International

Source: Reuters

Latam lags in energy transition race; urgent needs unmet

Reuters


MEXICO CITY – As oil majors and developed nations push for a faster transition to clean energy, much of Latin America is struggling just to cover its basic supply needs for fossil fuels, which is forcing some countries to …

Source: Reuters

Mexican president plans renegotiation of power industry contracts

Reuters


MEXICO CITY – Mexico plans to renegotiate contracts in the electricity sector with Spain’s Iberdrola and around 10 other firms, President Andres Manuel Lopez Obrador said on Wednesday, heralding fresh tensions between his government and the private sector.

“Basically …

Source: Reuters

Board of Petrobras approves shareholders’ meeting; end of the line for CEO

Reuters


RIO DE JANEIRO – The board of Brazilian state-run oil company Petrobras on Tuesday called an extraordinary shareholders’ meeting, a move that all but guarantees the exit of Chief Executive Roberto Castello Branco.

In a statement, Petroleo Brasileiro SA, …

Colombia’s Ecopetrol 2020 net profit down 87.3%, to invest up to $15 billion by 2023

Colombia’s Ecopetrol 2020 net profit down 87.3%, to invest up to $15 billion by 2023

Reuters


BOGOTA – Colombia’s majority state-run oil company, Ecopetrol, will make up to $15 billion of organic investment between 2021 and 2023, it said on Tuesday, as it reported an 87.3% drop in 2020 net profit.Colombia's Ecopetrol 2020 net profit down 87.3%, to invest up to $15 billion by 2023- oil and gas 360The company will invest …

Source: Reuters

Brazil’s Petrobras rebounds as board meets on succession

Reuters


SAO PAULO  – Brazilian state-run oil group Petrobras recovered some of its recent share price losses on Tuesday as the board met to consider Brazil President Jair Bolsonaro’s nomination of a retired general to replace the company’s market-friendly CEO.…

Source: Bloomberg

Petrobras’s $18 Billion Rout Deepens on Series of Downgrades

Bloomberg


A sell-off in Brazil’s state-controlled oil firm Petroleo Brasileiro SA picked up on Monday after a group of analysts downgraded the stock within 24 hours, following the government’s decision to replace the company’s chief executive officer.

Bradesco BBI, BTG …

February 22, 2021 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Share of Canada, U.S. in India’s January oil imports surges to record high: trade

Reuters


NEW DELHI – The share of Canada and the United States of America in India’s January oil imports surged to a record 11% while that of the Middle East and South America declined, data obtained from sources showed.

Asia’s …

Source: Reuters

Exclusive: Kuwait plans to shorten oil supply deals for some Asian buyers – sources

Reuters


NEW DELHI – Oil producer Kuwait Petroleum Corp (KPC) is in talks to shorten its annual supply deals with some customers in India and Japan to nine months this year to meet demand from its new refinery, sources close …

February 17, 2021 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Saudi minister: Oil producers must remain extremely cautious

Reuters


DUBAI – Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Wednesday that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better …

February 17, 2021 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, International, OPEC
Source: Reuters

U.S. senators prod Biden administration on Nord Stream 2 pipeline sanctions

Reuters


WASHINGTON – Two U.S. senators urged President Joe Biden to ensure the implementation of sanctions passed in January aimed at stopping the Nord Stream 2 Russia-to-Germany gas pipeline project, which a State Department spokesman reiterated on Friday was a …

Source: Reuters

Exclusive: Equinor considers more US asset sales in global strategy revamp

Reuters


OSLO – Norway’s Equinor is looking to sell more assets in the United States and exit several other countries as part of a major global reshuffle as it tries to return to profit after writing down $25 billion of …

Source: Reuters

Iran oil output faces race against time as U.S. sanctions linger

Reuters


LONDON/SINGAPORE – Iran’s oil reserves risk becoming stranded assets unless the new U.S. administration eases sanctions that have left the country lagging rivals in output capacity and losing a race against time as the transition to low carbon energy …

February 15, 2021 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Analysis: Iran oil output faces race against time as U.S. sanctions linger

Reuters


LONDON/SINGAPORE – Iran’s oil reserves risk becoming stranded assets unless the new U.S. administration eases sanctions that have left the country lagging rivals in output capacity and losing a race against time as the transition to low carbon energy …

Source: Reuters

Exclusive: Talos, Enauta consortium places bid for Petrobras Albacora fields, sources say

Reuters


RIO DE JANEIRO – A consortium of Talos Energy Inc, private equity firm EIG Global Energy Partners, Enauta Participacoes SA and 3R Petroleum Oleo e Gas SA has submitted a non-binding offer for Brazilian oilfields Albacora and Albacora Leste, …

February 10, 2021 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

India to be largest source of energy demand growth to 2040: IEA

Reuters


NEW DELHI – India will make up the biggest share of energy demand growth at 25% over the next two decades, as it overtakes the European Union as the world’s third-biggest energy consumer by 2030, the International Energy Agency …

Source: Reuters

Brent near $60 as OPEC+ cuts tighten oil market

Reuters


LONDON – Brent crude prices are approaching $60 a barrel, a one-year high, driven in large part by OPEC+ cuts that are set to keep the oil market in deficit this year.

