Source: Reuters
RIYADH (Reuters) – What a difference a year makes.
There was standing room only in the expansive halls of Riyadh’s Ritz-Carlton hotel on Tuesday as the world’s financial royalty attended Saudi Arabia’s Future Investment Initiative (FII) conference, aimed …
Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries, a move that would also help the world’s top oil …
Source: Reuters
RIO DE JANEIRO/MEXICO CITY (Reuters) – When executives arrive in Rio de Janeiro this week for Brazil’s biennial Offshore Technology Conference, they will find themselves in Latin America’s most promising market for Big Oil by far. That marks …
Source: Houston Chronicle
Mexico’s state-run oil company Petroleos Mexicanos, or Pemex, reported slightly higher production figures but posted a $4.6 billion loss during the third quarter amid sagging exports and domestic sales.
In a Monday morning statement, Pemex reported a …
Kosmos Energy (NYSE/LSE: KOS) announced today that the Orca-1 exploration well has made a major gas discovery offshore Mauritania in the BirAllah area. The results continue the 100 percent success rate …
RIO DE JANEIRO (Reuters) – Investors cheered a significant cut in production costs at Brazil’s state-run oil firm Petrobras on Friday, sending shares in the company soaring 4% in morning trade, their biggest intraday gain in more than a …
At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources.…
Source: Reuters
LONDON (Reuters) – Oil prices eased on Friday but were on track for strong weekly gains as support from a surprise draw in U.S. inventories and possible action from OPEC and its allies to extend output cuts outweighed …
Stockpiles of low-sulphur marine fuels held in floating storage around the Singapore trading and pricing hub are steadily growing ahead of a 2020 global deadline for rules that have shaken the global oil refining and shipping industries.
A total …
Source: Houston Chronicle
The British energy major BP said Thursday it will build a new pilot plant for recycling plastics at its refining complex in Illinois.
The $25 million pilot plant, which is expected to be completed next year, would …
Source: Houston Chronicle
Oil traded near $56 a barrel in New York as weak economic data from Germany added to concerns over slowing global fuel demand, tempering the boost from a surprise pullback in U.S. crude stockpiles.
Futures recouped earlier …
SAO PAULO (Reuters) – Brazilian fuel distributor Petrobras Distribuidora SA is considering creating energy trading units as it seeks to reposition itself after its privatization last July, Brazilian newspaper Valor Economico reported on Thursday.
The company is considering …
Trump administration took aim Wednesday at one of California’s premier climate change policies, suing the state for entering into a cap-and-trade agreement with the Canadian province of Quebec to lower fossil fuel emissions.
The lawsuit filed by …
Source: Reuters
HOUSTON (Reuters) – Oil rose nearly 2% on Wednesday after government data showed a surprise draw in U.S. crude stocks and as the prospect of deeper output cuts by OPEC and its allies offered support.
U.S. crude stocks …
Source: Reuters
DUBAI/RIYADH (Reuters) – Oil giant Saudi Aramco’s much-vaunted stock market listing was delayed after deal advisers said they need more time to lock in cornerstone investors, three sources with direct knowledge of the matter told Reuters.
After a …
Source: Reuters
CALGARY, Alberta (Reuters) – Canada’s energy industry saw its worst-case election result materialize on Monday as the Liberals failed to secure a majority government, leaving them in need of support from left-leaning parties that are opposed to new …
Source: Houston Chronicle
The Trump administration has given five energy companies with headquarters or major operations in Houston permission to stay in Venezuela another three months despite harsh economic sanctions designed to unseat strongman Nicolas Maduro.
In a Monday afternoon …
Source: Reuters
NEW YORK (Reuters) – Oil prices fell more than 1% on Monday after comments from a U.S. official stymied hopes that a U.S.-China trade deal would be reached soon, prompting renewed concern that a slowing global economy would …
The Trump administration is considering an extension of Chevron Corp.’s waiver to operate in Venezuela, albeit with even greater limitations, according to people familiar with the matter.
The 90-day sanctions reprieve would allow Chevron to continue its …
Dubai-based Dragon Oil Ltd said on Monday it had completed the purchase of BP’s oil concessions in Egypt’s Gulf of Suez and will invest $1 billion over five years to boost and extend their production.
Dragon, owned by …
Source: Reuters
LONDON (Reuters) – BP is increasing its Asian presence with an initial agreement, or memorandum of understanding, with China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) to build a 1 million tonne a year acetic acid plant, BP said …
Venezuela’s opposition last week sent holders of state oil company PDVSA’s 2020 bond a proposal to suspend legal actions for 90 days, the latest maneuver to avoid losing U.S. refiner Citgo, three sources familiar with the talks said.…
Source: Reuters
DUBAI/RIYADH (Reuters) – Saudi Aramco (IPO-ARMO.SE) has delayed the planned launch of its initial public offering (IPO), as the giant oil company wants to update investors with its latest earnings before proceeding, two sources familiar with …
Source: Houston Chronicle
WASHINGTON – Plans to shrink the U.S. Strategic Petroleum Reserve by 40 percent over the next eight years risks a spike in global energy prices, a top official at the International Energy Agency warned the Senate Thursday.…
Source: Reuters
LONDON (Reuters) – Oil prices fell on Thursday as industry data showed a larger-than-expected increase in U.S. inventories but losses were limited after Britain and the European Union announced they had reached a deal on Brexit.
Global benchmark …
Source: Reuters
Russia, the world’s No. 2 oil producer, has become an unintended beneficiary of U.S. sanctions after an embargo on Chinese ships drove up tanker freight rates, spurring record premiums for Russian crude that takes just days to arrive …
Source: Houston Chronicle
Soaring oil-tanker costs are drying up activity in the U.S. export market as sellers are slow to lower offers and buyers are skittish, according to market participants.
Some sellers have held back from offering cargoes, while others …
Source: Reuters
HOUSTON (Reuters) – Oil rose about 1.4% on Wednesday, gaining support due to signs that OPEC and allied producers will continue to curb supplies in December, a weaker U.S. dollar and as traders covered short positions ahead of …
