International

Source: Reuters

EXCLUSIVE Venezuela swapped PDVSA oil for food, then punished the dealmakers

Reuters


CARACAS -With U.S. sanctions spooking key oil buyers and depriving its government of cash, Venezuela last year inked a deal with a little-known local company to swap crude for food, Reuters has learned.

That agreement saw state oil company …

Source: Nasdaq

Saudi Aramco scouting for more deals to offer to investors

Nasdaq


DUBAI – Saudi Aramco 2222.SE is scouting for other potential deals to offer to investors and unlock capital, Chief Executive Amin Nasser said on Monday after the oil giant in June closed a $12.4 billion deal for its crude …

Source: World Oil

Prospects dim for Iran’s oil revival with Biden’s nuclear deal slipping away

World Oil


(Bloomberg) –The Biden administration faces the sobering reality that returning to the Iran nuclear deal may no longer be feasible, as the Islamic Republic finds ways to cope with U.S. sanctions and races toward the capacity to build …

Source: Reuters

Saudi Aramco Q2 profit soars on higher prices, demand recovery

Reuters


DUBAI – Saudi Arabian state oil producer Aramco (2222.SE) reported a near four-fold rise in second-quarter net profit on Sunday, beating expectations and boosted by higher oil prices and a recovery in oil demand.

Aramco said its results were …

Source: Reuters

Petrobras says hires JPMorgan as adviser to sell Braskem stake

Nasdaq


SAO PAULO – Brazilian state-run oil firm Petroleo Brasileiro SA PETR4.SA has hired JPMorgan Chase & Co JPM.N as adviser to sell its stake in petrochemical company Braskem SA BRKM5.SA, three sources familiar with the matter said.

Earlier …

Source: Reuters

Petrobras earnings jump on oil rally and Brazil’s water crisis

Bloomberg


Brazil’s state-controlled oil company saw its earnings surge in the second quarter, thanks to a rally in crude prices and a hydropower crunch in Brazil that boosted electricity demand.

Since late last year, Petrobras has sold more fuel oil …

Source: CNBC

Incident with multiple tankers in Gulf of Oman raises concerns in oil market

CNBC


U.S. officials say they are still trying to determine exactly what’s happening, but numerous reports say there’s potentially one hijacked ship in the Gulf of Oman and the status of several others is unclear.

The situation occurred as tensions …

Source: World Oil

Iran’s oil output growth looks less likely following tanker attack

World Oil


(Bloomberg) –Iran’s oil comeback, already taking longer than many traders expected, will be further complicated by last week’s deadly drone attack on a tanker in the Gulf of Oman, which the U.S., U.K. and Israel all blamed on …

Source: Reuters

EU extends tariffs on U.S. biodiesel for five years

Reuters


BRUSSELS – The European Union will retain its tariffs on U.S. biodiesel for a further five years after concluding that removing them would likely lead to a surge of imports at artificially low prices.

The tariffs, dating back to …

Source: Reuters

Saudi Arabia may raise Sept crude prices for 2nd month

Reuters


SINGAPORE – Top oil exporter Saudi Arabia is expected to raise prices across various grades of crude oil it sells to Asia in September for a second straight month, tracking the strength in Middle East benchmarks, trade sources said.…

Source: Reuters

Eni pledges higher returns as business looks up

Reuters


MILAN – Italian energy group Eni pledged higher shareholder returns after swinging to a net profit in the second quarter to beat expectations as firmer oil prices offset lower production.

Adjusted net profit was 929 million euros ($1.1 billion), …

Source: World Oil

Equinor and TotalEnergies exit key Venezuelan JV project

World Oil


French oil company TotalEnergies SE and Norway’s Equinor ASA are exiting a key venture in Venezuela, adding to an exodus of foreign firms in recent years as the country’s energy industry has withered.

The companies transferred to state-owned

Source: Reuters

Mexico’s Pemex posts quarterly net profit; debt swells to $115 bln

Nasdaq


MEXICO CITY – Mexico’s state oil company Petroleos Mexicanos (Pemex) on Wednesday reported net profit of 14.4 billion pesos ($722.5 million) in the second quarter, reversing course after a loss in the same period last year thanks to higher …

Source: Reuters

ExxonMobil makes new discovery off Guyana’s coast

Nasdaq


Exxon Mobil Corp XOM.N said on Wednesday it has made a new discovery at Longtail-3 in the Stabroek Block offshore Guyana, as the U.S. oil major develops one of the world’s most important new oil and gas blocks in …

Source:  Reuters

Column: India joins trend to use strategic crude reserves to offset high oil prices

Reuters


LAUNCESTON, Australia – India’s move to commercialise its strategic crude oil reserves is another sign that major Asian importers are taking steps to mitigate the high prices caused by the OPEC+ group’s output cuts.

