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Oil News

Imprisoned former Venezuela oil minister dies: prosecution

Caracas - Former Venezuelan oil minister Nelson Martinez, imprisoned over corruption allegations, died Wednesday of health complications, the prosecutor's office said.

Oil producers to review cuts impact in April: UAE

Dubai - Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.OPEC and some non-OPEC producers decided to cut output by 1.

Brazil denies Total license to drill near Amazon mouth

Bras - Brazil's environmental regulator on Friday denied French oil giant Total a license to drill for crude in five blocks near the mouth of the Amazon river.

OPEC agrees joint 1.2 mn bpd cut with partners

Vienna - OPEC members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices.

Brazil investigates Glencore, Vitol, Trafigura for alleged bribery

Bras - Brazil has opened an investigation into commodity trading groups Glencore, Vitol and Trafigura over alleged bribery of employees at state-run oil company Petrobras, prosecutors said Wednesday.

Trump asks OPEC not to cut production

Washington - US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low.

Iran's Rouhani threatens to cut off Gulf oil

Tehran - Iran's President Hassan Rouhani struck a defiant stance against US sanctions on Tuesday, renewing his threat to cut off international oil sales from the Gulf. "America should know...

Oil prices surge more than 5% on cut pledge, US-China deal

Fpo - Oil prices soared more than five percent on Monday after Russia and Saudi Arabia renewed a pact to cap output, while the US agreed to halt raising tariffs on Chinese imports, stalling a trade row that many feared could hit demand for the commodity.

Putin: Russia, Saudi agree to renew oil output cuts

Buenos Aires - President Vladimir Putin said Saturday that Russia and OPEC kingpin Saudi Arabia had agreed to renew a pact on oil production cuts, as crude prices slump on global markets.

Putin says Russia 'satisfied' with oil at $60

Moscow - Russia is happy with the current oil price level of around $60 dollars per barrel, President Vladimir Putin said on Wednesday, despite a recent dramatic oil price slump on global oversupply worries.

Saudi energy giant Aramco signs deals worth $27.5 bln

Apo - Saudi energy giant Aramco has signed 31 agreements and memoranda of understandings worth $27.5 billion with local and international suppliers, CEO Amin Nasser said Monday."We signed $27.

US sanctions Iran for shipping oil to Syria

Washington - The US slapped fresh sanctions on Iran Tuesday, accusing it of creating a complex web of Russian cut-out companies and Syrian intermediaries to ship oil to Damascus, which in turn bankrolled Hezbollah and Hamas.

Iran to cap petrol sales to curb smuggling

Tehran - Iran is reintroducing fuel cards that will cap petrol purchases in a bid to combat rampant smuggling, state media reported on Tuesday.

Austria says won't host Iran sanctions-busting payments system

Vienna - Austria has rejected hosting a special payment system designed to help EU countries trade with Iran despite US sanctions, the Austrian foreign ministry said Tuesday.

Nigeria wants former oil minister extradited from Britain

Abuja - The head of Nigeria's main anti-corruption agency on Monday said he wanted former oil minister Diezani Alison-Madueke to be extradited to face trial because a corruption probe against her in Britain was taking too long.

Saudi minister calls for 1 mln bpd global oil output cut

Abu Dhabi - Saudi Arabia's energy minister called Monday for a global output cut of one million barrels per day to re-balance the market, as Riyadh unveiled plans to cut production by 500,000 bpd from December.

Oil producers see oversupply, call for new strategies

Abu Dhabi - Major oil producers said Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments.

Major oil producers to consider cuts after price slide

Dubai - Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash.

US's Bolton says more sanctions likely on Iran

Paris - US National Security Advisor John Bolton said Friday that more sanctions were possible on Iran just days after a new round of measures touted as the most punishing ever on Tehran entered into force.

Oil market on alert as Iran sanctions hit

London - US sanctions against importers of Iranian oil threaten the crude oil market's precarious balance and risk surging prices, all under Saudi Arabia's watchful gaze, according to experts.

Oil prices dropping as Iran oil sanctions go into effect

Tehran - When sanctions are re-imposed on Iran on Monday to try and curb its nuclear, missile and regional activities, the White House says it will "allow eight jurisdictions" to temporarily keep buying Iranian oil.

Sweeping Iran sanctions target oil, banks

Washington - Iran's oil exports and financial transactions will be targeted under US sanctions that take force Monday, six months after President Donald Trump bolted from a nuclear deal.

US to exempt eight countries from new Iran oil sanctions: Pompeo

Washington - The United States will allow eight countries to continue importing Iranian oil but only at much lower levels after the reimposition of sanctions on Monday, Secretary of State Mike Pompeo said Friday.

