state-held oil firm PDVSA cut its debt to Russia’s largest oil producer Rosneft to US$1.1 billion at the end of the second quarter from US$1.8 billion at the end…

Australia Joins US In Protecting Oil Tankers In Strait Of Hormuz

Australia Joins US In Protecting Oil Tankers In Strait Of Hormuz

Aug 21, 2019 at 15:04 | Tsvetana Paraskova

Australia said on Wednesday it would support the U.S.-led international security mission to ensure freedom of navigation and safe passage through the Persian Gulf and its vital chokepoint the…

Rosneft To Sell Oil Products In Euros To Avoid Possible New U.S. Sanctions

Rosneft To Sell Oil Products In Euros To Avoid Possible New U.S. Sanctions

Aug 21, 2019 at 14:30 | Tsvetana Paraskova

The largest Russian oil producer and one of the world’s biggest, Rosneft, told customers earlier this month that oil product sales in tender contracts will be priced in euros instead…

Pompeo: US Sanctions Took 2.7 Million Bpd Of Iranian Oil Off The Market

Pompeo: US Sanctions Took 2.7 Million Bpd Of Iranian Oil Off The Market

Aug 21, 2019 at 11:33 | Julianne Geiger

At a time when oil markets are particularly sensitive to anything that might signal weak demand for oil now or in the future, US sanctions on Iran has effectively taken…

Why Rosneft Abandoned The Eastern Petrochemical Company Project

Why Rosneft Abandoned The Eastern Petrochemical Company Project

Aug 21, 2019 at 09:18 | Kirill Rodionov

Last spring, Rosneft excluded the Eastern Petrochemical Company (VNKhK) project from its investment program. In a press release, Rosneft linked this decision with changes to the Russian Tax Code,…

Pompeo Threatens Sanctions for Anyone Who Touches Iranian Tanker

Pompeo Threatens Sanctions for Anyone Who Touches Iranian Tanker

Aug 21, 2019 at 09:09 | Irina Slav

U.S. Secretary of State Mike Pompeo has warned the U.S. would impose sanctions on anyone who gets involved in any way with the former Grace 1, now Adrian Darya 1…

Surprise Crude Draw Fails To Send Oil Higher

Surprise Crude Draw Fails To Send Oil Higher

Aug 20, 2019 at 15:51 | Julianne Geiger

The American Petroleum Institute (API) has reported a crude oil inventory draw of 3.45 million barrels for the week ending Aug 15, compared to analyst expectations of a 1.889-million…

U.S. Oil Could Begin Competing With Middle East Crudes In Asia

U.S. Oil Could Begin Competing With Middle East Crudes In Asia

Aug 20, 2019 at 13:44 | Tsvetana Paraskova

Royal Dutch Shell offered on the Asian market on Monday a West Texas Intermediate (WTI) Midland cargo priced off the Dubai benchmark typically used for the…

Haftar Boosts Military Security At Libya’s Largest Oil Field

Haftar Boosts Military Security At Libya’s Largest Oil Field

Aug 20, 2019 at 12:38 | Tsvetana Paraskova

Libya’s eastern strongman General Khalifa Haftar is boosting his military presence around the country’s largest oil field, Sharara in southern Libya, fearing that an attack on the oil field…

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