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News

WTO Chief: Nigeria Can’t Rely On Oil & Gas Revenues

WTO Chief: Nigeria Can’t Rely On Oil & Gas Revenues

May 16, 2023 at 08:27 | Tsvetana Paraskova

African OPEC producer Nigeria will have to prepare to diversify its budget revenues as oil and gas will not be its main source of revenues for much longer, according to…

Record Chinese Oil Demand Prompts IEA To Lift Global Growth Forecast  

Record Chinese Oil Demand Prompts IEA To Lift Global Growth Forecast  

May 16, 2023 at 07:38 | Tsvetana Paraskova

The world’s oil demand is set to rise by 2.2 million barrels per day (bpd) this year to a record 102 million bpd, the International Energy Agency (IEA) said on…

Big Oil Could Face $12 Billion Bill To Clean Up Nigerian Spills

Big Oil Could Face $12 Billion Bill To Clean Up Nigerian Spills

May 16, 2023 at 04:02 | Tsvetana Paraskova

The clean-up of oil spills in Nigeria’s oil-producing Niger Delta could cost around $12 billion, and oil majors including Shell and Eni should be held responsible for most of the…

Australian Gas Giant Wants To Import Carbon Dioxide From Asia

Australian Gas Giant Wants To Import Carbon Dioxide From Asia

May 16, 2023 at 03:08 | Irina Slav

Santos, an Australian energy major with a focus on gas, wants to import carbon dioxide from Asia and store it in local reservoirs. The idea may have sounded somewhat eccentric…

Venezuela Plans To Dramatically Boost Oil And Gas Production This Year

Venezuela Plans To Dramatically Boost Oil And Gas Production This Year

May 16, 2023 at 01:07 | Charles Kennedy

Venezuela’s state oil company PDVSA has got new management that plans to boost production of crude to 1.17 million barrels daily by the end of the year, Reuters has

U.S. Looks To Add 3 Million Barrels To SPR After Draining 2.9 Million In 1 Week

U.S. Looks To Add 3 Million Barrels To SPR After Draining 2.9 Million In 1 Week

May 15, 2023 at 17:22 | ZeroHedge

With oil stubbornly the only asset class that is pricing in if not a depression then certainly a deep recession - even as every other asset is already pricing in…

UK Emerges From Energy Crisis, But Natural Gas Remains Expensive

UK Emerges From Energy Crisis, But Natural Gas Remains Expensive

May 15, 2023 at 14:20 | City A.M

Energy bills will finally fall this summer after nearly 18 months of sustained hikes, softening a painful cost of living squeeze for millions of Brits. This year’s drop in wholesale…

Iran Seizes Third Oil Tanker As U.S. Boosts Military Presence

Iran Seizes Third Oil Tanker As U.S. Boosts Military Presence

May 15, 2023 at 14:04 | Alex Kimani

Iran has seized yet another oil tanker bringing the tally to three tankers seized in the space of just 19 days as tensions in the Persian Gulf heat up.…

European Commission President Says Fossil Fuel-Centric Growth Is Dead

European Commission President Says Fossil Fuel-Centric Growth Is Dead

May 15, 2023 at 10:31 | Julianne Geiger

Economic growth cannot be carried by a fossil fuel energy mix, according to European Commission President Ursula von der Leyen. “A growth model centered on fossil fuels is simply obsolete,”…

U.S. Gasoline Prices Are Set For A Significant Decline 

U.S. Gasoline Prices Are Set For A Significant Decline 

May 15, 2023 at 09:08 | Charles Kennedy

Gasoline prices in the U.S. ticked higher today, according to the AAA, though overall, national averages are down by around $1 from this time last year, according to…

EU Lawmakers Seek Revenue Cap On Power Firms If Energy Prices Soar

EU Lawmakers Seek Revenue Cap On Power Firms If Energy Prices Soar

May 15, 2023 at 08:39 | Tsvetana Paraskova

The European Parliament is proposing a cap on the revenues of electricity generators in case energy prices surge again, according to a draft proposal of the Parliament's lead negotiator on…

Venezuela Plans To Issue LNG Export Licenses To European Majors

Venezuela Plans To Issue LNG Export Licenses To European Majors

May 15, 2023 at 08:24 | Charles Kennedy

Venezuela is planning to issue in June export licenses to European majors Eni and Repsol to ship liquefied natural gas (LNG) from the country, Venezuela’s Oil Minister Pedro Tellechea has…

Nationalized German Energy Firms Paid Big Bonuses To Their Traders

Nationalized German Energy Firms Paid Big Bonuses To Their Traders

May 15, 2023 at 06:27 | Tsvetana Paraskova

Uniper and Sefe, two energy firms Germany nationalized last year, paid some of their traders big bonuses for 2022, sources with knowledge of the matter told Reuters on Monday.…

ONEOK And Magellan Merger To Create $60-Billion Pipeline Giant

ONEOK And Magellan Merger To Create $60-Billion Pipeline Giant

May 15, 2023 at 03:54 | Tsvetana Paraskova

ONEOK will buy Magellan Midstream Partners in a cash-and-stock deal valued at $18.8 billion, creating a combined U.S. oil and gas pipeline giant with a total enterprise value of $60…

Turkey’s Next President To Be Elected In Runoff

Turkey’s Next President To Be Elected In Runoff

May 15, 2023 at 02:57 | Charles Kennedy

Turkey’s incumbent president Recep Tayyip Erdogan failed to secure 50% of the votes in yesterday’s election, heading for a runoff with closest rival Kemal Kilicdaroglu. This is shaping up…

Newcrest Agrees To Newmont’s $17.8 Billion Takeover Bid

Newcrest Agrees To Newmont’s $17.8 Billion Takeover Bid

May 15, 2023 at 01:06 | Irina Slav

Australian copper mining major Newcrest has decided to back an acquisition bid by bigger sector player Newmont that will create a new copper and gold giant on the mining scene.…

Petrobras Has High Hopes For Refining, Pre-Salt Discoveries

Petrobras Has High Hopes For Refining, Pre-Salt Discoveries

May 12, 2023 at 13:32 | Julianne Geiger

Brazilian-controlled oil company Petrobras has high hopes for increasing its refining capacity and its Curacao pre-salt discovery, company officials said on Friday. In a Friday webcast for investors, Petrobras director…

Justice For NordStream Attack? Highly Unlikely

Justice For NordStream Attack? Highly Unlikely

May 12, 2023 at 13:08 | Julianne Geiger

The chances of finding and bringing the Nord Stream attack perpetrators to justice are negligible, according to Russian Security Council Deputy Chairman Dmitry Medvedev, who added that Russia would nevertheless…

EU Considers Formally Banning Russian Oil Flows To Germany And Poland

EU Considers Formally Banning Russian Oil Flows To Germany And Poland

May 12, 2023 at 08:40 | Charles Kennedy

The European Union is considering formally banning Russian crude flows via the Druzhba pipeline to Germany and Poland, which have already stopped importing Russia’s crude, Bloomberg reported on Friday,…

Shell Suspends Production At The World’s Largest Floating LNG Facility

Shell Suspends Production At The World’s Largest Floating LNG Facility

May 12, 2023 at 08:09 | Charles Kennedy

Shell has halted production at Prelude LNG – the world’s largest floating liquefied natural gas facility offshore Australia – due to a trip, a spokesperson for the supermajor said on…

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