Drought-hit Rhine forces Germany to tap oil reserves

Frankfurt Am Main - The German government on Friday said it had authorised the release of strategic fuel reserves after record-low water levels in the drought-hit Rhine river badly disrupted oil shipments in recent weeks.

Worker killed, nine hurt in Bosnia refinery blast

Sarajevo - An explosion at a Russian-owned oil refinery in Bosnia killed one worker and injured nine more, police said on Wednesday.

Workers injured in Bosnia oil refinery blast: report

Sarajevo - An explosion at a Russian-owned oil refinery in Bosnia slightly injured eight workers late Tuesday, local television reported citing officials.

Saudi Arabia to invest in oil refinery in Pakistan's Gwadar

Islamabad - Saudi Arabia will invest in a new oil refinery in Pakistan's growing deep sea port of Gwadar, Islamabad announced Thursday.

Cyprus invites bids to explore for offshore gas

Nicosia - Cyprus decided Wednesday to invite energy giants Total, Eni and ExxonMobil to bid for a license to explore for oil and gas in a new offshore block, officials said.

BP reached cozy settlement with Mexico on Deepwater spill: watchdog

Mexico - British Petroleum struck a deal with the Mexican government to pay a vastly reduced fine for environmental damage caused by the 2010 Deepwater Horizon oil spill, a watchdog group alleged Friday.

US, Brazil fine Petrobras $853 mn in bribery scandal

Washington - US and Brazilian authorities have fined Brazil's state oil giant Petrobras more than $853 million for covering up a massive bribery scheme involving Brazilian politicians and political parties, the US Justice Department announced Thursday.
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Untitled
Josh Smith
Manatee s seen in Kings Bay
Manatee's seen in Kings Bay
Half Moon Caye  Belize. Notice the white beaches and clear blue water.
Half Moon Caye, Belize. Notice the white beaches and clear blue water.
anoldent from Asheville, NC,
An oil tanker
Oil tanker
Photo by Zero
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)
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
Bart Stupak (D-Mich.)  the chairman of the Oversight and Investigation Subcommittee of the House Ene...
Bart Stupak (D-Mich.), the chairman of the Oversight and Investigation Subcommittee of the House Energy and Commerce Committee.
Screenshot from congressional hearing
Members of the Naval Air Station Pensacola Pollution Response unit set oil containment boom at Sherm...
Members of the Naval Air Station Pensacola Pollution Response unit set oil containment boom at Sherman Cove aboard the base to protect environmentally sensitive grass beds from the Deepwater Horizon oil spill.
by uscgd8
A scene from a documentary shot in Kamloops  British Columbia  showing life on a cattle ranch.
A scene from a documentary shot in Kamloops, British Columbia, showing life on a cattle ranch.
screen grab
Greenpeace activists chain themselves to each other during a demonstration on Bosphorus bridge calli...
Greenpeace activists chain themselves to each other during a demonstration on Bosphorus bridge calling for the release of 30 people arrested in Russia over a protest against Arctic oil drilling, during the Istanbul Marathon in Istanbul November 17, 2013. The 30 people detained by Russia consists of 28 activists who were arrested after coastguards boarded the Greenpeace icebreaker Arctic Sunrise following the protest at an oil platform owned by state-controlled Gazprom off Russia's northern coas
With permission by Reuters / Murad Sezer
The Athabasca Tarsands.
The Athabasca Tarsands.
The Athabasca Oil Sands  Alberta Canada.
The Athabasca Oil Sands, Alberta Canada.
Untitled
YouTube screen capture
A caribou walks next to a section of the pipeline north of the Brooks Range.  The pipeline carries o...
A caribou walks next to a section of the pipeline north of the Brooks Range. The pipeline carries oil from the Arctic and Prudhoe Bay on the North Slope to Valdez, Alaska.
Stan Shebs
Untitled
CBS
Much of the oil sands production is located near the Athabasca River.
Much of the oil sands production is located near the Athabasca River.
Untitled
DigitalJournal.com, File photo
The new ship and the world s largest  The Prelude
The new ship and the world's largest, The Prelude
Shell Oil
NASA satellite image acquired May 9  2010 of the oil spill in the Gulf of Mexico
NASA satellite image acquired May 9, 2010 of the oil spill in the Gulf of Mexico
NASA Goddard
OIL TRAIN: Rail cars loaded with crude oil burn on the tracks in the Columbia River Gorge near Mosie...
OIL TRAIN: Rail cars loaded with crude oil burn on the tracks in the Columbia River Gorge near Mosier, Ore., after a 100-car train derailed on June 3.
U.S. Coast Guard PFC Levi Read/Wikimedia Commons