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Oil News

US demands Venezuela free Citgo executives as virus hits

Washington - US Secretary of State Mike Pompeo on Thursday demanded that Venezuela release six detained former Citgo executives, five of whom are US citizens, due to risks from the coronavirus.

Saudi to boost oil output capacity by 1 mn barrels per day: Aramco

Apo - Energy giant Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies.

Saudi to boost oil output capacity by 1 mn barrels per day: Aramco

Apo - Energy giant Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies.

Oil crash: Saudi Arabia's risky price war

Apo - Saudi Arabia sent energy markets into a tailspin Monday after slashing crude prices, a risky gambit to sideline competitors including Russia that will test the fortunes of Crown Prince Mohammed bin Salman.

Russia steps in to support tumbling ruble

Moscow - The Russian ruble tumbled Monday to a four-year low amid a crash in oil prices as authorities rushed to assure the public the country has accumulated enough funds to withstand the blow.The ruble fell 9.

Coronavirus to cause first annual decline in oil use in decade: IEA

Paris - The world is set for its first annual decline in oil consumption in more than a decade due to the impact of the coronavirus outbreak, the IEA said Monday.

Tensions rise as Guyana awaits election result

Georgetown - Guyana's two main political parties were claiming victory on Wednesday with tensions rising as the oil-rich, cash-poor South American nation awaits the results of its general election.

OPEC to try to stem oil price plunge amid coronavirus slowdown

London - The OPEC club of oil-producing countries meets Thursday in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus.

Venezuela arrests officials for giving US oil data

Caracas - Venezuela said Monday it had arrested two officials from state oil company PDVSA for providing the US with "strategic and sensitive" details of its sanctions-hit oil operations.

Mexican state oil firm Pemex losses $18.3 bn in 2019

Mexico - Mexico's state oil company Pemex on Thursday reported losses of 346 billion pesos ($18.3 billion) for 2019, a 92 percent increase on last year's deficit.

US takes aim at Russian oil giant Rosneft to press Venezuela

Washington - The United States on Tuesday imposed sanctions against a subsidiary of Russian state-controlled oil giant Rosneft over its key role in Venezuela, stepping up international pressure to break leftist President Nicolas Maduro's grip on power.

US sanctions Russia's Rosneft subsidiary over Venezuela trade

Washington - The United States on Tuesday announced sanctions against a subsidiary of Russian state-controlled oil giant Rosneft over its continued trade with Venezuela in defiance of Washington's attempt to break leftist President Nicolas Maduro's grip on power.

Court backs Yukos shareholders against Kremlin in $50 bn case

Den Haag - A Dutch court Tuesday upheld an appeal by shareholders of the dismantled oil giant Yukos in a landmark ruling, boosting their fight in a $50 billion case for compensation.

Cuba burning tires to power factory as US oil sanctions bite

Havana - The Cuban government has ordered a cement factory to burn old tires to power its operations and save on oil, amid a worsening fuel shortage brought on by US sanctions on the Communist island.

COVID-19 causing first drop in oil use in decade: IEA

Paris - Global oil demand will suffer its first quarterly drop in a decade as the COVID-19 virus lashes the economy in China and its impact ripples throughout the world, the IEA said Thursday.

Graft-accused former Mexico state oil chief arrested in Spain

Mexico - A former chief executive of Mexico's state oil company PEMEX accused of corruption has been arrested in Spain, Mexico's attorney general said on Wednesday.

G20 funds fossil fuels $30 bn a year under the radar: analysis

Paris - Rich nations are funnelling cash through government-backed financial institutions to provide $30 billion to fossil fuel projects each year that "run counter to the Paris Agreement", a new analysis showed Thursday.

Pro-Haftar forces 'block oil exports' from key Libya ports

Tripoli - Forces loyal to military strongman Khalifa Haftar on Saturday blocked oil exports from Libya's main ports, the National Oil Company said, raising the stakes on the eve of international peace talks.

Iranian hackers hit Bahrain's national oil company Special

New Iranian data wiper malware hast struck Bapco, Bahrain's national oil company. The malware is dubbed “Dustman” by the Saudi Arabia National Cybersecurity Authority, as Chris Kennedy of AttackIQ explains.

Putin visits Turkey to talk Libya, Syria and gas

Istanbul - Turkish President Recep Tayyip Erdogan will host Russian counterpart Vladimir Putin on Wednesday to inaugurate a new gas pipeline, with tensions in Libya and Syria also on the agenda.

Captain, 7 crew abducted from Greek oil tanker in Cameroon port

Douala - Armed men staged a night raid on a Greek oil tanker anchored in a Cameroonian port and abducted eight crewmen, including the vessel's Greek captain, the merchant marine ministry and the ship's owner said Tuesday.

Algae enzyme converts cooking oil into ready-to-use biofuel

A rare algae enzyme has been shown to be able to convert waste cooking oil, via a photo-bio-catalytic continuous flow system, into a ready-to-use biofuel.

