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Breaking News:

Oil Prices Gain 2% on Tightening Supply

Pump Prices Set to Hit $4 a Gallon

Pump Prices Set to Hit $4 a Gallon

U.S. oil prices surpass $80…

Gold Recycling Goes Green with Biodiesel Innovation

Gold Recycling Goes Green with Biodiesel Innovation

Chalmers University researchers introduce an…

News

Struggling Sudan Aims To Revive Oil Industry

Struggling Sudan Aims To Revive Oil Industry

Nov 07, 2018 at 15:21 | Tsvetana Paraskova

Sudan, a relatively small African oil producer plagued by economic hardships since South Sudan seceded in 2011, wants to attract oil investments and will launch an exploration bid round next…

France Takes The Lead In Protecting Iran Oil Trade From U.S. Sanctions

France Takes The Lead In Protecting Iran Oil Trade From U.S. Sanctions

Nov 07, 2018 at 15:08 | Tsvetana Paraskova

France aims to lead the European Union (EU) efforts in defying U.S. sanctions on Iran, by supporting the creation of a payment mechanism to keep trade with Iran and making…

Salesforce CEO Asks Musk To Dig Tunnel Under San Francisco

Salesforce CEO Asks Musk To Dig Tunnel Under San Francisco

Nov 07, 2018 at 12:36 | Irina Slav

Salesforce’s chief executive, Marc Benioff asked in a tweet Elon Musk to dig a tunnel under San Francisco, days after the Tesla CEO, who is also head of The…

IEA: Venezuela’s Oil Production Is In Free Fall

IEA: Venezuela’s Oil Production Is In Free Fall

Nov 07, 2018 at 12:16 | Tsvetana Paraskova

While analysts were busy calculating how much Iranian oil will come off the market with the U.S. sanctions and whether Saudi Arabia and Russia are offsetting losses, crude oil production…

Plains All American Expands Permian Pipeline Network

Plains All American Expands Permian Pipeline Network

Nov 07, 2018 at 11:27 | Irina Slav

Pipeline operator Plains All American said it had expanded the capacity of its network in Texas, launching its Sunrise pipeline from the Permian to Cushing, Oklahoma, which boosted overall daily…

Imperial Oil Launches First Oil Sands Project In Canada Since 2013

Imperial Oil Launches First Oil Sands Project In Canada Since 2013

Nov 07, 2018 at 08:55 | Irina Slav

Canada’s Imperial Oil is preparing to launch the first new oil sands development in five years in Alberta, the company, which is a subsidiary of Exxon, said in a

Oil Prices Slide After API Reports Large Crude Build

Oil Prices Slide After API Reports Large Crude Build

Nov 06, 2018 at 15:47 | Julianne Geiger

The American Petroleum Institute (API) reported a crude oil inventory build this week, this time of 7.83 million barrels for the week ending November 2. The build was the fifth…

Iran Wants OPEC Oil Production Monitoring Committees Scrapped

Iran Wants OPEC Oil Production Monitoring Committees Scrapped

Nov 06, 2018 at 14:29 | Tsvetana Paraskova

Iran is calling on OPEC to have its two committees set up to monitor compliance with the OPEC+ deal and review the state of the oil market stop working immediately,…

World’s Most Indebted Oil Company Reports 20-Fold Increase in Profit

World’s Most Indebted Oil Company Reports 20-Fold Increase in Profit

Nov 06, 2018 at 14:07 | Tsvetana Paraskova

Brazilian state-run oil firm Petrobras (NYSE:PBR) reported on Tuesday a net income for Q3 surging more than 20 times compared to the profit for the same quarter last year…

Qatar’s Fund Pays $4.2B To Become Rosneft’s Third-Largest Shareholder

Qatar’s Fund Pays $4.2B To Become Rosneft’s Third-Largest Shareholder

Nov 06, 2018 at 13:59 | Tsvetana Paraskova

Qatar Investment Authority will pay some US$4.2 billion (3.7 billion euro) for a 14.16-percent stake in Russia’s biggest oil producer Rosneft, thus becoming the third-largest single shareholder after the…

