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Oil News

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.

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 bribes to Brazilian politicians and political parties, the US Justice Department announced Thursday.

Iran says Trump 'main culprit' of oil price hikes

Tehran - US President Donald Trump is the "main culprit" to blame for a recent surge in oil prices, Iranian Oil Minister Bijan Namdar Zanganeh said on Wednesday."The main culprit of the price hikes...

Italian court convicts two in Nigeria oil corruption case

Milan - A Milan judge on Thursday sentenced two men to four years in prison in the first ruling of a corruption case involving oil giants Eni and Shell in Nigeria, a judicial source said.

Italy court acquits Eni, fines subsidiary in Algeria corruption case

Milan - An Italian court on Wednesday acquitted energy major Eni and ex-CEO Paolo Scaroni of bribery in Algeria, but fined a subsidiary and jailed its former boss.

OPEC chief says Iran still 'very important' as US sanctions loom

Fujairah - The head of OPEC said Tuesday that Iran remains "a very important member" of the oil cartel, as Tehran braces for a new round of US sanctions partially targeting its crude exports."Iran is a very important member of OPEC...

Iran says OPEC has 'not much credit' left

Tehran - Oil cartel OPEC has "not much credit" left as some members are turning it into "a tool for the US", a senior Iranian official said in comments published Saturday.

'Crucial period' for oil as Iran exports shrink: IEA

Paris - Global oil output hit a record of 100 million barrels per day in August, but the market may tighten and prices rise as exports from Iran and Venezuela decline, the International Energy Agency said Thursday.

Iran's options to face down US oil sanctions

Tehran - Iran faces a potentially crushing loss of oil exports when US sanctions return in November, but the impact could be blunted by its experience of working around embargoes.

US, UN sanctions target Libya militia leader

Washington - The United States and the United Nations imposed sanctions Wednesday against Libyan militia leader Ibrahim Jadhran, whose forces attacked oil terminals in eastern Libya in June.

Two dead in suspected IS suicide bomb attack on Libya oil company

Tripoli - Suicide bombers suspected of being from the Islamic State group stormed the headquarters of Libya's National Oil Company on Monday and killed at least two people, officials said.

Headquarters of Libya national oil firm under attack

Tripoli - Armed men on Monday stormed the headquarters of Libya's National Oil Company in Tripoli where a blast and gunfire were heard, witnesses and a security source said.

Ten hurt in blast, blaze at German refinery

Berlin - A fire erupted Saturday at a refinery in southern Germany following an explosion, injuring at least 10 people and forcing authorities to temporarily evacuate almost 2,000 local residents, police said.

Court blocks construction of Canada pipeline to Pacific

Ottawa - A Canadian court on Thursday quashed the government's approval of the Trans Mountain pipeline to the Pacific, siding with indigenous people worried that increased tanker traffic will harm whales along the coast.

PetroChina's profits double as oil prices soar

China's biggest oil producer PetroChina said Thursday its net profit more than doubled in the first half of the year as global crude prices soared.Net profit surged 113.7 percent from the same period last year to 27.1 billion yuan ($4.

ConocoPhillips says PDVSA agreed to pay $2 bn to settle dispute

Washington - Venezuela has agreed to pay a $2 billion settlement to US oil giant ConocoPhillips, to stop the seizure of the South American nation's assets, the American firm announced Monday.

France's Total has officially left Iran: oil minister

Tehran - French energy giant Total has officially quit its multi-billion-dollar gas project in Iran, Oil Minister Bijan Namdar Zanganeh said on Monday, following the reimposition of US sanctions.

France's Total has officially left Iran: oil minister

Tehran - French energy giant Total has officially quit its multi-billion-dollar gas project in Iran, Oil Minister Bijan Namdar Zanganeh said on Monday, following the reimposition of US sanctions.

Venezuelan business leaders lambast Maduro's new banknotes

Caracas - New banknotes stripped of five zeros entered circulation in Venezuela on Monday as part of President Nicolas Maduro's radical plan to curb hyperinflation, but business leaders branded the move as counterproductive.The country appeared paralyzed.

Venezuela on edge as Maduro unveils raft of economic reforms

Caracas - Uncertainty reigned in Venezuela on Saturday after President Nicolas Maduro unveiled a major economic reform plan aimed at halting the spiraling hyperinflation that has thrown the oil-rich, cash-poor South American country into chaos.

Venezuela relaunches currency, analysts warn of worsened crisis

Caracas - Venezuela will start issuing new banknotes on Monday after slashing five zeroes off the crippled bolivar, but analysts warn the measure will do nothing to stop a worsening economic crisis.

US-backed forces repel IS attack in east Syria: monitor

Beirut - US-backed forces have repelled a raid by the Islamic State group targeting barracks housing American and French troops in eastern Syria, the Syrian Observatory for Human Rights said Saturday.

Saudi Arabia resumes oil exports through key waterway

Apo - Saudi Arabia said Saturday that it was resuming oil shipments through the Bab al-Mandab Strait, ending a 10-day suspension triggered by rebel attacks off the coast of Yemen.

Yemen rebels announce temporary Red Sea ceasefire

Sanaa - Yemen's Huthi rebels announced a two-week pause in Red Sea operations Wednesday, after attacks against Saudi tankers last week prompted Riyadh to suspend oil shipments through a key waterway.

Iraq has spent more than $700 bn oil wealth since 2005

Baghdad - Iraq has raised more than $700 billion from oil since 2005, but almost the entire amount has been spent, the central bank announced Tuesday."Between 2005 and 2017, the finance ministry has taken in $706.
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Protesters in Rio de Janeiro over oil royalties.
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