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News

Scientists Want Oil Drilling Ban In British County After Series of Earthquakes

Scientists Want Oil Drilling Ban In British County After Series of Earthquakes

Aug 06, 2018 at 16:55 | Tsvetana Paraskova

Four senior geologists are calling for a moratorium on oil and gas drilling in Surrey in the UK, southeast of London, after 12 earthquakes were registered in the area over…

Trade War Scares Hedge Funds To Cut Oil Bets To Two-Year Low

Trade War Scares Hedge Funds To Cut Oil Bets To Two-Year Low

Aug 06, 2018 at 16:47 | Tsvetana Paraskova

The escalating U.S.-China trade war is deterring hedge funds and other money managers from opening new positions in the WTI and Brent benchmarks, with total bets dropping to their lowest…

China Threatens 25% Import Tariff On U.S. LNG

China Threatens 25% Import Tariff On U.S. LNG

Aug 06, 2018 at 15:39 | Tsvetana Paraskova

In the latest trade war tit-for-tat, China has included for the first time liquefied natural gas (LNG) in its list of goods up for a potential 25-percent import tariff,…

Russia Accused Of Illegally Selling Oil To North Korea

Russia Accused Of Illegally Selling Oil To North Korea

Aug 06, 2018 at 12:22 | Tsvetana Paraskova

While most of the sanction-bypassing oil trade with North Korea is thought to be originating from China, oil sales from Russia to Kim Jong-un’s regime may be much larger than…

Militants Attack Iraqi Power Line Eight Times In Two Months

Militants Attack Iraqi Power Line Eight Times In Two Months

Aug 06, 2018 at 10:50 | Irina Slav

A high-voltage power line in Iraq has been targeted by Islamist militants eight times over the past two months, the country’s electricity ministry said, adding the latest attack caused…

Tesla Plans To Launch Mini-Car

Tesla Plans To Launch Mini-Car

Aug 06, 2018 at 09:06 | Irina Slav

Tesla is working on a “mini-car that can squeeze in an adult,” a new tweet from chief executive Elon Musk told the world. The tweet, like another recent…

Canada’s Biggest Producer Cuts Drilling As Heavy Oil Price Tumbles

Canada’s Biggest Producer Cuts Drilling As Heavy Oil Price Tumbles

Aug 03, 2018 at 17:17 | Tsvetana Paraskova

Canada Natural Resources, the largest producer, is allocating capital to lighter oil drilling and is curtailing heavy oil production as the price of Canadian heavy oil tumbled to a nearly…

Enbridge Sees $5.4B In Pipeline Projects Coming Online This Year

Enbridge Sees $5.4B In Pipeline Projects Coming Online This Year

Aug 03, 2018 at 17:09 | Tsvetana Paraskova

Enbridge expects pipeline projects worth US$5.4 billion (C$7 billion) to come into service this year, easing constrained oil and natural gas takeaway capacity in the North American market, the Calgary-based…

Petrobras’ Net Profit Rises Thirty-Fold On Higher Oil Prices

Petrobras’ Net Profit Rises Thirty-Fold On Higher Oil Prices

Aug 03, 2018 at 14:16 | Tsvetana Paraskova

Brazil’s state-run oil firm Petrobras (NYSE:PBR) benefited from the rising oil prices and booked a thirty-fold yearly jump in its second-quarter net income, which also beat analyst expectations. Petrobras…

Chinese State Oil Major Suspends U.S. Oil Imports Amid Trade War

Chinese State Oil Major Suspends U.S. Oil Imports Amid Trade War

Aug 03, 2018 at 13:22 | Tsvetana Paraskova

Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec has suspended imports of crude oil from the United…

China Won’t Stop Buying Iranian Crude Oil Despite US Request

China Won’t Stop Buying Iranian Crude Oil Despite US Request

Aug 03, 2018 at 13:09 | Irina Slav

Beijing has declined a request by U.S. envoys to stop importing crude oil from Iran, Bloomberg reports, citing unnamed sources in the know. While this is a major setback…

Senators Propose New Russia Sanction Bill Targeting Oil

Senators Propose New Russia Sanction Bill Targeting Oil

Aug 03, 2018 at 11:57 | Irina Slav

A group of senators led by Lindsey Graham have introduced a new bill proposing further sanctions against Russia—the latest in what is turning into a string of Russia-sanction legislative efforts—this…

Tesla Short Sellers Take $1.7B Hit

Tesla Short Sellers Take $1.7B Hit

Aug 03, 2018 at 09:36 | Irina Slav

Tesla is the most shorted stock among U.S. companies, and CEO Elon Musk is notoriously caustic in his Twitter comments about “Shortville.” This week, after the release of Tesla’s…

Is This The End Of Ultra Cheap Gasoline In Venezuela?

Is This The End Of Ultra Cheap Gasoline In Venezuela?

Aug 02, 2018 at 16:55 | Tsvetana Paraskova

As the economic crisis continues to deepen, Venezuela’s President Nicolas Maduro is promising a new policy on gasoline (the world’s cheapest)— which is currently generously subsidized by the socialist…

India’s Oil Imports From Iran Jump To Record-High In July

India’s Oil Imports From Iran Jump To Record-High In July

Aug 02, 2018 at 16:48 | Tsvetana Paraskova

Ahead of the return of the U.S. sanctions on Iran, India’s state refiners boosted their Iranian oil purchases, pushing up Indian oil imports from Iran by 30 percent from June,…

Saudi Arabia Cuts Oil Pricing To Lure New Buyers

Saudi Arabia Cuts Oil Pricing To Lure New Buyers

Aug 02, 2018 at 16:44 | Tsvetana Paraskova

Saudi Arabia is cutting the September official selling prices (OSPs) for all its grades and to all markets except for to the United States, as it aims to entice…

South Korea To Import Record U.S. Oil Volumes In September, October

South Korea To Import Record U.S. Oil Volumes In September, October

Aug 02, 2018 at 15:52 | Tsvetana Paraskova

South Korea’s imports of U.S. crude oil are expected to hit all-time highs in September and October, as the world’s fifth-largest oil importer cuts off Iranian oil imports and looks…

Trump Administration Rolls Back Fuel Economy Standards For Cars

Trump Administration Rolls Back Fuel Economy Standards For Cars

Aug 02, 2018 at 15:25 | Tsvetana Paraskova

The Trump Administration unveiled on Thursday proposed rulemaking for rolling back Obama-era fuel economy standards for automakers, recommending the freezing of the mile-per-gallon standards for passenger cars and light…

BP Finally Unloads Crude Cargo For Chinese Teapot After Months In Port

BP Finally Unloads Crude Cargo For Chinese Teapot After Months In Port

Aug 02, 2018 at 12:40 | Irina Slav

A 2-million-barrel crude oil cargo for an independent Chinese refiner in Shandong has finally been fully unloaded after two months spent at the port of Qingdao, Reuters reports, adding…

Iran Prepares Military Exercise In Gulf: U.S. Officials

Iran Prepares Military Exercise In Gulf: U.S. Officials

Aug 02, 2018 at 10:15 | Irina Slav

There is increased Iranian military activity in the Strait of Hormuz, the U.S. Central Command confirmed to Reuters after several U.S. government officials said they believed Iran was preparing…

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