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News

Saudi Aramco Set To Boost Oil Capacity By 550,000 Bpd In Q4

Saudi Aramco Set To Boost Oil Capacity By 550,000 Bpd In Q4

Sep 28, 2018 at 08:46 | Tsvetana Paraskova

Saudi Arabia’s oil giant Saudi Aramco is expected to pick up an additional 550,000 bpd of oil production capacity from two giant oil fields in the fourth quarter, so it…

High U.S. Gasoline Prices Buck The Trend Even As Demand Falters

High U.S. Gasoline Prices Buck The Trend Even As Demand Falters

Sep 27, 2018 at 17:02 | Tsvetana Paraskova

Although gasoline demand has started to slow down the end of the summer driving season, U.S. gasoline prices are bucking the trend and sitting at their highest for this season…

Renewables Share In UK’s Power Generation Hits Record High 

Renewables Share In UK’s Power Generation Hits Record High 

Sep 27, 2018 at 16:39 | Tsvetana Paraskova

The share of renewables in the UK’s electricity generation hit a record high in second quarter of 2018, while the share of coal in the energy mix slumped to an…

General Strike In Nigeria Not Affecting Oil Production

General Strike In Nigeria Not Affecting Oil Production

Sep 27, 2018 at 16:24 | Tsvetana Paraskova

A nationwide workers’ strike that Nigeria’s main unions started on Thursday has not had an impact on the oil industry in the country, a spokesman for the Nigerian National Petroleum…

UK Approves BP’s Plan To Develop New North Sea Field

UK Approves BP’s Plan To Develop New North Sea Field

Sep 27, 2018 at 16:05 | Tsvetana Paraskova

BP has received the approval of the UK’s Oil and Gas Authority (OGA) to proceed with the development of the Vorlich field in the North Sea—a project that is expected…

China’s Nexen Prepares To Pull Out Of U.S. Gulf Of Mexico

China’s Nexen Prepares To Pull Out Of U.S. Gulf Of Mexico

Sep 27, 2018 at 09:52 | Irina Slav

Chinese energy company Nexen, a unit of CNOOC, is preparing to pull out of the United States amid rising trade tensions, Reuters reports, citing three unnamed sources with knowledge…

Mexico To Start Importing Light Crude Next Month

Mexico To Start Importing Light Crude Next Month

Sep 27, 2018 at 09:16 | Irina Slav

Mexico’s state-owned oil company Pemex plans to start importing up to 100,000 barrels of light crude daily, ending decades of oil self-sufficiency as declining domestic production meets rising energy demand.…

Total Bets On Deepwater Oil, Gas To Boost Production

Total Bets On Deepwater Oil, Gas To Boost Production

Sep 26, 2018 at 16:33 | Tsvetana Paraskova

Total will be looking to develop low-breakeven deepwater resources in the coming years, expecting to increase production by 6-7 percent every year through 2020, the French oil and gas company…

Libya Looks To Bring Majors Back To Its Oil Industry

Libya Looks To Bring Majors Back To Its Oil Industry

Sep 26, 2018 at 16:08 | Tsvetana Paraskova

Libya’s National Oil Corporation (NOC) is holding talks with international oil companies that could result in increased investment and production in Libya’s oil industry, if security across the country improves,…

Coal Consumption At U.S. Power Producers Drops To Lowest Since 1983

Coal Consumption At U.S. Power Producers Drops To Lowest Since 1983

Sep 26, 2018 at 16:00 | Tsvetana Paraskova

U.S. electricity producers consumed the lowest amount of coal in the first half of 2018 since 1983, as natural gas is increasingly replacing coal-fired generation, according to calculations by…

Saudi Arabia Just Made An Unconventional Move To Replace Iran’s Condensate Sales

Saudi Arabia Just Made An Unconventional Move To Replace Iran’s Condensate Sales

Sep 26, 2018 at 14:00 | Tsvetana Paraskova

Amid a growing number of buyers fleeing Iranian crude oil and condensate purchases ahead of the U.S. sanctions, Iran’s fellow OPEC member and regional arch foe Saudi Arabia is offering…

Bolton: U.S. Will Be “Aggressive and Unwavering” On Iran Oil Sanctions

Bolton: U.S. Will Be “Aggressive and Unwavering” On Iran Oil Sanctions

Sep 26, 2018 at 13:24 | Tsvetana Paraskova

The United States will be “aggressive and unwavering” in enforcing the sanctions on Iran and won’t let those sanctions be evaded by the European Union or anyone else, U.S. national…

Nigerian Official: OPEC Has Limited Spare Capacity To Balance Oil Market

Nigerian Official: OPEC Has Limited Spare Capacity To Balance Oil Market

Sep 26, 2018 at 10:35 | Tsvetana Paraskova

OPEC will be looking to balance the oil market after crude oil prices hit their highest in four years, but the cartel’s options to manage the market could be limited…

Tesla Inches Closer To Completely Autonomous Driving

Tesla Inches Closer To Completely Autonomous Driving

Sep 26, 2018 at 09:26 | Irina Slav

Tesla will release its biggest software update in two years by the end of the week, chief executive Elon Musk, true to himself, said in a tweet in response…

Oil Pares Gains As API Reports Surprise Crude Build

Oil Pares Gains As API Reports Surprise Crude Build

Sep 25, 2018 at 15:44 | Julianne Geiger

The American Petroleum Institute (API) reported a build of 2.903 million barrels of United States crude oil inventories for the week ending September 21, compared to analyst expectations that this…

Pertamina Needs $100B To Increase Indonesia’s Oil Production

Pertamina Needs $100B To Increase Indonesia’s Oil Production

Sep 25, 2018 at 13:32 | Tsvetana Paraskova

Indonesia’s state-owned energy company Pertamina needs US$100 billion to boost oil production and meet the country’s oil demand, with 70 percent of this spending expected to come from external…

Fuel Supplies Tight As Oil Truck Drivers Go On Strike In Iran

Fuel Supplies Tight As Oil Truck Drivers Go On Strike In Iran

Sep 25, 2018 at 13:17 | Tsvetana Paraskova

Oil truck drivers in Iran have started a new strike demanding improved working conditions, and the industrial action has resulted in large lines forming at gasoline stations in Iran, The…

India’s Crude Oil Demand To Rise To 10 Million Bpd In 2040

India’s Crude Oil Demand To Rise To 10 Million Bpd In 2040

Sep 25, 2018 at 13:11 | Tsvetana Paraskova

India’s crude oil demand is expected to rise to 500 million tons annually, or around 10 million bpd, by 2040, from around 4.7 million bpd in 2017, Partha Ghosh,…

Keystone XL Construction Could Start Next Year

Keystone XL Construction Could Start Next Year

Sep 25, 2018 at 11:44 | Irina Slav

TransCanada could begin work on the construction of the now notorious Keystone XL oil pipeline as soon as next year after an environmental impact review from the U.S. State Department…

EU Sets Up Vehicle For Iran Oil Trade To Avoid Sanctions

EU Sets Up Vehicle For Iran Oil Trade To Avoid Sanctions

Sep 25, 2018 at 10:52 | Irina Slav

The European Union said it has set up a special-purpose vehicle that will handle transactions involving Iranian oil and European goods, AFP reports, citing a statement made by the…

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