Libya Looks To Boost Oil Production To 1.6 Million Bpd In 2022
Libya could boost its oil production to 1.6 million barrels per day (bpd) by the middle of 2022 if the industry has the necessary funding, Libya’s Oil Minister Mohamed Oun told Italian news agency Agenzia Nova in an interview published this week.Curr…
Oil falls as coronavirus, slower China imports hit demand
LONDON, July 26 (Reuters) - Oil prices fell on Monday due to concerns over fuel demand caused by the spread of COVID-19 variants and as changes to import rules in China offset expectations of tight supplies through the rest of the year.Brent crude fut…
India's Largest Refiner Plans To Ramp Up Capacity This Decade
Indian Oil Corporation (IOC), the largest oil refiner in the country,looks to boost its crude oil refining capacity by one-third over the next half-decade as it believes gasoline and diesel demand will continueto rise in India, IOC’s chairman Shrikan…
US-Sanctioned Chinese Firm Helps Iran, Venezuela To Export Oil
China Concord Petroleum Co., Limited, also referred to as CCPC, was sanctioned by the United Statesat the end of September 2019, "for knowingly engaging in a significant transaction for the transport of oil from Iran," the then U.S. Secretar…
China Ramps Up Coal Production To Meet Growing Energy Demand
While the rest of the world is tryingto come to grips with the European Union’s proposed carbon border adjustment mechanism (CBAM) – which calls for the levying of charges on non-E.U. products in relation to their embedded carbon footprint — China,…
OPEC+ agrees oil supply boost after UAE, Saudi reach compromise
MOSCOW/DUBAI/LONDON,July 18 (Reuters) - OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highsas the global economy recovers from the coronavirus pandemic.Thegroup, which includes OPEC co…
Iran to open oil export terminal beyond Strait of Hormuz next week
(Bloomberg) - Iran plans to ship a cargo of oil from a port in the Gulf of Oman next week, its first crude export from outside the Persian Gulf and beyond the narrow, crisis-prone Strait of Hormuz.“Thefirst vessel has arrived in the Jask region and w…
Angola Receives 45 Bids For Oil Blocks
Angola has received 15 bids for a total of nine oil blocks the government tendered in 2020, Energy Voice reports, citing the Africa Energy Chamber as saying that 15 companies submitted a total of 45 offers for all of the tendered blocks.The combined v…
The American Pipeline War Is Only Just Beginning
It is not a great time to be an oil pipeline developer or operator inNorth America these days. Policymakers are canceling projects and threatening to close operational pipelines. Environmental groups are becoming more vocal in their opposition to any …
Bezos, Branson and Musk Scrambling For Supply Of This Rare Gas
We’ve had supply scares for this gas before; but this time around, itcoincides with the depletion of the US federal reserve and soaring demand from some of the biggest industries on earth. The tech industry is likely to find itself scrambling to secu…
Expect tight oil supplies in August as key OPEC output deadline nears
(Bloomberg) --One week after OPEC and its allies abandoned their meeting in acrimony, the window for an August oil-production increase is closing without any deal in sight.Regardless of the desire of other cartel members for a compromise, there’s lit…
Brazil Plans To Be 5th-Largest Crude Exporter By 2030
Brazil’s expected oil output surge this decade will make it the world’s fifth-largest crude exporter in 2030, Brazilian Mines and EnergyMinister Bento Albuquerque said in an interview with The Rio Times on Thursday.“In2030, when we reach a producti…
China’s oil industry is undergoing a serious makeover
China’s establishment of a national pipeline network, PipeChina, last October is creating a shift in China’soil and gas industry, which aims to create greater competition and encourage new players in the sector. PipeChina acquired the oil and gas p…
'Eye of fire,' Exxon lobbyist's comments fuel renewed attacks on oil industry
Rep. Ro Khanna(D-Calif.), a former co-chair of the Congressional Progressive Caucus, said that while he wouldn’t draw any red lines, he’d like to see an infrastructure bill that gets rid of fossil fuel subsidies but includes investment in electric v…
The Energy Revolution Is Tweaking OPEC Out
In the past month or so—as the pandemic has receded in the rich world, and as people have resumed commuting, road-tripping, and flying again—oil demand has significantly increased. Oil production has not: OPEC countries, which produce about 40 perce…
OPEC+ resumes oil policy talks amid Saudi-UAE standoff
OPEC+ ministers resume talks on Monday after failing to reach a deal on oil output policy in two days of talks last week amid a rare public standoff between Gulf allies Saudi Arabia and the United Arab Emirates.The spat erupted at a sensitive time for…