Venezuelan state oil company Petroleos de Venezuela completed the first half of a transfer of crude from an offshore oil facility that generated concerns about a potential spill, two people with knowledge of the matter said on Wednesday. PDVSA in December began offloading crude from the Nabarima floating storage and offloading facility (FSO), after…
Saudi Arabia’s decision to reduce crude production will help OPEC+ (includes OPEC members along with Russia) to manage the inventory efficiently. But, it will put global crude prices on a boil. It, in turn, will impact the global economies and pockets of the common man alike. The global oil market witnessed a very rare…
Biden revokes KXL permit in blow to Canada’s oil sector, Ottawa disappointedCALGARY, Alberta- U.S. President Joe Biden on Wednesday formally revoked the permit needed to build the Keystone XL oil pipeline (KXL), dashing Ottawa’s hopes of salvaging the $8 billion project that the struggling Canadian crude sector has long supported. The move represents another…
BEIJING/SINGAPORE- Saudi Arabia, the world’s biggest oil exporter, beat Russia to keep its ranking as China’s top crude supplier in 2020, government data showed on Wednesday. China’s oil demand remained strong last year even as the COVID-19 pandemic hammered appetite for fuel elsewhere. The world’s top oil importer, brought in a record 542.4 million…
The path will not be easy, with political divisions in the United States, opposition from fossil fuel companies, and wary international partners concerned.President Joe Biden on Wednesday announced America’s return to the international Paris Agreement to fight climate change, the centerpiece of a raft of day-one executive orders aimed at restoring U.S. leadership in…
Methane emissions from the global oil and gas industry fell by an estimated 10 per cent in 2020 as producers slashed output in response to the historic shock of the Covid-19 crisis, the International Energy Agency (IEA) said on Monday, warning that these emissions could rebound strongly without greater action by companies, policy makers…
Oil demand recovery will take a hit from a spike in new coronavirus cases before vaccine roll-outs and stimulus measures help in the second half of the year, International Energy Agency (IEA) said on Tuesday. “Border closures, social distancing measures and shutdowns…will continue to constrain fuel demand until vaccines are more widely distributed,…
The United States on Tuesday sanctioned a network of oil trading firms, individuals and vessels that have helped Venezuelan state-run oil company PDVSA sell crude mainly to Asia despite Washington’s sanctions on the South American nation. The measure targets a network that the U.S. Treasury Department says helped the administration of President Nicolas Maduro,…
LONDON, Jan 19 (Reuters) – OPEC’s secretary general said on Tuesday he was cautiously optimistic the oil market would recover this year from the slump in demand brought on by the coronavirus pandemic. Monthly meetings of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia – a group known…
The Secretary General, Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, has said that given the very bad experience of 2020, the worst part of the crisis in the global oil market has been put behind it by the oil and gas industry. Barkindo spoke while participating via video-conference at the 11th…
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