(BOE Report)– Russia sees scope to boost oil exports to China and to deepen cooperation on supplies of liquefied natural gas, Deputy Prime Minister Alexander Novak said on Tuesday in Beijing. China and India have become the main buyers of Russian oil since the start of Russia’s military campaign in Ukraine in February 2022. China imports roughly 1.4 million barrels
(BOE Report)– Venezuelan President Nicolas Maduro has the flexibility and the incentive to offer crude oil cargoes, which the country mostly sells to China, as a bargaining chip if Venezuela were to hold negotiations with the United States. U.S. President Donald Trump’s administration, which has boosted its military presence in the Caribbean, has said he is open to talks with
(Oil Price)– The $5-billion East African Crude Oil Pipeline (EACOP), which is planned to export crude oil from Uganda via a port in Tanzania, is now 75% complete, moving landlocked Uganda a step closer to becoming an oil exporter. EACOP, a controversial pipeline project that has seen a lot of environmental opposition and planning and construction delays, is now about
(Investing)– Oil prices slipped around $1 a barrel on Tuesday and were on track for a third straight day of declines as investors considered the impact of U.S. sanctions against Russia’s two biggest oil companies on global supply, along with a potential OPEC+ plan to raise output. Brent crude futures were down $1.09, or 1.7%, to $64.53 a barrel at 10:44
(BOE Report)– U.S. oil company ConocoPhillips is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters, as it moves to cut up to a quarter of its global workforce by next year. The memo did not specify how many layoffs would take place but said they would begin at the company’s Canadian
(Oil Price)– The proponents of the $44-billion Alaska LNG are expected to complete by the end of the year the crucial engineering and cost study for an 800-mile-long pipeline set to service the export project, U.S. Secretary of the Interior Doug Burgum has said. “There’s a lot of optimism about the Alaska LNG project, and the FEED study should be
(Investing)– Liquefied natural gas exporters in the U.S. have announced plans to more than double U.S. liquefaction capacity, adding an estimated 13.9 billion cubic feet per day (Bcf/d) by 2029, the U.S. Energy Information Administration said on Thursday. The EIA cited its Liquefaction Capacity File and trade press reports for the forecast, and added that the U.S. is already the
(BOE Report)– The International Monetary Fund upgraded its 2025 economic growth forecast for Saudi Arabia on Tuesday due to a faster-than-expected unwinding of oil production cuts in the world’s top crude exporter. In its latest World Economic Outlook, the IMF lifted its forecast for Saudi Arabia’s GDP growth in 2025 to 4%, from 3% it projected in April. Growth in
(BOE Report)– The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said. The sanctions announced on Thursday further complicate U.S.-China relations, coming ahead of planned talks between Presidents Donald Trump and Xi Jinping
(Oil Price)– Russia has raised its oil production close to the ceiling in the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said on Wednesday. “Production is growing… Just as we are unable to decrease it quickly, we are increasing it steadily. We will fulfil our quota,” Russian news agency Interfax quoted Novak as saying. Russia’s oil production in August was
(Investing) – The European Union could phase out Russian gas within six to 12 months by replacing it with U.S. liquefied natural gas, and the United States communicated this position to EU officials this week, U.S. energy secretary Chris Wright told Reuters on Friday. Wright was speaking in Brussels, where he met EU energy commissioner Dan Jorgensen on Thursday as
(World Oil)– India’s Finance Minister Nirmala Sitharaman said the country will continue buying Russian oil, signaling its intent to defy U.S. President Donald Trump’s persistent demands to halt the purchases. U.S. President Trump has imposed 50% tariffs on India in retaliation for Russian oil purchases “Where we buy our oil from, especially a big-ticket foreign exchange item where we pay
