International

Source: CNBC

OPEC and allies to decide on crude production policy as oil prices climb, demand recovers

CNBC


LONDON — A group of some of the world’s most powerful oil producers will meet on Thursday to decide the next phase of their production policy.

OPEC and non-OPEC partners, an energy alliance often referred to as OPEC+, convene …

Source: Reuters

Analysis: Brazil’s lower-sulphur fuel oil outsells LatAm peers in Asia

Nasdaq


RIO DE JANEIRO/MEXICO CITY/SINGAPORE – Brazil is growing its marine fuel oil exports to Asia’s lucrative premium hubs, where rules mandating lower sulphur content have been squeezing out most of its Latin American peers, according to sources and data.…

Source: Reuters

Vista Oil, Trafigura to develop oil wells in Argentina

Reuters


BUENOS AIRES – Latin American oil company Vista Oil & Gas and Geneva-based Trafigura on Monday signed a deal to jointly develop 20 wells in Argentina’s Vaca Muerta shale oil deposit, the companies said in a statement.

The investment …

Source: Reuters

EU countries approve landmark climate change law

Reuters


BRUSSELS – European Union countries on Monday gave the final seal of approval to a law to make the bloc’s greenhouse gas emissions targets legally binding, as EU policymakers prepare a huge new package of policies to fight climate …

Source: Reuters

Russia struggles to raise oil output despite price rally – sources

Reuters


MOSCOW – Russian oil production has declined so far in June from average levels in May despite a price rally in oil market and OPEC+ output cuts easing, two sources familiar with the data told Reuters on Monday.

Russia’s …

Source: Reuters

Saudi’s April oil exports more than double yr/yr to $13.8 billion

Reuters


DUBAI – The value of Saudi Arabia’s oil exports in April climbed 109% to 51.7 billion riyals ($13.79 billion) from a year earlier while non-oil exports rose by 46.3%, official data showed on Thursday.

Oil exports made up 72.5% …

Source: Reuters

Shell urged to drop appeal over landmark climate ruling

Reuters


LONDON – A Dutch activist group that won a legal battle against Royal Dutch Shell RDSa.L over its climate strategy has urged the company to ditch its appeal and hold joint talks on how to reduce its emissions, according …

Source: Reuters

Saudi Aramco extends $10 bln loan on improved terms, sources say

Reuters


DUBAI – Saudi Arabian oil giant Aramco 2222.SE has secured a one-year extension to a $10 billion loan it raised last year, negotiating improved terms in the process, three sources told Reuters.

Aramco has borrowed tens of billions of …

Source: Reuters

Iran says U.S. to lift oil sanctions, Germany cautious on matter

Nasdaq


Iran said on Wednesday the United States had agreed to remove all sanctions on Iran’s oil and shipping, although Germany cautioned that major issues remained at talks between Tehran and world powers to revive a 2015 nuclear deal.

The …

Source: CNBC

Iran’s President-elect Raisi rules out meeting Biden as oil markets look to nuclear deal’s future

CNBC


DUBAI, United Arab Emirates — Iranian President-elect Ebrahim Raisi gave his first press conference since the country’s election, saying Monday his priorities would be to improve ties with regional neighbors and revive the 2015 nuclear deal — and at …

Source: Reuters

Gulf states will take at least 10 years to end oil dependence: Moody’s

MSN News


Countries in the oil-exporting Gulf will remain heavily dependent on hydrocarbon production for at least the next 10 years as efforts to diversify economies have made limited progress since the 2014-15 oil price shock, Moody’s said.

The rating …

Source: Reuters

Saudi Arabia’s April crude exports slip to 10-month low

Reuters


Saudi Arabia’s April crude oil exports fell to their lowest level since June 2020, official data showed on Thursday.

Crude exports from the world’s top exporter slipped to 5.408 million barrels per day (bpd) from 5.427 million bpd in …

Source: Reuters

Crude prices in Asia jump on robust demand, tight supply

Reuters


SINGAPORE (Reuters) – Asian refiners are paying the highest premiums for Middle East and Russian crude oil in about a year, due to firm demand and more costly imports from the West, industry sources said.

High prices could prompt …

Source: Reuters

Saudi Aramco raises $6 billion with debut sukuk

Reuters


DUBAI- Saudi Arabian oil giant Aramco locked in another $6 billion on Wednesday to help fund a large dividend as it returned to the international debt markets with its first U.S. dollar-denominated sukuk sale, a document showed.

