Oil

When oil became waste

By David Gaffen The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never…

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China buys crude oil as prices collapse

China, the world’s biggest energy consumer, is building up stockpiles of crude oil as global prices plunge due to the coronavirus outbreak. Imports rose 4.5% in March over a year…

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UK petrol prices to stay steady despite global oil price slump

British motorists are likely to miss out on petrol prices below £1 a litre despite an unprecedented oil market crash triggered by the coronavirus lockdown. The price of…

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Brent crude oil hits 21-year low

Oil prices have fallen sharply after an unprecedented collapse in the value of US oil that saw costs fall into negative territory for the first time. Brent crude, the international…

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Malta: Even oil prices in the UK go down to record levels

Unprecedented blow - the price of oil in the US falls below zero. Even the price of every Brent Crude oil barrel in the UK has dropped to less than $…

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US oil price goes below zero for first time in history

Oil prices in the United States collapsed to below zero for the first time in history as the deepening economic crisis resulting from the coronavirus pandemic placed traders avoiding delivery…

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Top oil producers agree on ‘historic’ cuts to boost prices

Top oil-producing countries agreed Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers…

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Oil prices fall again despite Opec+ deal to cut production

Oil prices dropped on Friday as traders feared that an Opec deal to slash global supplies by 10% would not offset a historic drop in demand due to the coronavirus outbreak.…

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Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths…

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Australia to sign deal with US to boost emergency stockpile of oil and petrol

The federal government will sign a new agreement with the United States to boost Australia’s emergency fuel stockpiles. The energy minister, Angus Taylor, will sign a deal in Washington to…

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Oil price crash sends shockwaves through financial markets

Stocks and US government bond yields tumbled after oil prices crashed by almost a third, as the prospect of a crude price war hit global markets already reeling from the…

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OPEC calls for big oil production cut

The OPEC oil cartel is calling for a deep production cut to keep crude prices from falling further as disruption to global business from the coronavirus slashes demand from air…

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Libya says oil shutdown losses close to $2.6 billion

Economic fallout continues from a protracted blockade of Libya’s vital oil fields and ports, with losses close to $2.6 billion, the national oil corporation announced, intensifying the pressure on a…

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Libya’s PM aware of financial crisis in view of oil output drop

Libya will face a financial crisis and a budget deficit in 2020 because of a blockade of oil terminals and oil fields by groups loyal to eastern-based commander Khalifa Haftar,…

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Warning that China virus outbreak could hurt oil prices

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the outbreak of a new coronavirus could hurt crude prices by about $3 per…

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Oil prices jump after Iraq missile attacks

Oil prices have jumped after at least two airbases hosting US troops in Iraq were hit by ballistic missiles. There was also another tragic development hours after a Ukrainian Boeing…

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Oil industry braces for Mideast turmoil after Soleimani killing

The US assassination of one of Iran's most powerful generals has the oil industry bracing for something it has long feared and anticipated - direct military confrontation between the two…

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Brent jumps nearly $3 after U.S. air strike kills Iranian top official

Brent crude futures jumped close to $3 on Friday to their highest since September after a U.S. air strike killed key Iranian and Iraqi military personnel, raising concerns that escalating…

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OPEC meeting breaks up without agreement

A meeting of the OPEC group of major oil-exporting countries broke up late Thursday without agreement on cutting production to head off pressure on prices from abundant reserves and…

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OPEC gearing up for deeper oil cuts

OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices…

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For first time in decades US is net exporter of oil

The US has cemented its status as a net exporter in world oil markets, a sharp reversal from past years that could affect its ties to foreign allies. The top…

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Libya exports one million barrels of crude oil to Italy

The Libyan Observer quotes a source at Ras Lanuf port who said that the Greek-flagged "Marin Helios" oil tanker has shipped around 630,000 barrels of crude oil before leaving for…

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NOK 245 billion in net revenue from the Norwegian petroleum industry in 2020

The Norwegian State’s net cash flow from the petroleum industry in 2020 is estimated to about NOK 245 billion. The fields on the Norwegian continental shelf cover around two per…

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World’s most profitable company, Aramco, to go public

Saudi Arabia’s market regulator approved on Sunday Saudi Aramco’s application to list on the domestic stock market as the kingdom seeks to diversify and create the world’s most valuable listed…

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Fracking banned in England over earthquake fears

Fracking in England has been banned after new research raised fresh fears over the risk of earthquakes. The decision comes after a report by the Oil and Gas Authority found…

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Greek-flagged tanker believed to be source of Brazil oil spill

Brazilian officials suspect a Greek-flagged tanker was the source of an oil spill that has stained about 2,500km of Brazil's coastline. The spill was first detected on 2 September, and…

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Brent price seen within $60 to $65 next year – IEEJ

Brent crude prices are expected to be around $60 to $65 a barrel next year as any possible price hikes from geopolitical risks would be countered by ongoing trade war,…

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Eni production rate hits record high as third-quarter profit slumps

Italian energy group Eni racked up its highest ever production rate in the third quarter and said more was to come as net profits fell sharply on lower oil and…

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Pentagon readying plan to contain ISIS, safeguard oil in Syria

U.S. military leaders are preparing a plan that could keep ISIS fighters from regaining a foothold in Syria, while preventing Syrian oil from falling into the hands of Iran or…

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Clean-up on Brazilian beaches affected by mysterious oil spill

Thousands of people have taken part in a huge clean-up operation to remove oil and tar from beaches along Brazil's north-eastern coast. Volunteers, as well as government workers, used wheelbarrows,…

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‘Business as usual’ for oil after Saudi attacks, oversupply looms: IEA

Global oil markets have quickly recovered from attacks on Saudi oil facilities last month and even face oversupply next year as global demand slows, the International Energy Agency said. Saudi…

