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News

Taiwan Firm Stops Importing Iranian Oil Despite Waiver

Taiwan Firm Stops Importing Iranian Oil Despite Waiver

Nov 29, 2018 at 13:49 | Tsvetana Paraskova

Due to lack of a payment mechanism, Taiwanese firm Formosa Petrochemical will not be buying Iranian oil despite a U.S. waiver to do so, and will replace part of its…

U.S. Official: Iran’s Oil Exports Set Plummet Further

U.S. Official: Iran’s Oil Exports Set Plummet Further

Nov 29, 2018 at 13:39 | Tsvetana Paraskova

Iranian oil exports are set to drop off very soon, Special Representative for Iran Brian Hook said at a press briefing on Thursday. The ‘maximum pressure’ campaign of the…

Is China Spying On Tesla?

Is China Spying On Tesla?

Nov 29, 2018 at 13:36 | Tsvetana Paraskova

Tesla and other electric vehicle (EV) companies in China send as many as 61 real-time data points, typically without the drivers’ knowledge, to monitoring centers backed by the Chinese government,…

U.S. Oil, Gas Reserves Hit Record Highs

U.S. Oil, Gas Reserves Hit Record Highs

Nov 29, 2018 at 13:23 | Tsvetana Paraskova

Higher prices and continued shale resource development helped push U.S. crude oil and natural gas proved reserves to new record highs in 2017, the Energy Information Administration (EIA) said in…

Russia: Production Cuts Are Needed To Stabilize Oil Markets

Russia: Production Cuts Are Needed To Stabilize Oil Markets

Nov 29, 2018 at 11:04 | Tsvetana Paraskova

Russia has started to concede that it needs to join a fresh Saudi-led oil production cut, but is still bargaining with its key partner in OPEC over how much, how…

Volkswagen Plans EV Factory In U.S.

Volkswagen Plans EV Factory In U.S.

Nov 29, 2018 at 10:28 | Irina Slav

Volkswagen plans to build a factory for affordable electric vehicles in the United States, the company’s new head of North American operations, Scott Keogh told media at an industry event,…

Judge Lets TransCanada Do Preliminary Work On Keystone XL

Judge Lets TransCanada Do Preliminary Work On Keystone XL

Nov 29, 2018 at 09:36 | Irina Slav

Montana District Judge Brian Morris, who earlier this month ordered the suspension of work on the controversial Keystone XL crude oil pipeline, has now allowed TransCanada to conduct preliminary activities…

Alberta Forced To Buy Oil Trains

Alberta Forced To Buy Oil Trains

Nov 29, 2018 at 09:21 | Irina Slav

The Government of Alberta has been forced into buying more oil trains to move crude from the province, the Calgary Sun reports, quoting Premier Rachel Notley as describing the…

Exxon To Power Oil Production With Renewable Energy

Exxon To Power Oil Production With Renewable Energy

Nov 29, 2018 at 09:18 | Irina Slav

Exxon has inked a 12-year deal with Danish renewable energy company Orsted to buy 500 MW of electricity produced by solar and wind farms to power its oil production in…

Putin: Russia Is Fine With $60 Oil

Putin: Russia Is Fine With $60 Oil

Nov 28, 2018 at 17:54 | Tsvetana Paraskova

Russia is comfortable with the current level of oil prices at around $60 a barrel, Russian President Vladimir Putin said at an investment forum on Wednesday, also thanking Saudi…

Iran Suspends Gas Exports To Iraq After Earthquake

Iran Suspends Gas Exports To Iraq After Earthquake

Nov 28, 2018 at 17:51 | Tsvetana Paraskova

Iran halted late on Tuesday gas exports to neighboring Iraq for several days, in order to repair pipeline damages caused by an earthquake near the Iraqi border on Sunday night,…

China To Sign Nuclear Deal With Argentina

China To Sign Nuclear Deal With Argentina

Nov 28, 2018 at 17:47 | Tsvetana Paraskova

Argentina hopes to sign this weekend a deal with China to build its fourth nuclear power plant, Juan Pablo Tripodi, head of Argentina’s investment agency, told Reuters—a move that…

Chinese Executive: Tesla’s 70% China Sales Plunge ‘Misleading’

Chinese Executive: Tesla’s 70% China Sales Plunge ‘Misleading’

Nov 28, 2018 at 17:26 | Tsvetana Paraskova

Reports that Tesla’s vehicle sales in China plunged by 70 percent last month is “misleading information” because of the opaque and not always accurate sales numbers coming out of China,…

Iraq Looks To Squeeze Out Resellers Of Its Crude

Iraq Looks To Squeeze Out Resellers Of Its Crude

Nov 28, 2018 at 15:58 | Tsvetana Paraskova

Iraq is increasingly edging out resellers of its Basra crude grades on the spot market as its state oil marketing company SOMO aims to have greater share…

Pemex Doubles Reserve Estimate At One Of World’s Largest Finds

Pemex Doubles Reserve Estimate At One Of World’s Largest Finds

Nov 28, 2018 at 12:16 | Irina Slav

Mexico’s Pemex has reevaluated the reserves contained at its Ixachi discovery and now estimates its 2P (proven and probable) reserves at 750 million barrels of oil equivalent, S&P Global Platts…

China, Iran Solve Oil Payments Problem

China, Iran Solve Oil Payments Problem

Nov 28, 2018 at 12:02 | Irina Slav

Iran and China have found a way for China to continue buying Iranian crude and pay for it without risking a U.S. sanction breach, an Iranian official said, as

UK Plans First Carbon Capture Project For Mid-2020s

UK Plans First Carbon Capture Project For Mid-2020s

Nov 28, 2018 at 11:00 | Irina Slav

The UK plans to launch its first carbon capture, utilization and storage project by the middle of next decade after the initial CCUS momentum died out earlier in the current…

German Industry Doesn’t Need Additional Oil Reserve Release To Ease Tight Supply

German Industry Doesn’t Need Additional Oil Reserve Release To Ease Tight Supply

Nov 28, 2018 at 09:13 | Tsvetana Paraskova

Germany’s oil industry body doesn’t plan at the moment to ask for more releases from the national reserves to ease tight oil product supply caused by logistical hurdles due to…

Oil Prices Steady After API Reports Crude Build, Gasoline Draw

Oil Prices Steady After API Reports Crude Build, Gasoline Draw

Nov 27, 2018 at 15:44 | Julianne Geiger

The American Petroleum Institute (API) reported a crude oil inventory build of 3.453 million barrels for the week ending November 23, compared to analyst expectations that we would see a…

Saudis Say Nuclear Energy Will Speed Up Economic Development

Saudis Say Nuclear Energy Will Speed Up Economic Development

Nov 27, 2018 at 15:21 | Tsvetana Paraskova

Saudi Arabia’s plans to build a nuclear power plant will speed up the Kingdom’s economic development as it would diversify its over-reliance on crude oil, a Saudi energy expert told…

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