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China Is Winning The Race for Affordable EVs

China Is Winning The Race for Affordable EVs

While U.S. and European automakers…

Carbon Price Crash Threatens EU Transition Funds

Carbon Price Crash Threatens EU Transition Funds

Earlier this year, the price…

News

White House Allocates $4M For Alaska Oil Drilling Preps

White House Allocates $4M For Alaska Oil Drilling Preps

Jun 08, 2018 at 12:16 | Irina Slav

The Trump administration has allocated US$4 million for construction work ahead of the start of oil and gas drilling in the Arctic National Wildlife Refuge, the Department of the…

White House Allocates $4M For Alaska Oil Drilling Preps

White House Allocates $4M For Alaska Oil Drilling Preps

Jun 08, 2018 at 12:16 | Irina Slav

The Trump administration has allocated US$4 million for construction work ahead of the start of oil and gas drilling in the Arctic National Wildlife Refuge, the Department of the…

Sudan, South Sudan To Jointly Repair Oil Infrastructure

Sudan, South Sudan To Jointly Repair Oil Infrastructure

Jun 08, 2018 at 11:43 | Irina Slav

Sudan and South Sudan have agreed to jointly repair oil infrastructure that was damaged during the bloody civil war that resulted in the split in 2011, Reuters reports, citing…

Equinor Sees Peak Oil Demand Around 2030

Equinor Sees Peak Oil Demand Around 2030

Jun 08, 2018 at 09:14 | Tsvetana Paraskova

Peak oil demand could come around 2030 at 111 million bpd in the current market as road transport electrification and efficiency gains in all sectors offsets increasing petrochemical and aviation…

Big Oil Bets Big On Brazil’s Pre-Salt In Latest Offshore Auction

Big Oil Bets Big On Brazil’s Pre-Salt In Latest Offshore Auction

Jun 07, 2018 at 17:36 | Tsvetana Paraskova

Some of the world’s biggest oil companies bid aggressively in Brazil’s latest offshore bid round on Thursday, snapping up acreage in three blocks in the coveted pre-salt layer, despite…

Not All OPEC Members Benefit Equally From Higher Oil Prices

Not All OPEC Members Benefit Equally From Higher Oil Prices

Jun 07, 2018 at 17:23 | Tsvetana Paraskova

OPEC’s efforts to erase the oil glut and lift oil prices paid off as the cartel reaped higher revenues from crude oil exports in 2017, but the spoils were unevenly…

Iraq Moves To Create Its Own Oil Tanker Fleet

Iraq Moves To Create Its Own Oil Tanker Fleet

Jun 07, 2018 at 16:35 | Tsvetana Paraskova

OPEC’s second-largest producer Iraq has taken steps toward selling its crude oil on a delivered basis after it is looking to build its own tanker fleet. At present, most of…

The U.S. Sought Saudi Oil Support Before Iran Deal Withdrawal

The U.S. Sought Saudi Oil Support Before Iran Deal Withdrawal

Jun 07, 2018 at 12:50 | Tsvetana Paraskova

A day before U.S. President Donald Trump pulled the United States out of the Iran nuclear deal, a senior official of the Trump Administration phoned Saudi Arabia to ask it…

Venezuela Releases Chevron Execs In Effort To Smooth Relationships With US

Venezuela Releases Chevron Execs In Effort To Smooth Relationships With US

Jun 07, 2018 at 11:59 | Irina Slav

Venezuela has released two local Chevron executives that were arrested back in April on corruption allegations, Reuters reports, citing sources from Caracas and Chevron. A source close to Chevron…

Moscow, Oil Companies Agree On Oil Export Duty Phase-Out

Moscow, Oil Companies Agree On Oil Export Duty Phase-Out

Jun 07, 2018 at 11:08 | Irina Slav

The Russian energy and finance ministries agreed with oil companies to start cutting the export duty on crude gradually, to bring it from the current 30 percent to zero over…

24 Million Barrel Backlog And Counting: PDVSA’s Fate Looks Bleak

24 Million Barrel Backlog And Counting: PDVSA’s Fate Looks Bleak

Jun 07, 2018 at 09:31 | Irina Slav

Dozens of tankers waiting to load over 24 million barrels of Venezuelan crude are sitting at the country’s main oil export terminal, with the loading delays at almost a month,…

Higher Oil Prices Boost Hiring At Houston Energy Companies

Higher Oil Prices Boost Hiring At Houston Energy Companies

Jun 06, 2018 at 17:32 | Tsvetana Paraskova

The rise in oil prices moved in tight correlation with the hiring at companies at the heart of the U.S. oil production—Houston—where hiring jumped by 12.4 percent annually in May…

European Refiners Begin To Scale Back Oil Imports From IranEuropean Refiners Beg

European Refiners Begin To Scale Back Oil Imports From IranEuropean Refiners Beg

Jun 06, 2018 at 16:28 | Tsvetana Paraskova

After an initial hesitance over how the returning U.S. sanctions will affect Iran’s oil buyers, European refiners are beginning to wind down purchases from Iran after tanker providers, insurers, and…

The World’s Top Wealth Fund Voted Against Musk As Chair At Tesla

The World’s Top Wealth Fund Voted Against Musk As Chair At Tesla

Jun 06, 2018 at 14:28 | Tsvetana Paraskova

The world’s largest sovereign wealth fund, Norway’s US$1-trillion Government Pension Fund Global, voted in favor of a proposal to separate Elon Musk’s chairman and CEO roles at Tesla at…

Maduro Says U.S. Infiltrated Venezuela’s Oil Industry

Maduro Says U.S. Infiltrated Venezuela’s Oil Industry

Jun 06, 2018 at 14:21 | Tsvetana Paraskova

Venezuela’s President Nicolas Maduro has accused the United States of infiltrating senior positions at the Venezuelan oil industry. “There was a process of penetration and infiltration in key positions…

Aramco Ups Oil Prices For Asian Buyers

Aramco Ups Oil Prices For Asian Buyers

Jun 06, 2018 at 13:31 | Irina Slav

Aramco has raised the prices of its most popular crude oil grades for sale in Asia amid growing worry about supplies from Venezuela and Iran. Bloomberg reports the flagship…

U.S. Biofuels Overhaul Delayed

U.S. Biofuels Overhaul Delayed

Jun 06, 2018 at 10:34 | Irina Slav

Washington has shelved indefinitely a planned overhaul of the national biofuels policy that sought to reduce costs for the oil industry, two sources told Reuters, saying the move was…

Shell: Nigeria Oil Infrastructure Attacks Still A Major Concern

Shell: Nigeria Oil Infrastructure Attacks Still A Major Concern

Jun 06, 2018 at 09:19 | Tsvetana Paraskova

Although Nigeria has managed to restore its oil production to around 1.8 million bpd, following major militant attacks on oil infrastructure in 2016, sabotages in parts of the oil-rich Niger…

Crude Prices Slip After API Reports Crude Draw, Gasoline Build

Crude Prices Slip After API Reports Crude Draw, Gasoline Build

Jun 05, 2018 at 15:52 | Julianne Geiger

As oil prices continues to fall, the American Petroleum Institute (API) reported a draw of 2.028 million barrels of United States crude oil inventories for the week ending June 1,…

Ukraine Seizes Gazprom Assets To Enforce $2.6B Court Award

Ukraine Seizes Gazprom Assets To Enforce $2.6B Court Award

Jun 05, 2018 at 14:39 | Tsvetana Paraskova

Ukraine’s Naftogaz said on Tuesday that a Dutch court had approved its petition to freeze Gazprom assets in the Netherlands as the Ukrainian company seeks to enforce the payment…

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