The debt …

Source: Reuters

Iran prepared to ramp up oil output quickly if U.S. sanctions eased – SHANA

Reuters


DUBAI – Iran is planning a speedy increase in its oil output, a senior oil ministry official said on Wednesday, as talks continue between Tehran and six major powers to lift U.S. sanctions that have seen it pumping far …

Source: Reuters

Shell to step up energy transition after landmark court ruling

Reuters


LONDON – Royal Dutch Shell will seek ways to accelerate its energy transition strategy and deepen carbon emission cuts following a landmark Dutch court ruling last month, CEO Ben van Beurden said on Wednesday, a move that will likely

Source: Reuters

U.S. to insist on ‘real steps’ to mitigate Russian pipeline impact

Reuters


U.S. Secretary of State Antony Blinken said on Tuesday that Washington was working with Germany to try to mitigate any effects of the completion of the Russian Nord Stream 2 natural gas pipeline.

He also indicated that more penalties …

Source: Reuters

Analysis: Iran nuclear deal rescue needs more time, envoys say ahead of fresh talks

Reuters


A host of barriers to the revival of Iran’s nuclear deal remain firmly in place ahead of talks due to resume this week between Tehran and world powers, suggesting a return to compliance with the 2015 accord is still …

Source: Reuters

Oil prices retreat but outlook remains positive

Reuters


Oil prices extended losses on Tuesday on profit taking and a stronger U.S. dollar, but overall optimism about recovering demand kept a floor under prices.

Brent crude was down 37 cents, or 0.5%, at $71.12 a barrel by 1335 …

Source: Reuters

Rosneft begins hunt for contractors for massive Vostok Oil project

Reuters


MOSCOW – Rosneft has kicked off meetings with foreign contractors and suppliers for its massive Vostok Oil project, the Russian energy producer said on Monday.

It aims to begin shipping oil from the planned project in 2024 via the …

Source: Reuters

Analysis: Venezuelan oil, masked as Malaysian, rushes into China before fuel tax

Reuters


SINGAPORE/KUALA LUMPUR/MEXICO CITY – Traders are racing to deliver record volumes of Venezuelan crude oil masked as Malaysian bitumen blend to China, ahead of new fuel taxes that look set to upend the lucrative flow of sanctioned oil to …

Source: CNBC

Russia to consider ditching dollar-denominated oil contracts if faced with more U.S. sanctions

CNBC


Russian Deputy Prime Minister Alexander Novak on Thursday said the oil and gas-rich country may soon be tempted to move away from U.S. dollar-denominated crude contracts if President Joe Biden’s administration continues to impose targeted economic sanctions.

“Well, ideally

Source: Reuters

UK petrol sales hit pre-pandemic levels

Reuters


LONDON – UK demand for road fuel – mainly petrol and diesel – has returned to pre-pandemic levels, official data released on Thursday showed, after the country eased coronavirus-related restrictions following a successful vaccination programme.

Fuel consumption dropped sharply …

Source: Reuters

Fire breaks out at Tehran oil refinery; no reports of casualties

Yahoo News


A huge fire has broken out at an oil refinery in the southern part of the Iranian capital Tehran, Iranian state media reported, saying there were so far no reports of casualties.

Iran’s Tasnim news agency said all …

Source: msn.com

US sells off Iranian oil from seized tanker

MSN


The United States recently seized a ship and then sold off the Iranian oil it was carrying, according to reports over the weekend.

U.S. authorities in February seized the Liberian-flagged tanker Achilleas off the coast of the United Arab
Source: Reuters

Analysis: Venezuela adjusts as sanctions spur Western oil partners to retreat

Reuters


Venezuelan state oil company PDVSA is turning to local partners as it seeks to plug the gap left by Western companies in the OPEC nation’s oil sector, according to interviews with a half dozen industry sources, as a key …

Source: Reuters

Equinor’s Castberg oilfield delayed until end of 2023 – regulator

Reuters


OSLO – Equinor’s Johan Castberg oilfield in the Arctic Barents Sea won’t come on stream until the end of 2023, a year later than planned due to technical problems that have also hit its value, Norway’s oil and gas …

Source: CNBC

After a week of setbacks for Big Oil, France’s Total wins support for its climate strategy

CNBC


LONDON — Investors in French oil giant Total on Friday backed the company’s strategy at its annual shareholder meeting, including plans to tackle the climate emergency, according to chairman and CEO Patrick Pouyanne.

The Paris-based energy major had sought …

Source: CNBC

Dutch court rules oil giant Shell must cut carbon emissions by 45% by 2030 in landmark case

CNBC


LONDON — A Dutch court on Wednesday ruled oil giant Royal Dutch Shell must reduce its carbon emissions by 45% by 2030 from 2019 levels.

That’s a much higher reduction than the company’s current aim of lowering its emissions …

Source: Reuters

Saudi oil exports in March rise to $14 billion

Reuters


DUBAI – The value of Saudi Arabia’s oil exports in March rose by 75% year on year to 52.3 billion riyals ($13.95 billion), official data showed on Wednesday.

Non-oil exports increased by 42.9% to 22.4 billion riyals, the General …