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News

China Looks To Launch Low-Sulfur Fuel Oil Futures Contract

China Looks To Launch Low-Sulfur Fuel Oil Futures Contract

Jul 04, 2019 at 11:07 | Tsvetana Paraskova

China plans to launch a low-sulfur bunker fuel oil futures contract in a bid to raise its pricing power in the world’s maritime fuel oil market. The Shanghai Futures Exchange…

British Columbia Issues Critical Permit For Second LNG Project

British Columbia Issues Critical Permit For Second LNG Project

Jul 04, 2019 at 09:37 | Irina Slav

The British Columbia Oil and Gas Commission has granted a permit for the Woodfibre LNG project, after it also received a license to export 2.1 million tons of LNG from…

Cuba Feels Heat Of U.S. Sanctions On Venezuela

Cuba Feels Heat Of U.S. Sanctions On Venezuela

Jul 03, 2019 at 16:35 | Julianne Geiger

Cuban oil firm Cubametales has found itself on the receiving end of further US sanctions as the United States attempts to more completely restrict Venezuela oil exports in an effort…

Kazakhstan Looks To Boost Crude Oil Exports To China

Kazakhstan Looks To Boost Crude Oil Exports To China

Jul 03, 2019 at 15:49 | Tsvetana Paraskova

Kazakhstan aims to significantly increase its crude oil exports to China by redirecting some oil flows from Europe to the world’s top oil importer, Kazakhstan’s Deputy Energy Minister Aset Magauov…

Guyana Set To Increase Government Royalties In New Oil Licenses

Guyana Set To Increase Government Royalties In New Oil Licenses

Jul 03, 2019 at 15:27 | Tsvetana Paraskova

Now that Guyana is the new offshore oil hotspot, the South American country is getting ready to lift the government royalties for new oil contracts, after earlier deals had offered…

Pemex Pursues Deepwater Oil Despite Pledges To Play It Safe

Pemex Pursues Deepwater Oil Despite Pledges To Play It Safe

Jul 03, 2019 at 13:00 | Tsvetana Paraskova

Mexico’s state oil firm Pemex plans to pursue an ultra-deepwater project in the Gulf of Mexico despite limited resources and despite recent pledges to avoid riskier endeavors in which it…

China Raises Crude Import Quotas Amid Falling Refining Margins

China Raises Crude Import Quotas Amid Falling Refining Margins

Jul 03, 2019 at 11:26 | JLC

China’s Ministry of Commerce (MOFCOM) has issued this year’s second-batch quotas for non-state crude imports, permitting 56.85 million mt of import, according to a notice from the MOFCOM. The quotas surged…

Alberta Offers Gas Producers One-Time Tax Relief

Alberta Offers Gas Producers One-Time Tax Relief

Jul 03, 2019 at 11:11 | Irina Slav

The Conservative Alberta government will provide natural gas producers in the province with a one-off 35-percent tax cut on shallow gas well and pipeline operators for the current fiscal year,…

Occidental Asks Shareholders To Vote Against Icahn’s Activist Proposal

Occidental Asks Shareholders To Vote Against Icahn’s Activist Proposal

Jul 03, 2019 at 09:09 | Irina Slav

Occidental Petroleum has called on its shareholders to vote against activist investor Carl Icahn’s push to replace four members of the board of directors in a bid to prevent future…

Oil Continues Freefall Despite Large Crude Oil Inventory Draw

Oil Continues Freefall Despite Large Crude Oil Inventory Draw

Jul 02, 2019 at 16:04 | Julianne Geiger

The American Petroleum Institute (API) reported another large crude oil inventory draw of 5 million barrels for the week ending June 27, a more ambitious draw than analysts had predicted,…

Renewables Activists Outraged By North-American LNG Boom

Renewables Activists Outraged By North-American LNG Boom

Jul 02, 2019 at 12:49 | Tsvetana Paraskova

The booming liquefied natural gas (LNG) infrastructure around the world—with the U.S. and Canada accounting for 74 percent of proposed LNG export terminal capacity—poses “a direct challenge to Paris climate…

Venezuela Oil Exports Rebound In June As China Takes Most Crude

Venezuela Oil Exports Rebound In June As China Takes Most Crude

Jul 02, 2019 at 11:56 | Tsvetana Paraskova

Venezuela exported 1.1 million bpd of crude oil and refined oil products in June, up by 26 percent from May, thanks to higher shipments under oil-for-loan deals with China, Reuters…

Debt-Laden Weatherford Files For Bankruptcy Protection

Debt-Laden Weatherford Files For Bankruptcy Protection

Jul 02, 2019 at 11:48 | Tsvetana Paraskova

The world’s fourth-largest oilfield services provider, Weatherford International, said that it had started a financial restructuring by filing for Chapter 11 bankruptcy protection in the U.S. in a bid…

China Grants More Crude Oil Import Quotas To Refiners

China Grants More Crude Oil Import Quotas To Refiners

Jul 02, 2019 at 11:43 | Tsvetana Paraskova

China is allowing additional crude oil import quotas to predominantly private oil refiners in the world’s top oil importer, Reuters reported on Tuesday, citing a document it has seen.…

Saudis May Cut Oil Prices For Asian Markets

Saudis May Cut Oil Prices For Asian Markets

Jul 02, 2019 at 11:11 | Irina Slav

Saudi Arabia may reduce its official selling price for oil for Asian buyers in August, unnamed sources told Reuters, adding the move was prompted by a decline in Middle…

Oxy Jet Trip To Shell Home Sparks New Anadarko Speculation

Oxy Jet Trip To Shell Home Sparks New Anadarko Speculation

Jul 02, 2019 at 09:39 | Irina Slav

A report that Occidental Petroleum’s corporate jet traveled to the Hague, one of Shell’s two home towns, has sparked a fresh flare-up of speculation regarding its proposed acquisition of Anadarko,…

Keystone XL Finds Unlikely Supporter In Democrat Presidential Hopeful

Keystone XL Finds Unlikely Supporter In Democrat Presidential Hopeful

Jul 01, 2019 at 18:07 | Julianne Geiger

The Governor of Montana, Steve Bullock, has broken away from the Democrat’s strong pro-climate change stance and threw his support behind the controversial Keystone XL pipeline, according…

Massive Oil Worker Brawl in Kazakhstan Leaves 30 Wounded, 150 Stranded

Massive Oil Worker Brawl in Kazakhstan Leaves 30 Wounded, 150 Stranded

Jul 01, 2019 at 18:03 | Julianne Geiger

Work at an oil construction site managed by the giant Chevron-Exxon JV for the Tengiz oilfield has been suspended amid a massive brawl over a woman that’s left some…

Russia Says It Is Overcomplying With OPEC Production Quota

Russia Says It Is Overcomplying With OPEC Production Quota

Jul 01, 2019 at 17:58 | Tsvetana Paraskova

Russia’s oil production in June was 50,000 bpd below the level Moscow had pledged under the OPEC and non-OPEC production cut agreement, Russian Energy Minister Alexander Novak said on Monday,…

France Searches Energy Firms Eni, Engie In Anti-Competition Probe

France Searches Energy Firms Eni, Engie In Anti-Competition Probe

Jul 01, 2019 at 14:08 | Tsvetana Paraskova

French consumer fraud watchdog DGCCRF has searched the offices of energy companies, including those of giants Eni and Engie, as part of an anti-competition probe into France’s retail electricity and…

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