International
What the fresh march higher in oil means for world markets
LONDON – Oil prices are up around 16% so far this year near $90 a barrel, with supply worries high given escalating Middle East tensions and tit-for-tat attacks on energy infrastructure between Ukraine and Russia.
Investors are paying …
Oil falls over $1 as demand worries outweigh MidEast supply risks
Oil prices slipped more than $1 on Wednesday as likely higher U.S. commercial inventories weighed, while weaker economic data from China and dimmed prospects of interest rate cuts stoked worries about global demand.
Brent futures for June were …
Mexico’s Presidential hopeful bets on natural gas and solar
The frontrunner in Mexico’s next presidential elections, Claudia Sheinbaum, will invest billions in new natural gas generation capacity and solar power, Bloomberg has reported, citing a plan presented to local business leaders.
The plan also …
Biden unlikely to cut Iran’s oil lifeline after Israel attack
WASHINGTON – Iran’s unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran’s oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said …
ExxonMobil greenlights Whiptail oil project offshore Guyana, expects production to pass Venezuela
(Bloomberg) – Exxon Mobil Corp. formally approved its sixth oil development offshore Guyana that will make the Latin American nation a bigger crude producer than OPEC member Venezuela.
The Whiptail project will cost $12.7 billion and produce about …
Oil prices fall after Iran attack as market draws down risk premium
Oil prices fell at Asia’s open on Monday, as market participants dialed back risk premiums following Iran’s attack on Israel late on Saturday which the Israeli government said caused limited damage.
Brent futures for June delivery fell 24 cents …
Losing hope of rescue, some European solar firms head to US
FRIEBERG, Germany – European governments due to move to support their solar power manufacturers this week will be too late to stop solar panel maker Meyer Burger packing up a German factory to send production to the United …
GeoPark announces exclusive negotiations for unconventional blocks in Vaca Muerta in Argentina
Bogota, Colombia – April 11, 2024 – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator, and consolidator, today announced that the Company has submitted a binding …
U.S. crude oil breaks above $87 as Israel reportedly preparing for Iran attack this weekend
U.S. crude oil broke above $87 a barrel on Friday as futures rallied on reports that Israel is preparing for a direct attack by Iran this weekend, in what would be the biggest escalation of Middle East tensions since …
UPDATE 2-US and Japan announce joint partnership to accelerate nuclear fusion
WASHINGTON – The United States and Japan announced a joint partnership to accelerate development and commercialization of nuclear fusion, the U.S. Department of Energy said on Wednesday.
The partnership was announced as Japanese Prime Minister Fumio Kishida was …
Chevron leaves Myanmar
U.S. supermajor Chevron has quit operations in Myanmar by transferring its stake in a natural gas field and an associated pipeline to its former partners in the ventures, after pledging to leave the Southeast Asian country following a …
Oil prices ease slightly, eyes on talks for Gaza ceasefire
HOUSTON – Oil prices dipped for a second straight day on Tuesday, as talks for a ceasefire in Gaza continued, but losses were limited to less than a dollar a barrel as Egyptian and Qatari mediators met resistance …
Guyana gas-to-power project to shave weeks off oil output, hit revenue
GEORGETOWN – Guyana’s efforts to use its natural gas resources to fuel a power plant that would slash the South American nation’s energy costs have snagged on construction delays and threaten to curtail the rising oil hotspot’s revenue …
Nigeria seeks to boost economy with $1 billion oil-backed loan
Africa’s biggest crude oil producer, Nigeria, is expected to receive a $1 billion loan from the African Export-Import Bank (Afreximbank) next month as part of a larger crude oil prepayment facility aimed at shoring up forex reserves and …
Shell sees significantly lower Q1 LNG trading results
LONDON -Shell said on Friday it expects significantly lower results from its liquefied natural gas trading business in the first quarter of 2024 compared with the previous three months.
