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News

Petrobras Ordered To Restart Asset Sale Program

Petrobras Ordered To Restart Asset Sale Program

Mar 16, 2017 at 10:19 | Irina Slav

The federal audit court of Brazil has ordered the company to start its asset sale program from square one, except for two projects. The program was suspended with a…

Poland Says EU Going Soft On Gazprom Market Abuse

Poland Says EU Going Soft On Gazprom Market Abuse

Mar 15, 2017 at 17:53 | Damir Kaletovic

Poland is threatening to use all legal means possible to block the settlement, without fines, of an antitrust investigation targeting Russian Gazprom, which it feels the European Union is going…

Saudi Aramco To Restart Shipments To Egypt After 6-Month Hiatus

Saudi Aramco To Restart Shipments To Egypt After 6-Month Hiatus

Mar 15, 2017 at 15:00 | Zainab Calcuttawala

Saudi Aramco will restart oil and refined product shipments to Egypt after a sudden halt nearly six months ago, according to an announcement by the Egyptian Petroleum Ministry on…

Libya’s Eastern Parliament Walks Away From Oil Unity Deal

Libya’s Eastern Parliament Walks Away From Oil Unity Deal

Mar 15, 2017 at 14:24 | Zainab Calcuttawala

The Benghazi-based government in Libya walked away from a process that would have unified the country’s National Oil Corporation (NOC) on Wednesday after the Benghazi Defense Brigades gained control…

TransCanada To Construct 6.2 Million Barrel Crude Storage Site In Cushing

TransCanada To Construct 6.2 Million Barrel Crude Storage Site In Cushing

Mar 15, 2017 at 13:56 | Zainab Calcuttawala

TransCanada will construct 6.2 million barrels of new crude oil storage capacity in Cushing, Oklahoma, according to an official announcement on Monday. The Calgary-based company has contracted with M2…

DAPL Oil To Start Flowing By March 20th

DAPL Oil To Start Flowing By March 20th

Mar 15, 2017 at 13:21 | Damir Kaletovic

Oil may start to flow from the hotly disputed Dakota Access pipeline as soon as 20 March, after a federal judge on Tuesday denied a request for an emergency injunction…

Iran Launches 15,000 Bpd Production From Azar Field

Iran Launches 15,000 Bpd Production From Azar Field

Mar 15, 2017 at 12:36 | Tsvetana Paraskova

Iran said that it launched on Tuesday production of crude oil - at an initial rate of 15,000 bpd – from the Azar oil field that it shares with neighboring…

LNA Suffers 21 Casualties In Retaking Of Oil Terminals

LNA Suffers 21 Casualties In Retaking Of Oil Terminals

Mar 15, 2017 at 10:31 | Irina Slav

The Libyan National Army lost 21 of its soldiers in the course of retaking the Es Sider and Ras Lanuf oil terminals from the Benghazi Defense Brigades, who took…

EIA’s Report Dampens Optimism

EIA’s Report Dampens Optimism

Mar 15, 2017 at 10:22 | Irina Slav

A day after the American Petroleum Institute brought back some optimism to markets by reporting a much-awaited-but-slim draw to U.S. crude oil inventories, the EIA reversed the mood by…

Oil Bounces Back As API Reports A Surprise Crude Draw

Oil Bounces Back As API Reports A Surprise Crude Draw

Mar 14, 2017 at 16:18 | Julianne Geiger

The American Petroleum Institute (API) reported a surprise draw of 531,000 barrels in United States crude oil inventories against expert predictions that domestic supplies would see a small

Kenya To Start Exporting First Crude this Summer

Kenya To Start Exporting First Crude this Summer

Mar 14, 2017 at 16:09 | Damir Kaletovic

Kenya has greenlighted a crude oil export agreement with Tullow Oil, Maersk International and local Africa Oil, with pilot exports slated to start in June in a major milestone…

China Reduces Oil Product Retail Prices As Crude Prices Drop

China Reduces Oil Product Retail Prices As Crude Prices Drop

Mar 14, 2017 at 16:08 | Tsvetana Paraskova

China will be reducing the retail prices of gasoline and diesel by US$12.29 (85 yuan) per ton effective Wednesday, to reflect the lower international crude oil prices, the National Development…

Libya’s LNA Retakes Key Oil Ports—Again

Libya’s LNA Retakes Key Oil Ports—Again

Mar 14, 2017 at 16:07 | Damir Kaletovic

The Libya National Army (LNA) claimed on Tuesday to have retaken the country’s key oil ports of Ras Lanuf and Es Sider from a rival faction that seized them…

Russia’s Lukoil Reports Q4 Decline In Profits

Russia’s Lukoil Reports Q4 Decline In Profits

Mar 14, 2017 at 13:59 | Tsvetana Paraskova

Lukoil, Russia’s second-biggest oil producer, reported on Tuesday a profit of $792 million (46.6 billion rubles) for the fourth quarter—slightly higher than analyst expectations, but 15 percent lower compared…

Iran May Cap Output If OPEC Remains Committed To Cuts

Iran May Cap Output If OPEC Remains Committed To Cuts

Mar 14, 2017 at 13:46 | Tsvetana Paraskova

Iran will be capping its crude oil output at 3.8 million bpd in the second half of the year if fellow OPEC members stay committed to the cuts they had…

Saudis Say Eased Output Cuts In February, Oil Prices Drop

Saudis Say Eased Output Cuts In February, Oil Prices Drop

Mar 14, 2017 at 11:44 | Tsvetana Paraskova

While OPEC’s secondary sources placed Saudi Arabia’s February crude output further dropping to 9.797 million bpd, the Saudis self-reported output was back to above 10 million bpd – still cutting…

Tillerson Used Alias Email For Climate Change Communication, Says New York AG

Tillerson Used Alias Email For Climate Change Communication, Says New York AG

Mar 14, 2017 at 11:28 | Irina Slav

Exxon’s former CEO and current Secretary of State, Rex Tillerson, used an alias email account for communication regarding climate change, New York’s Attorney General Eric Schneiderman said in the…

Somali Pirates Hijack First Tanker Since 2012

Somali Pirates Hijack First Tanker Since 2012

Mar 14, 2017 at 11:03 | Irina Slav

Somali officials have confirmed reports about a tanker hijacking by local pirates in the Indian Ocean, although there is still no final clarity as to what flag the vessel was…

Russia Announces Four-Year Delay In Scrapping Oil Export Duty

Russia Announces Four-Year Delay In Scrapping Oil Export Duty

Mar 14, 2017 at 10:13 | Zainab Calcuttawala

Russian Finance Minister Anton Siluanov announced a four-year delay in the abolishment of oil export duties on Monday. The new timeline means that Moscow will scrap the taxes on…

U.S. Shale Set For 109,000 BPD Increase Next Month

U.S. Shale Set For 109,000 BPD Increase Next Month

Mar 13, 2017 at 17:01 | Julianne Geiger

OPEC just can’t seem to catch a break; shale drillers in the U.S. are now expected to increase April oil output by 109,000 barrels per day, according to new information…

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