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News

Iran To Boost Oil Exports To China Further In August

Iran To Boost Oil Exports To China Further In August

Aug 03, 2017 at 10:41 | Irina Slav

Iran’s crude oil exports to China could hit an 11-month high this month, according to sources who spoke to Reuters. But overall, Iran’s total oil and condensate exports for…

Indonesia Asks Chevron, Conoco to Consider Extending Oil Licenses

Indonesia Asks Chevron, Conoco to Consider Extending Oil Licenses

Aug 03, 2017 at 09:25 | Irina Slav

The Indonesian government has approached Chevron and Conoco with an offer to consider extending their licenses, which expire in a few years, as part of efforts to boost domestic…

Oil And Gas Added $1.3 Trillion To The U.S. Economy In 2015

Oil And Gas Added $1.3 Trillion To The U.S. Economy In 2015

Aug 02, 2017 at 16:44 | Zainab Calcuttawala

Oil and gas ventures in the United States supported 10.3 million jobs and added $1.3 trillion to the national economy in 2015, the year after the oil price crash, according…

Western Firms Find Loophole In Russia Sanctions

Western Firms Find Loophole In Russia Sanctions

Aug 02, 2017 at 15:23 | Zainab Calcuttawala

American sanctions against Russia’s energy industry aim to limit the latter’s ability to develop shale reserves, which inadvertently makes them less effective political tools, according to the results of…

Bharat Petroleum Orders First Taste Of WTI

Bharat Petroleum Orders First Taste Of WTI

Aug 02, 2017 at 14:53 | Zainab Calcuttawala

India’s state-owned Bharat Petroleum (BPCL) has made its first purchase of West Texas Intermediate (WTI) crude oil via a tender, according to a new report by Reuters. The shipment…

Southern Co.’s Billion Dollar Nuclear Conundrum

Southern Co.’s Billion Dollar Nuclear Conundrum

Aug 02, 2017 at 14:48 | Zainab Calcuttawala

Southern Co. would benefit financially from completing delayed nuclear reactor projects instead of abandoning the $7.4 billion plans, according to a new report by Bloomberg. CEO Tom Fanning said…

Special Rules Won’t Fly For Aramco IPO

Special Rules Won’t Fly For Aramco IPO

Aug 02, 2017 at 13:11 | Irina Slav

The UK Institute of Directors has criticized the Financial Conduct Authority’s proposal to amend listing rules that would accommodate Saudi Arabia’s oil giant Aramco, which is planning to list 5 percent…

Syncrude Restart Pressures Local Grade Oil Prices

Syncrude Restart Pressures Local Grade Oil Prices

Aug 02, 2017 at 11:23 | Irina Slav

Suncor’s announcement that its Syncrude oil sands processing facility will return to normal operation this week pressured the prices of Western Canadian Select and Bakken grades, Platts reports.

Venezuela Expects Refinery Output Capacity To Drop To 44%

Venezuela Expects Refinery Output Capacity To Drop To 44%

Aug 02, 2017 at 09:22 | Zainab Calcuttawala

Venezuelan state energy giant PDVSA expects its refineries to run at 44 percent capacity in August due to crude supply issues, Reuters reported on Tuesday. At maximum output, the…

Oil Prices Slammed After API Reports Surprise Build In Crude Inventories

Oil Prices Slammed After API Reports Surprise Build In Crude Inventories

Aug 01, 2017 at 15:54 | Julianne Geiger

The American Petroleum Institute (API) reported a surprise build of 1.779 million barrels in United States crude oil inventories, compared to S&P Global Platts survey of analysts who expected…

Russian Oil Output Down 307,600 Bpd

Russian Oil Output Down 307,600 Bpd

Aug 01, 2017 at 14:04 | Zainab Calcuttawala

Russian oil output is down 307,600 barrels per day, compared to October levels, according to the country’s oil minister. “At the end of July 2017, the reduction of oil…

Europe’s Largest Oil Refinery Shuttered For Weeks

Europe’s Largest Oil Refinery Shuttered For Weeks

Aug 01, 2017 at 13:36 | Zainab Calcuttawala

A Royal Dutch Shell refinery in Rotterdam will remain closed until mid-August after a fire at the facility’s electricity stations caused it to shut down over the weekend, according to…

Japan Protests Chinese Ship Activity In Contested East China Sea

Japan Protests Chinese Ship Activity In Contested East China Sea

Aug 01, 2017 at 13:29 | Tsvetana Paraskova

Japan has filed a protest with China after noticing activity from Chinese mobile drilling ships in a gas-rich area near the East China Sea’s Senkaku Islands that are controlled by…

Energy Transfer Sells Stake In Troubled Rover Pipeline

Energy Transfer Sells Stake In Troubled Rover Pipeline

Aug 01, 2017 at 12:20 | Tsvetana Paraskova

Energy Transfer Partners is selling a 32.44-percent stake in an entity of Rover Pipeline Project to Blackstone Energy Partners for around US$1.57 billion, while the US$4.2-billion Rover natural…

Kurdistan Claims Iraq-Iran Oil Pipeline Violates U.S. Sanctions

Kurdistan Claims Iraq-Iran Oil Pipeline Violates U.S. Sanctions

Aug 01, 2017 at 11:16 | Tsvetana Paraskova

The autonomous Iraqi region of Kurdistan has not been informed of plans by the central government that Iraq and Iran agreed to study the potential construction of a pipeline that…

BP Q2 Profit Slumps As Write-downs Weigh

BP Q2 Profit Slumps As Write-downs Weigh

Aug 01, 2017 at 09:22 | Irina Slav

BP reported underlying profit on a replacement cost basis of US$684 million for the second quarter of the year, down from US$1.5 billion for the first quarter. On an…

Alphabet’s Secret Lab Develops Competitor For Lithium-Ion Battery

Alphabet’s Secret Lab Develops Competitor For Lithium-Ion Battery

Jul 31, 2017 at 16:42 | Zainab Calcuttawala

A new project by Alphabet Inc.’s clandestine X lab could put salt and antifreeze at the center of battery technologies for renewable energy sources. A decade ago, this lab made…

Foreign Traders Remain Wary Of Urals Futures Contracts

Foreign Traders Remain Wary Of Urals Futures Contracts

Jul 31, 2017 at 16:34 | Zainab Calcuttawala

Russia has been trying to create an exclusive futures market for its Urals grade crude, but the initiative faces opposition from trading houses and a lack of interest from foreign…

Nigerian Peace Talks Over Oil In Jeopardy As Deadline Approaches

Nigerian Peace Talks Over Oil In Jeopardy As Deadline Approaches

Jul 31, 2017 at 16:28 | Zainab Calcuttawala

Peace talks between community leaders in the Niger Delta and Abuja are now in jeopardy, according to a new report by Reuters. Local officials told a press conference in…

University Refuses To Be Cowed By Boko Haram Oil Attack

University Refuses To Be Cowed By Boko Haram Oil Attack

Jul 31, 2017 at 13:51 | Tsvetana Paraskova

The University of Maiduguri will continue to do research activities for potential oil exploration in the Chad Basin despite last week’s attack by Boko Haram terrorists who kidnapped an oil…

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