Exclusive: Chinese defense firm has taken over lifting Venezuelan oil for debt offset
SINGAPORE/HOUSTON, Aug 26 (Reuters) - China has entrusted a defense-focused state firm to ship millions of barrels of Venezuelan oil despite U.S. sanctions, part of a deal to offset Caracas billions of dollars of debt to Beijing, according to three so…
Oil Prices Rise On Major Crude Inventory Draw
The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.632 million barrels, while analysts predicted a draw of 448,000 barrels.The build comes as the Department of Energy released a massive 8.1 million barrels from t…
Europe Splurges on Russian Oil As EU Ban Nears
Ahead of the December 5th implementation of a European Union ban on seaborne imports of Russian crude, European buyers are now said to be buying up more Russian oil than they have in four months. Last week, seaborne exports of Russian crude oil to Eur…
Oil Jumps On Massive Crude Inventory Draw
Crude oil prices moved higher today, after the Energy Information Administration estimated a draw in oil inventories of 7.1 million barrels for the week to August 12.This compared with a build of 5.5 million barrelsreported for the previous week. A da…
Russia sees 38% rise in energy export earnings this year: Report
Russia is expected to pocket $337.5bn this year on energy exports alone, according to an economy ministry document seen by Reuters news agency.
Oil prices fall on economic slowdown, more supply
Oil prices continued to fall on Tuesday on bleak economic data from top crude importer China and increase in supply from both US shale and OPEC producers.The news that production at several offshore US Gulf of Mexico platforms is resuming after a brie…
Algeria, Niger and Nigeria Sign Deal for $13 Billion Saharan Gas Pipeline
(Reuters) — Algeria, Nigeria and Niger have signed a memorandum of understanding to build a natural gas pipeline across the Sahara Desert, Algerias energy minister said on Thursday.The three countries agreed in June to revive the decades-old talks ov…
Aramco Stands Ready To Boost Oil Output To 12 Million Bpd
Aramco is ready to ramp up oil production to 12 million bpd whenever the Saudi government asks this of the company, CEO Amin Nasser said thisweekend, as quoted by Arab News.Speakingat the presentation of Aramcos second-quarter and first-half results, …
It’s Time For An Oil And Gas Boom In Africa
Several African countries have been gradually boosting their oil and gas output over the last year, as demand for fossil fuels continues to rise. While many countries in the West are curbing their fossil fuel operations, the African region is offering…
China Heralds Another Major Oil Discovery
China’s state-run China PetrochemicalGroup, Sinopec, says it has discovered a massive oilfield in the Tarim Basin, containing 1.7 billion tons of oil reserves. Thediscovery is the result of exploration in the Shunbei oil and gas field, said to be one…
BCG report: The future of operating models for oil and gas companies
National Oil Companies (NOCs) need to rethink their operating model and clearly link it with their strategic objectives to deliver the expected future production, cost, and greenhouse gas reduction impacts, according to a new BCG report entitled ‘The…
China And Saudi Arabia Intensify Energy Cooperation With Critical Deal
The signing last week of a multi-pronged memorandum of understanding (MoU) between the Saudi Arabian Oil Company – formerly the Arabian American Oil Company - (Aramco) and the China Petroleum & Chemical Corporation (Sinopec) isa critical step in …
Russia’s Spot Crude Prices Rebound As China And India Snap Up Cargoes
Russia’s ESPO crude blend shipped to Asia has recently seen spot deals at parity with Middle Eastern benchmarks in a sign that the exportgrade Russia is shipping out of its Far East port Kozmino is recoveringin pricing amid high demand from Russia’s…
Turkey Agrees To Pay For Russian Gas With Rubles
Turkey’s President Tayyip Erdogan and Russia’s President Vladimir Putin agreed on Friday to bolster cooperation after a four-hour meeting,a joint statement from the two nations has revealed as cited by Reuters.As part of the deal, which would increa…
OPEC+ agrees to boost oil output by 100,000 barrels per day
The OPEC oil cartel and its allies decided Wednesday to boost production in September by a much slower pace than in previous months ata time of high gasoline prices and unstable energy supplies exacerbatedby the war Russia is waging in Ukraine.OPEC, l…
Oil edges up ahead of OPEC meeting despite recession worries
NEW YORK, Aug 2 (Reuters) - Oil futures edged up less than 1% on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.Brent fut…