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Iran will use any possible way to export its oil

Iran will use any possible way to export its oil, Iranian Oil Ministry’s website SHANA quoted Oil Minister Bijan Zanganeh as saying on Sunday, adding that exporting crude was the…

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Kuwait oil sector heightens security

Kuwait’s oil sector is on high alert and has raised its security to the highest level as a precautionary measure in the wake of the weekend attack on Saudi Arabia’s…

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Hurds Bank is used by Venezuela for significant oil products transfer, bypassing US sanctions – The Times

The Times reveals that Hurds Bank to Malta’s east is being used by Venezuela to make ‘significant’ transfers of oil products, bypassing US sanctions. An industry source said that vessel-to-vessel…

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IEA warns oil demand growth so far in 2019 lowest since 2008

Mounting signs of an economic slowdown and a ramping up of the U.S.-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis…

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US wanted to spy on Maltese PM and Keith Schembri over Russian refueling

Darren Debono, the suspected Maltese fuel smuggler currently facing charges in an Italian court in Catania, has alleged in court that officials from the United States embassy asked him for…

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Turkey says another drill ship en route to eastern Mediterranean

Two Turkish drill ships are continuing operations in the eastern Mediterranean and another ship will join them this month, Energy Minister Fatih Donmez said, as a dispute over natural resources…

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Oil prices drop as U.S.-China trade war fuels growth concerns

Oil prices fell on Monday amid concerns about weaker crude demand after U.S. President Donald Trump said he would impose tariffs on more Chinese imports, potentially ramping up a trade…

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Transfer of Russian oil to Venezuela off Maltese coast

Various transfers of Russian oil products bound for Venezuela, had taken place off Malta’s coast during the first half of last year, media reports and data reveal. Media outlets Bloomberg…

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Oil gains as Gulf tanker seizure raises tensions

Oil prices rose on Monday amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week. Brent crude…

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Oil prices rise after the U.S. Navy destroyed an Iranian drone

Oil prices rose more than 1% on Friday after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising…

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Five exploratory drills over the next two years around Cyprus

Five exploratory and five confirmatory drillings in the licensed plots of the Cypriot EEZ will take place over the next two years, according to the Minister of Energy of the…

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Libyan oil revenue drops to 11.2%

Libya’s oil revenue dropped 11.2% to 14.3 billion dinars ($10,2 billion) in the first six months of 2019, compared with the same period last year, the Libyan central bank announced…

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Turkish Cypriot leader proposed creating a joint committee to address tensions over offshore energy reserves

Turkish Cypriot leader Mustafa Akinci on Saturday proposed creating a joint committee across the divided Mediterranean island, to address tensions over offshore energy reserves. The measure aims to "pass the…

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EU signals sanctions on Turkey over Cyprus drilling

The European Union will put on hold high-level talks with Ankara and negotiations on an air transport agreement, as well as freezing funding for Turkey next year, over “illegal” drilling…

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UPDATED: Washington urges Turkey to halt drilling operations off the coast of Cyprus, Ankara reacts to EU warning

UPDATED: Turkey said on Wednesday it rejected Greek and European Union assertions that Turkish drilling for gas and oil off Cyprus was illegitimate, and said it showed the EU could…

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Midday Dispatch – Corporate and Financial News

The euro dropped to a three-week low against a broadly stronger dollar on Tuesday as investors re-assessed their expectations of how much the Federal Reserve may cut interest rates this…

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OPEC and Russia-led allies to extend deal to cut oil output by nine months

OPEC agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group’s members overcame their differences in order to prop up the price…

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ExxonMobil and other oil firms targeted in rocket attack in Iraq

A rocket landed at a residential and operations headquarters of several global major oil companies, including U.S. giant ExxonMobil, near Iraq's southern city of Basra early on Wednesday, wounding…

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Turkey to launch second drilling vessel for natural gas operations near Cyprus

Reuters reports that Turkish Energy Minister Fatih Donmez announced that Turkey will launch a second drilling vessel, the Yavuz, on Thursday that will begin natural gas operations near Cyprus at…

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Foreign firms seek to renew Libya licences

Foreign firms have started to renew their business licences with Libya’s internationally recognised government to keep operating in the country. In an interview with Reuters, Ali Abdulaziz Issawi, the…

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Instability could lead to 95% oil production loss in Libya

Mustafa Sanalla, Libya's National Oil Corporation (NOC) chief, told reporters in Jeddah that the continued instability in Libya could make it lose 95% of its oil production. Currently…

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Cyprus expresses anger at UK about comments on offshore economic rights

President Nicos Anastasiades of Cyprus said his government would lodge a complaint to British Prime Minister Theresa May over remarks by Britain's Foreign Office minister that Nicosia considers"unacceptable" remarks.…

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No increase in Saudi Arabian oil output for now

The Financial Times is reporting that Saudi Arabia will not rapidly ramp up its oil output after the US ended the sanctions waivers for buyers of Iranian crude. This was…

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US to end exemptions from sanctions for countries buying oil from Iran

US Secretary of State Mike Pompeo announced the State Department will not renew sanction waivers for countries importing Iranian oil. The increased pressure on Iran comes nearly one year after…

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Italian companies in energy sector leave Tripoli… ISIS attack in Fuhaqa

The Libya Observer reported that the President of the Italian-Libyan Chamber of Commerce, Gianfranco Damiano confirmed that part of the Italian companies operating in the oil and gas sector and…

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Utilities prices across Europe enjoy windfall in view of excess liquified natural gas

The Financial Timesb reports that utilities across Europe are enjoying a windfall, as a gas glut caused by excess liquefied natural gas shipments from Asia drives prices to multi-year lows. A…

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