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News

Northeast Heat Wave Causes U.S. Electricity Use To Soar

Northeast Heat Wave Causes U.S. Electricity Use To Soar

Jul 05, 2018 at 15:17 | Tsvetana Paraskova

Power use on the U.S. East Coast has been at its highest levels in years in recent days as a heat wave has been sweeping across the Northeast, including…

Russia: Trump And Putin May Discuss Oil Market At July 16 Summit

Russia: Trump And Putin May Discuss Oil Market At July 16 Summit

Jul 05, 2018 at 12:29 | Tsvetana Paraskova

U.S. President Donald Trump and Russian President Vladimir Putin may discuss the state of the oil market at their summit on July 16, although there will be more important topics…

Tesla Reportedly Skipped Brake Test To Hit Model 3 Target

Tesla Reportedly Skipped Brake Test To Hit Model 3 Target

Jul 05, 2018 at 09:59 | Tsvetana Paraskova

Elon Musk has reportedly ordered employees to skip a standard but critical brake test in the final stages of Model 3 production during the last week in June in which…

U.S. Vow To Protect Persian Gulf Oil Routes From Iran

U.S. Vow To Protect Persian Gulf Oil Routes From Iran

Jul 04, 2018 at 15:20 | Tsvetana Paraskova

The U.S. military reaffirmed on Wednesday its promise to help keep oil tanker waterways in the Persian Gulf open, after Iran hinted that it might try to block the…

Oil Tycoon Batista Gets 30 Years In Jail

Oil Tycoon Batista Gets 30 Years In Jail

Jul 04, 2018 at 14:58 | Irina Slav

One of Brazil richest men, Eike Batista, has received a 30-year prison sentence for bribes given to the former governor of Rio de Janeiro, Sergio Cabral, Reuters reports, citing…

Kinder Morgan To Resume Trans Mountain Work After Delay

Kinder Morgan To Resume Trans Mountain Work After Delay

Jul 04, 2018 at 11:33 | Irina Slav

Kinder Morgan will restart work on the Trans Mountain pipeline expansion project next month, the company said in a filing. CTV reports that the company had filed a six-month…

Nigeria Rated Poorest Country Despite Oil Earnings

Nigeria Rated Poorest Country Despite Oil Earnings

Jul 04, 2018 at 10:19 | Irina Slav

Nigeria was recently rated the poorest country in the world, ahead of India, and that’s despite several hundred billion dollars in oil earnings over the last decade, a transparency group…

Oil Prices Head Higher On Huge Crude Draw

Oil Prices Head Higher On Huge Crude Draw

Jul 03, 2018 at 17:09 | Julianne Geiger

As oil prices continue to fall, the American Petroleum Institute (API) reported another major draw of 4.5 million barrels of United States crude oil inventories for the week ending June…

U.S. Subpoenas Oil Trader Glencore In Corruption Probe

U.S. Subpoenas Oil Trader Glencore In Corruption Probe

Jul 03, 2018 at 16:28 | Tsvetana Paraskova

One of the world’s biggest oil and commodity traders Glencore has been ordered by the U.S. Department of Justice to produce documents and records about compliance with U.S. legislation against…

U.S. Oil Executive Pay Increasingly Tied To Investor Returns

U.S. Oil Executive Pay Increasingly Tied To Investor Returns

Jul 03, 2018 at 12:10 | Tsvetana Paraskova

As oil stocks have lagged behind the oil price rally, a growing number of U.S. oil companies are now tying the salaries and short-term bonuses of their top executives to…

Libya’s NOC Calls For Sanctions Over Port Seizure As Production Halts

Libya’s NOC Calls For Sanctions Over Port Seizure As Production Halts

Jul 03, 2018 at 11:30 | Tsvetana Paraskova

Libya’s Tripoli-based National Oil Corporation (NOC) is calling for sanctions against 46 individuals and entities seeking to run four oil ports that are now closed after the latest unrest…

UAE’s ADNOC Can Lift Oil Production By ‘Several Hundred Thousand’ Bpd

UAE’s ADNOC Can Lift Oil Production By ‘Several Hundred Thousand’ Bpd

Jul 03, 2018 at 11:24 | Tsvetana Paraskova

The Abu Dhabi National Oil Company (ADNOC) has the ability to raise its oil production by “several hundred thousand” barrels per day, the state-run oil firm of the United…

Russia, Saudi Reiterate Oil Output Increase Commitment

Russia, Saudi Reiterate Oil Output Increase Commitment

Jul 03, 2018 at 09:57 | Irina Slav

Russia and Saudi Arabia have reaffirmed their commitment—and that of the OPEC+ group—to increase crude oil production by 1 million bpd, Bloomberg reports, citing a joint announcement by Energy Ministers…

Rhode Island Launches Anti-Oil Lawsuit

Rhode Island Launches Anti-Oil Lawsuit

Jul 03, 2018 at 09:05 | Irina Slav

Rhode Island yesterday filed a lawsuit against 21 oil companies, including Exxon, Chevron, and ConocoPhillips, for contributing to climate change that is hurting the state’s coastline, marine ecosystem, and economy,…

World Bank Backs Egypt To Become Regional Oil, Gas Trading Hub

World Bank Backs Egypt To Become Regional Oil, Gas Trading Hub

Jul 02, 2018 at 17:40 | Tsvetana Paraskova

The World Bank supports Egypt’s efforts to be a regional oil and gas trading hub, as several new gas projects started up recently in the Mediterranean country, the Egyptian…

Oil Major Eni To Commit To Becoming Carbon Neutral

Oil Major Eni To Commit To Becoming Carbon Neutral

Jul 02, 2018 at 17:36 | Tsvetana Paraskova

Italy’s oil major Eni will announce by the end of this year binding commitments to become carbon neutral, its chief executive Claudio Descalzi said on Monday, in what would…

India Has Back-Up Plans In Case Of Complete Iranian Oil Cut-off

India Has Back-Up Plans In Case Of Complete Iranian Oil Cut-off

Jul 02, 2018 at 17:23 | Tsvetana Paraskova

Indian refiners are preparing for any scenario in case they won’t be able to import any Iranian crude oil as the United States steps up pressure on countries to bring…

BP Starts Up $28 Billion Shah Deniz 2 Gas Project

BP Starts Up $28 Billion Shah Deniz 2 Gas Project

Jul 02, 2018 at 15:52 | Tsvetana Paraskova

BP and its partners have started up the US$28-billion Shah Deniz 2 gas development in Azerbaijan which is the starting point of the Southern Gas Corridor for gas supplies…

Tesla Shocks Markets: Achieves Model 3 Production Target

Tesla Shocks Markets: Achieves Model 3 Production Target

Jul 02, 2018 at 09:45 | Irina Slav

Tesla has hit its target of producing 5,000 Model 3 sedans weekly, just as CEO Elon Musk promised investors at the release of the company’s Q1 financial results, Electrek

Iran Invites Private Companies To Export Crude

Iran Invites Private Companies To Export Crude

Jul 02, 2018 at 09:06 | Irina Slav

Iran will allow private companies to start exporting crude oil as part of its efforts to counter U.S. sanctions against its oil industry, Reuters reports, quoting the country’s First…

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