Germany, EU hit out at US over sanctions on Russian gas pipeline

Berlin - Germany on Saturday accused the United States of interfering in its internal affairs, in an increasingly angry spat over Washington's decision to impose sanctions on companies involved with a major project to supply western Europe with Russian gas.

Turkey sends armed drone to N.Cyprus amid gas dispute

Famagusta - A Turkish military drone was delivered to northern Cyprus on Monday amid growing tensions over Turkey's deal with Libya that extended its claims to the gas-rich eastern Mediterranean.

Mammoth field fires up Norway's oil industry

Norway - Under yellow metal legs stretching beneath the sea, billions of dollars lie buried. As the world tries hard to halt global warming, a huge oil field breathes new life into Norway's oil sector."Massive!

Marathon OPEC meeting breaks up without agreement

Vienna - 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 slowing global economic growth.

Saudi Aramco raises $25.6 billion in biggest-ever IPO

Apo - Saudi Aramco on Thursday priced its long-awaited IPO at the high end of the target range, raising $25.6 billion and giving the energy giant a valuation of $1.7 trillion in the world's biggest stock sale.

Saudi Aramco raises $25.6 bn in largest-ever IPO

New York - Saudi Arabia's state oil company Aramco launched its initial stock offering on Thursday, pricing at the high end of the target range and raising $25.6 billion, two sources told AFP.

Slash emissions now or face climate disaster, UN warns

Paris - The world will miss its chance to avert climate disaster without an immediate and all-but-impossible fall in fossil fuel emissions, the UN said Tuesday in its annual assessment on greenhouse gases.

Oil from spill in Brazil washes up in Rio state

Rio De Janeiro - Oil from a spill that has contaminated a stretch of Brazil's coast was detected in Rio de Janeiro state, the navy said Saturday, as President Jair Bolsonaro warned the country was preparing for the worst.
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Protesters opposed to the proposed Keystone XL demonstrate outside the White House in 2011.
Protesters opposed to the proposed Keystone XL demonstrate outside the White House in 2011.
Chesapeakeclimate/Wikimedia Commons
The Athabasca Tarsands.
The Athabasca Tarsands.
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ConocoPhillips
Russian oil tankers parked at a rail station in July 2014.
Russian oil tankers parked at a rail station in July 2014.
sergejf (CC BY 2.0)
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A rig in the gulf where an explosion occurred on April 20  2010.
A rig in the gulf where an explosion occurred on April 20, 2010.
KK+
ENERGY: A major oil refinery in Port Arthur  Texas  is shown after it was damaged by Hurricane Rita ...
ENERGY: A major oil refinery in Port Arthur, Texas, is shown after it was damaged by Hurricane Rita in 2005.
Leif Skoogfors-FEMA/Wikimedia Commons
BP Gulf of Mexico
BP Gulf of Mexico
BP p.l.c
World energy consumption  1970-2025.
World energy consumption, 1970-2025.
United States Department of Energy
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DigitalJournal.com, File photo
A tailing pond.
A tailing pond.
Uncontacted Indians  territory in Peru is being
invaded by oil companies. ©Anon/ Survival
Uncontacted Indians' territory in Peru is being invaded by oil companies. ©Anon/ Survival
Francis Bacon  Second Version of Triptych   1944 / 1988. Oil and alkyds on canvas. Each panel 198 x ...
Francis Bacon, Second Version of Triptych, 1944 / 1988. Oil and alkyds on canvas. Each panel 198 x 147.5 cm (each panel), Tate Modern, London. © Estate of Francis Bacon / SODRAC (2013)
© Estate of Francis Bacon / SODRAC (2013)
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Ken Lund
Untitled
Josh Smith
LOCATION; Photo/Graphic shows approximate location of the May 19th oil spill from the Plains All Ame...
LOCATION; Photo/Graphic shows approximate location of the May 19th oil spill from the Plains All American Pipeline near Refugio Beach in Santa Barbara, Calif.
Jwncv - Santa Barbara, California/Wikimedia Commons
An oil tanker
Oil tanker
Photo by Zero
LOCATION; Photo/Graphic shows approximate location of the May 19th oil spill from the Plains All Ame...
LOCATION; Photo/Graphic shows approximate location of the May 19th oil spill from the Plains All American Pipeline near Refugio Beach in Santa Barbara, Calif.
Jw4nvc - Santa Barbara, California/Wikimedia Commons
The TransAlaska Pipeline carries oil from Prudhoe Bay on the North Slope to Valdez  Alaska.
The TransAlaska Pipeline carries oil from Prudhoe Bay on the North Slope to Valdez, Alaska.
Ryan McFarland from Petersburg, AK
The new ship and the world s largest  The Prelude
The new ship and the world's largest, The Prelude
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