India, the second-biggest crude importer …

Source: Reuters

Brazil’s offshore revival seeks to double crude output by 2030

Worldoil.com


RIO DE JANEIRO (Bloomberg) –If an energy transition is underway around the world, it hasn’t reached the streets of Ilha da Conceicao, the working-class district at the heart of Rio de Janeiro’s oil revival.

There, buses and trucks are …

Source: CNBC

Iran opens new oil terminal in bid to bypass crucial Strait of Hormuz for exports

CNBC


WASHINGTON – Iran on Thursday opened its first oil terminal in the Gulf of Oman, a move aimed at making Iranian President Hassan Rouhani’s regime less dependent on the Strait of Hormuz, often a source of international tension.

The …

Source: Reuters

Gas lobbyists ramp up efforts as EU mulls sustainability label

Reuters


LONDON – Gas industry lobbyists have stepped up meetings with European Union policymakers amid a political tussle on whether to badge the fuel as sustainable, analysis from campaign group Reclaim Finance showed.

Gas-related lobbyists held 323 meetings between January …

Source: Reuters

EXCLUSIVE China’s CCPC takes centre stage in Iran, Venezuela oil trade-sources

US News


LONDON/SINGAPORE/MEXICO CITY – A Chinese logistics firm has emerged as a central player in the supply of sanctioned oil from Iran and Venezuela, even after it was blacklisted by Washington two years ago for handling Iranian crude, seven …

Source: Reuters

Merkel defends U.S. Nord Stream 2 deal as Ukraine cries foul

Reuters


BERLIN/KYIV – German Chancellor Angela Merkel on Thursday defended a deal with the United States that allows the Nord Stream 2 gas pipeline to proceed as a pragmatic compromise, but Ukraine said it was too weak to ensure Russia …

Source: Fox Business

US, German deal on Russia’s Nord Stream 2 pipeline will ‘really undermine’ national security: Pompeo

Fox Business


Former Secretary of State Mike Pompeo slammed the Biden administration on Wednesday for the agreement with Germany, which would allow for the completion of the controversial Russian Nord Stream 2 natural gas pipeline, arguing that it would …

Source: Reuters

China’s oil imports from Saudi Arabia fall 19% in June, remains top supplier

Reuters


BEIJING – Saudi Arabia was China’s biggest crude oil supplier in June for the eighth consecutive month, customs data showed on Tuesday, while shipments from United Arab Emirates and Kuwait fell further, possibly signalling slower imports of Iranian oil.…

Source: Reuters

Biden, Merkel fail to resolve differences about Nord Stream 2 gas pipeline

Reuters


WASHINGTON – President Joe Biden and German Chancellor Angela Merkel failed on Thursday to settle their dispute over Russia’s Nord Stream 2 natural gas pipeline but said they agreed that Moscow must not be allowed to use energy as …

Source: Reuters

Germany loses Gazprom gas pipeline appeal as court sides with Poland

Nasdaq


BRUSSELS – Germany on Thursday lost its fight in Europe’s top court against a ruling limiting Gazprom’s GAZP.MM access to the OPAL pipeline that links the Russian gas producer’s Nord Stream pipeline to the country.

The case is part …

Source: Reuters

Greenvolt raises $177 million in IPO to fund expansion

Nasdaq


LISBON- Portuguese renewable energy firm Greenvolt GVOLT.LS said on Wednesday it had raised 150 million euros ($177.29 million) in an initial public offering to fund its expansion, including in European solar parks and wind farms.

The IPO, which is …

Source: Reuters

EU proposes world’s first carbon border tax for some imports

Reuters


BRUSSELS/LONDON – The European Commission on Wednesday put forward plans for the world’s first carbon border tax, on imports of carbon-intensive steel, aluminium, cement, fertilisers and electricity, as part of a programme to meet its new climate target.

The …

Source: Reuters

US’s Yellen urges better coordination on carbon policy

Reuters


U.S. Treasury Secretary Janet Yellen called on Friday for better international coordination on carbon-cutting policies to avoid trade frictions, days before the European Union is due to unveil a controversial carbon border tax.

The EU’s carbon border adjustment mechanism …

Source: Reuters

Exclusive: Brazil’s Petrobras price hikes show company’s independence -CEO

Reuters


RIO DE JANEIRO – Brazil President Jair Bolsonaro was not consulted or informed about state oil giant Petrobras’ decision this week to raise fuel prices, which underscores the company’s independence, Chief Executive Joaquim Silva e Luna told Reuters on …

Source: Reuters

White House says Saudi deputy defense minister meeting U.S. officials

Reuters


WASHINGTON – Saudi Arabia’s deputy defense minister was in Washington on Tuesday meeting with senior U.S. officials including White House national security adviser Jake Sullivan, the White House said.

White House spokeswoman Jen Psaki said the death in 2018 …

Source: CNBC

OPEC+ seeks agreement on oil output policy after initial talks end in disarray

CNBC


LONDON — OPEC and non-OPEC ministers will reconvene on Friday to discuss the next phase of oil production policy after a preliminary agreement was thought to have been blocked at the last minute the day before.


The energy alliance,