NEW YORK/SINGAPORE: U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war. Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of…
New rules released by the Trump administration last week seek to strip away royalty payment requirements on coal, oil and natural gas leases on public lands in a move widely seen as a boost for the extractive energy industry. The move comes as part of a wave of rollbacks that the administration says will promote…
Islamabad/New Delhi: Saudi Arabia has halted the provision of oil on loan for Pakistan after the Imran Khan government threatened to split the Organization of Islamic Countries (OIC) over Kashmir.Hit by a severe economic crisis, Pakistan had borrowed a $6.2 billion loan from Saudi Arabia in 2018. The loan package included a provision under which…
MEXICO CITY – Dirty fuel oil widely used to generate electricity in Mexico should be completely banned, Mexican scientist Mario Molina said, citing its high sulfur content as a danger to both human health and the earth’s atmosphere. The oil, a byproduct of the refining process, is especially prevalent in Mexico due to the inability…
It’s been a wild and bumpy ride for OPEC+ this year. The consortium, consisting of the traditional members of the Organization of the Petroleum Exporting Countries plus oil and gas superpower Russia, was largely responsible for the huge collapse in oil prices toward the end of April. After a huge drop in oil demand corresponding…
WASHINGTON: The Interior Department on Friday announced a new proposal to ease a regulation on royalties for sales of coal, oil and gas extracted from federal and tribal land after a court struck down its initial repeal of the Obama-era rule last year. The changes to the Office of Natural Resources Revenue’s (ONRR) regulations lift…
RIYADH — Oil ministers of Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman, and Iraq on Friday reviewed the recent developments in oil markets, the continued recovery in the global economy and oil demand, and the progress made in rebalancing the oil market during a conference call. The call was attended by Saudi Arabia’s…
The U.S. sent in June its first crude oil shipment to Saudi Arabia since the ban on crude export was lifted in 2015, which was also the first shipment since one very small shipment back in 2002, according to data from the U.S. Census Bureau reported by Reuters. The data showed that the United States…
ISTANBUL Turkeys president has called a maritime deal between Greece and Egypt worthless, saying Turkey will resume oil and gas exploration in the Eastern Mediterranean. Egypt and Greece on Thursday signed a maritime deal that sets the sea boundary between the two countries and demarcates an exclusive economic zone for oil and gas drilling rights.…
Only two years ago analysts were hailing Argentina’s emerging shale oil boom, which many believed would be the next major petroleum frontier in Latin America. The vast Vaca Muerta, or Dead Cow in English, shale formation, which skirts Argentina’s semi-arid Patagonian steppe, is compared to the smaller prolific Permian shale. The EIA estimates that the…
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