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News

Appeal Court Says Shell Can’t Be Tried In UK For Nigerian Oil Spills

Appeal Court Says Shell Can’t Be Tried In UK For Nigerian Oil Spills

Feb 14, 2018 at 13:03 | Tsvetana Paraskova

The UK Court of Appeal ruled on Wednesday that Nigerian communities cannot pursue Royal Dutch Shell in UK courts over oil spills in the oil-rich Niger Delta, upholding a…

Russia, China Willing To Invest In Saudi Aramco’s IPO

Russia, China Willing To Invest In Saudi Aramco’s IPO

Feb 14, 2018 at 12:55 | Tsvetana Paraskova

Russian banks and Chinese institutional investors would like to invest in the initial public offering of Saudi oil giant Aramco, the head of Russia’s state investment fund said on…

Saudi Oil Exports To Japan Jump To 35-Year High

Saudi Oil Exports To Japan Jump To 35-Year High

Feb 14, 2018 at 11:08 | Irina Slav

Japan imported 1.295 million barrels of Saudi oil daily last year, which was a 9.5-percent annual increase and the highest import rate since 1982, Japanese government data showed. A local…

Russia Keeps 2018 Brent Outlook In The $50-$60 Range

Russia Keeps 2018 Brent Outlook In The $50-$60 Range

Feb 14, 2018 at 10:00 | Zainab Calcuttawala

Russian Minister Alexander Novak does not plan to change his 2018 barrel price outlook currently at the $50 to $60 level, according to a new report by TASS. "My…

China, Philippines Working Out South China Sea Oil Exploration

China, Philippines Working Out South China Sea Oil Exploration

Feb 14, 2018 at 09:17 | Irina Slav

China and the Philippines have set up a panel to study ways of resolving their rival claims to parts of the South China Sea that may contain oil and gas…

Oil Prices Fall After API Reports Crude, Gasoline Build

Oil Prices Fall After API Reports Crude, Gasoline Build

Feb 13, 2018 at 15:47 | Julianne Geiger

The American Petroleum Institute (API) reported a build of 3.947 million barrels of United States crude oil inventories for the week ending February 9, according to the API data. Analysts…

“Energy eBay” To Be Operational By June

“Energy eBay” To Be Operational By June

Feb 13, 2018 at 15:35 | Zainab Calcuttawala

A U.K.-based consortium plans to build an “Energy eBay” that should be functional by June, according to emerging reports from the tech sector. Bilateral trading on the site, developed…

U.S. Debuts VLCC Exports From Louisiana Offshore Oil Port

U.S. Debuts VLCC Exports From Louisiana Offshore Oil Port

Feb 13, 2018 at 14:19 | Zainab Calcuttawala

The continental United States’ first very large crude carrier (VLCC) export shipment will contain crude from Shell sailing from the Louisiana Offshore Oil Port (LOOP), market sources told S&P…

Norway’s $1-Trillion Fund Asked To Assess Aramco IPO Impact

Norway’s $1-Trillion Fund Asked To Assess Aramco IPO Impact

Feb 13, 2018 at 12:34 | Tsvetana Paraskova

Norway’s Finance Ministry sent a letter to Norges Bank on Tuesday, asking it to asses the impact that the planned listing of Saudi Aramco would have on the benchmark…

White House Proposes Sale Of Federal Power Assets

White House Proposes Sale Of Federal Power Assets

Feb 13, 2018 at 09:43 | Irina Slav

The Trump administration has put forth a proposal to Congress to sell assets of federal power companies to state and local entities, or private businesses. The proposal is part…

Judge Deals Blow To Biggest Wind Project In U.S.

Judge Deals Blow To Biggest Wind Project In U.S.

Feb 13, 2018 at 09:03 | Irina Slav

American Electric Power Co.’s Wind Catcher project received a blow from an Oklahoma state judge who said the project failed to prove sufficient need. More specifically, administrative law judge…

OPEC Pact Exit Could Take Months Of Negotiation

OPEC Pact Exit Could Take Months Of Negotiation

Feb 12, 2018 at 14:45 | Zainab Calcuttawala

Exiting the OPEC output reduction deal could take between 2-5 months of negotiations, Russian Energy Minister Alexander Novak said on Monday, according to a report by Reuters quoting Interfax.…

Venezuela to Accept More Crude Oil From Russia As Production Falters

Venezuela to Accept More Crude Oil From Russia As Production Falters

Feb 12, 2018 at 14:42 | Zainab Calcuttawala

Russian crude oil exports to Venezuela are rising as Caracas struggles to produce enough crude to supply refineries in its contracted network, according to a new report by S&P…

Cyprus And Turkey Face Off Briefly Over Natural Gas Reserves

Cyprus And Turkey Face Off Briefly Over Natural Gas Reserves

Feb 12, 2018 at 14:37 | Zainab Calcuttawala

Cyprus and Turkey had a brief spat over natural gas reserves in the Mediterranean over the weekend, with Turkish officials escorting Eni’s drilling ship away from sensitive waters, according to…

IEA Conducts Widest-Ever Oil Emergency Response Exercise

IEA Conducts Widest-Ever Oil Emergency Response Exercise

Feb 12, 2018 at 14:37 | Tsvetana Paraskova

The International Energy Agency (IEA) said on Monday that it had carried out the broadest ever emergency response exercise, with countries representing around 70 percent of global oil demand…

Bitcoin Mining To Double Iceland’s Power Consumption

Bitcoin Mining To Double Iceland’s Power Consumption

Feb 12, 2018 at 13:13 | MINING.com

Mining bitcoins requires a great deal of computing power which in turn needs a lot of electricity to solve the mathematical puzzles that reward miners with cryptocurrency. China and South…

OPEC Revises Up Rival Oil Supply Growth Forecast, Again

OPEC Revises Up Rival Oil Supply Growth Forecast, Again

Feb 12, 2018 at 12:49 | Tsvetana Paraskova

For yet another month, OPEC has revised up its expectations for non-OPEC crude oil supply growth this year, expecting—again—U.S. oil production to increase more than previously thought. In its closely…

Trump’s Infrastructure Plan Could Involve Federal Gas Tax Hike

Trump’s Infrastructure Plan Could Involve Federal Gas Tax Hike

Feb 12, 2018 at 11:33 | Tsvetana Paraskova

U.S. President Donald Trump is expected to unveil an infrastructure plan on Monday, but it is already ripe for opposition in Congress because the plan offers few details on…

Indian Consortium Snaps Up 10% In Massive UAE Oil Block

Indian Consortium Snaps Up 10% In Massive UAE Oil Block

Feb 12, 2018 at 10:25 | Irina Slav

A consortium involving India’s biggest state oil company ONGC and two smaller companies have bought for US$600 million a 10-percent interest in the Lower Zakum offshore oil concession in the…

Baghdad Asks BP To Study Kirkuk Oil Field Development

Baghdad Asks BP To Study Kirkuk Oil Field Development

Feb 12, 2018 at 09:45 | Irina Slav

After in January media reported that the Iraqi government had invited BP to carry out a feasibility study on increasing production from the oil fields in the area around the…

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