UN Extends Sanctions Mandate Over Illegal Oil Sales From Libya

UN Extends Sanctions Mandate Over Illegal Oil Sales From Libya

Nov 06, 2018 at 12:15 | Tsvetana Paraskova

The United Nations Security Council voted to extend until February 15, 2020 the mandate of the Panel of Experts who oversee the sanctions targeting the illicit export of crude…

South Korea To Restart Iran Oil Imports At 4M Barrels Per Month

South Korea To Restart Iran Oil Imports At 4M Barrels Per Month

Nov 06, 2018 at 10:14 | Irina Slav

South Korea will resume Iranian crude oil imports at a rate of about 4 million barrels a month, S&P Global Platts reports, citing three unnamed South Korean sources. At…

Japan Prepares To Restart Iran Oil Imports

Japan Prepares To Restart Iran Oil Imports

Nov 06, 2018 at 09:43 | Irina Slav

After suspending all shipments of Iranian crude to Japanese refineries ahead of the November 5 launch of U.S. sanctions against Tehran, Japanese refiners are now preparing to resume Iranian oil…

U.S. Gas Prices Drop To Six-Month Low

U.S. Gas Prices Drop To Six-Month Low

Nov 05, 2018 at 13:17 | Tsvetana Paraskova

U.S. gasoline prices dropped last week from the previous week by the most this year to their lowest level since April, according to GasBuddy, which monitors U.S. gas prices.…

Kurdistan Upgrades Oil Pipeline Export Capacity To 1 Million Bpd

Kurdistan Upgrades Oil Pipeline Export Capacity To 1 Million Bpd

Nov 05, 2018 at 13:12 | Tsvetana Paraskova

Iraq’s semi-autonomous region of Kurdistan has recently upgraded its oil export pipeline, boosting its capacity to 1 million bpd from 700,000 bpd, to accommodate future production growth from the region,…

China Vows To Continue Iran Trade Despite U.S. Oil Sanctions

China Vows To Continue Iran Trade Despite U.S. Oil Sanctions

Nov 05, 2018 at 13:08 | Tsvetana Paraskova

China will continue its trade with Iran and opposes the U.S. sanctions on the Islamic Republic as unilateral and “long-arm jurisdiction,” a spokeswoman for the Chinese foreign ministry said…

Iran-Held UK Gas Field Continues Work After Meeting U.S. Sanctions Conditions

Iran-Held UK Gas Field Continues Work After Meeting U.S. Sanctions Conditions

Nov 05, 2018 at 12:55 | Tsvetana Paraskova

The Rhum gas field in the UK North Sea—in which a unit of the National Iranian Oil Company holds 50 percent—will continue operations after meeting the final condition under the…

Erdogan Won’t Allow Gas Drilling In Turkish, Northern Cyprus Waters

Erdogan Won’t Allow Gas Drilling In Turkish, Northern Cyprus Waters

Nov 05, 2018 at 12:50 | Tsvetana Paraskova

Turkey will not allow other countries to drill for gas in Turkish or northern Cyprus waters in the eastern Mediterranean, Turkey’s President Recep Tayyip Erdogan warned on Sunday, as…

Nigeria's NNPC Could Ink Oil Swap Deals With Two More Supermajors

Nigeria's NNPC Could Ink Oil Swap Deals With Two More Supermajors

Nov 05, 2018 at 12:29 | Irina Slav

Nigeria’s state oil company is mulling over the signing of two more oil swap deals, with Exxon and Shell, after last week it sealed an oil-for-products deal with BP, Reuters…

China And India Get Waivers From U.S. Sanctions On Iran’s Oil

China And India Get Waivers From U.S. Sanctions On Iran’s Oil

Nov 05, 2018 at 11:00 | Tsvetana Paraskova

The United States has decided to issue temporary allotments to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey to continue importing Iranian oil, due to the specific countries’…

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