In an update ahead of quarterly results on May 2, …
Saudi Arabia hikes oil prices in increasingly tight market
Saudi oil giant Aramco, the world’s top crude oil exporter, hiked on Friday the prices of most of its crude grades for May, as Middle Eastern benchmarks are strengthening in a market that looks increasingly tight.
For a …
Petrobras shares swing “wildly” amidst reports that CEO Jean Paul Prates departure is near
(Bloomberg) – Petroleo Brasileiro’s shares swung wildly on Thursday as traders digested local media reports on the impending departure of Chief Executive Officer Jean Paul Prates and the prospect of future dividend payments.
Petrobras, as the state-controlled oil …
U.S. oil is stealing market share from OPEC+
Surging U.S. oil production and shifting global oil flows amid geopolitical flare-ups have boosted American crude exports to record-high levels in recent months. Now U.S. oil is encroaching on the key markets of the OPEC+ group, which has …
Exclusive: US sanctions hamper Russian efforts to repair refineries
MOSCOW/LONDON – When engineers at Russian oil firm Lukoil discovered a turbine had broken at their largest refinery on January 4, they quickly realised the problem was far from trivial.
There was only one company that knew how …
Iraq pumps over OPEC+ oil production target again even after lowering output
(Bloomberg) – Iraq again missed its OPEC+ oil production target in March, potentially setting itself up for added scrutiny as the alliance prepares to review the country’s plan for supply.
OPEC’s second-biggest producer pumped 4.17 MMbpd last month,
OPEC oil output falls in March, led by Iraq – Reuters survey
LONDON – OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.…
Western sanctions delay payments for Russia’s oil exports
Russia is seeing months of delays in payments for its oil exports as banks in its major trader partners, including China, the UAE, and Turkey, are now scrutinizing transactions wary of the tighter U.S. sanctions, numerous unnamed sources …
World’s top oilfield services provider not leaving Russia
SLB, the biggest oilfield services firm in the world, is not planning to abandon its business in Russia, chief executive Olivier Le Peuch told the Financial Times in an interview published on Monday.
Pressure has mounted on companies, …
EXCLUSIVE-Russia orders companies to cut oil output to meet OPEC+ target
MOSCOW – Russia’s government has ordered companies to reduce oil output in the second quarter to ensure they meet a production target of 9 million barrels per day (bpd) by the end of June in line with its pledges …
World oil demand outpacing expectations, challenging peak crude predictions
(Bloomberg) – The world is using more oil than ever and demand is outpacing expectations again this year, raising questions about how soon global consumption will peak.
The unabated thirst for crude contributed to an increasingly confident tone …
Brazil exploring ways to import gas from Argentina’s Vaca Muerta play, energy minister says
HOUSTON – Brazil is exploring ways to import natural gas from Argentina’s massive Vaca Muerta formation, including the possible reversal of a pipeline now used for transporting Bolivian gas, as it looks to ease its gas deficit, Mines and …
Chevron CEO says ExxonMobil discussions over prolific oil field offshore Guyana “ended abruptly”
(Bloomberg) – Chevron Corp.’s discussions with Exxon Mobil Corp. and China’s Cnooc Ltd. over a prolific oil field off the shores of Guyana ended “abruptly” a few weeks ago, Chief Executive Officer Mike Wirth said.
Chevron held constructive …
ExxonMobil “open” to talking with Chevron over oil offshore Guyana amidst Hess acquisition
(Bloomberg) – Exxon Mobil Corp. is open to talking to Chevron Corp. about its proposed takeover of Hess Corp. as the oil giants spar over the deal’s implications for a massive offshore oil project in Guyana, Chief Executive …
ExxonMobil has “no interest” in Hess purchase amidst Chevron dispute, CEO says
(Bloomberg) – The boss of Exxon Mobil Corp. said Monday that it has no interest in buying Hess Corp. outright, despite taking Chevron Corp. to arbitration over its proposed $52 billion merger with the other company.
“If we …