The coronavirus pandemic ravaged oil demand as …

Source: Reuters

Sumitomo quits U.S. shale oil with sale of Eagle Ford stake

Reuters


TOKYO  – Japanese trading house Sumitomo Corp has quit the shale oil business in the United States by selling its stake in a project in the Eagle Ford during the October to December quarter of 2020, a company spokesman …

FSource: euters

Reliance’s unit to sell Marcellus shale assets for $250 million

Reuters


BENGALURU – Reliance Industries Ltd said on Thursday its unit will sell its interest in certain upstream assets in the Marcellus shale in the United States for $250 million in cash to Northern Oil and Gas Inc.

The assets, …

Source: Reuters

Royal Dutch Shell Plc Fourth Quarter 2020 Interim Dividend

Oil and Gas 360


The Hague, February 4, 2021 – The Board of Royal Dutch Shell plc (“RDS” or the “Company”) today announced an interim dividend in respect of the fourth quarter of 2020 of US$ 0.1665 per A ordinary …

Argentina’s Vaca Muerta tight oil deposit is now producing at record levels, matching US well scores

Argentina’s Vaca Muerta tight oil deposit is now producing at record levels, matching US well scores

Rystad Energy


February 3, 2021

The oil production decline that the Covid-19 pandemic brought to Argentina’s Vaca Muerta formation now seems like a distant memory. The reserve’s oil output has not only rebounded to pre-pandemic levels but also reached a

Source: Reuters

Repsol hires JPMorgan to spin off renewables unit, El Confidencial reports

Reuters


MADRID – Spanish oil and gas company Repsol has hired JPMorgan as an investment bank to spin off its renewable unit as early as June, Spanish on-line media El Confidencial reported on Wednesday citing financial sources.

The Spanish company …

February 3, 2021 - 1:30 pm Crude Oil News, Energy News, International, Renewable Energy
Source: Reuters

Iran’s oil exports rise ‘significantly’ despite sanctions, minister says

Reuters


DUBAI/LONDON – Iran’s oil exports have climbed in recent months and its sales of petroleum products to foreign buyers reached record highs despite U.S. sanctions, the oil minister said on Friday.

Bijan Zanganeh did not give figures but said …

Source: Reuters

The U.S. remains important in the oil market, even if Biden is less vocal than Trump: UAE energy minister

CNBC


The U.S. will always play an important role in global energy markets, even though President-elect Joe Biden is likely to be less vocal than President Donald Trump about oil, the UAE’s energy minister told CNBC ahead of Inauguration Day.…

Source: Reuters

Saudi Arabia pips Russia to be China’s biggest oil supplier in 2020

Reuters


BEIJING/SINGAPORE – Saudi Arabia, the world’s biggest oil exporter, beat Russia to keep its ranking as China’s top crude supplier in 2020, Chinese government data showed on Wednesday.

Oil demand in China, the world’s top oil importer, remained strong …

Source: Reuters

Venezuela slams U.S. court approval of Citgo parent sale as ‘fraudulent’

Reuters


CARACAS – Venezuelan Foreign Minister Jorge Arreaza on Saturday criticized a U.S. court ruling authorizing a sale of the shares in the parent company of U.S. refiner Citgo Petroleum Corp, calling it the result of a “fraudulent judicial process.”…

Source: Reuters

Saudi Aramco cuts February crude supply to some Asian refiners – sources

Reuters


SINGAPORE/NEW DELHI – Top oil exporter Saudi Arabia has cut supplies of February-loading crude for some Asian buyer by up to a quarter while meeting requirements of at least four others, several refinery and trade sources with knowledge of …

Source: Reuters

Latest global lockdowns delay fuel demand recovery

Reuters


LONDON – Severe coronavirus restrictions around the world to‮ ‬contain surging infection rates weighed on fuel sales, weakening the prospect of energy demand recovery in the first half of 2021.

Most of Europe is now under the strictest restrictions, …

Source: Reuters

Saudi Arabia restores diplomatic ties with Qatar after three-year rift

CNBC


Saudi Arabia has reinstated diplomatic relations with Qatar, more than three years after Riyadh and several Arab countries severed ties with Doha.

Kuwait, a mediator for both sides, announced that Saudi Arabia is reopening its airspace, sea and land …

Source: Reuters

Venezuela’s oil exports sink to 1940’s level under tighter U.S. sanctions -data

Reuters


Pressured by strict U.S. sanctions, Venezuela’s oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro.

The administration of U.S. President …

Source: Reuters

Iran resumes 20% enrichment at Fordow amid rising tensions with U.S

Reuters


DUBAI -Iran has resumed 20% uranium enrichment at an underground nuclear facility, the government said on Monday, breaching a 2015 nuclear pact with major powers and possibly complicating efforts by U.S. President-elect Joe Biden to rejoin the deal.

Benjamin …