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Oil News

Saudi, Iran face off ahead of tense OPEC meet

Vienna - Saudi Arabia insisted Wednesday it would do "whatever is needed" to avoid oil supply shortages, setting the stage for a showdown with archfoe Iran ahead of crunch OPEC talks on easing a production-cut pact.

Clashes at Libya oil ports cut output by nearly half

Tripoli - Clashes between rival groups in Libya's key oil export ports have caused output to drop by nearly half, the head of the National Oil Company said on Wednesday.

Oil in the Faroe Islands: mirage or miracle?

T - After fuelling hopes of independence from Denmark at the turn of the millennium, the Faroe Islands' dreams of an oil bonanza have turned out to be more of a mirage than a miracle.

Russia, Saudi seek raised OPEC output of 1.5 million bpd

Moscow - Russia and Saudi Arabia will ask OPEC to hike production by 1.5 million barrels a day in the third quarter of 2018, Russian Energy Minister Alexander Novak said on Saturday.

Libya militia 'attacks oil sites' under strongman's control

Benghazi - A militia opposed to Libyan strongman Khalifa Haftar on Thursday attacked oil sites under his control, a military source said, inflicting fresh disruption on an industry that forms the chaos-hit country's economic backbone.

All eyes on OPEC as Trump gripes over prices

New York - Just nine days before a big OPEC meeting, US President Donald Trump joined the oil-market fray Tuesday, blaming the group for high prices."Oil prices are too high, OPEC is at it again. Not good!" the US president said on Twitter.

Trump accuses OPEC of driving up oil prices

Washington - US President Donald Trump on Wednesday accused the Organization of Petroleum Exporting Countries of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production."Oil prices are too high, OPEC is at it again. Not good!

Pipeline shortage plugs Canada oil investments

Ottawa - Investment in the Canadian oil sector declined for a fourth consecutive year in 2017 because of "eroding investor confidence," oil producers said Tuesday.

'Mission impossible' for US cities that want to respect Paris climate deal

Philadelphia - When President Donald Trump announced the US exit from the Paris climate deal one year ago, the mayor of Philadelphia was among those who vowed to keep carrying the torch.

Brazil strikes recede, but now government has to pay

Rio De Janeiro - Brazilian oil workers called off a three-day strike Thursday, bringing relief to state energy giant Petrobras and the embattled center-right government, still reeling from a truckers' strike that brought Latin America's biggest economy to a standstill....

After truckers, Brazil oil workers go on strike

Rio De Janeiro - Brazilian oil sector workers began a three-day strike Wednesday in at least eight refineries, but were not expected to disrupt fuel supplies as the country started to recover from a devastating truckers' protest.

Iran sets sanctions waiver deadline for oil giant Total

Tehran - Iran's oil minister on Wednesday gave French energy giant Total 60 days to win a sanctions waiver from Washington or it would lose its stake in a multi-billion-dollar gas project.

Canada govt steps in to buy controversial pipeline

Ottawa - Canada's government stepped in Tuesday to take over a controversial pipeline expansion project to ensure that it gets built in the face of stiff opposition from environmental activists and a regional government.Ottawa will pay Kinder Morgan Can$4.

Canada govt steps in to buy controversial pipeline

Ottawa - Canada's government said Tuesday it will take over a controversial pipeline expansion project to ensure it gets built over the fierce opposition of environmental activists and a regional government.Ottawa will pay Kinder Morgan Can$4.5 billion ($3.

Russia, Saudis signal oil production boost

Sanktpeterburg - Russia and Saudi Arabia said Friday they believe a deal is possible to gradually boost oil output from as soon as July as world oil prices have recently hit highs last seen in 2014.

Brazil airport cancels flights due to truckers' strike

Bras - The airport in Brazil's capital Brasilia canceled flights Friday as it ran out of fuel due to a five-day-old truckers' strike.At least four domestic flights and one American Airlines flight to Miami were canceled, according to airport authorities.

Brazil close to paralysis as truckers press on with strike

Bras - The Brazilian government and transport unions struck a deal late Thursday to halt for 15 days a nationwide truckers' strike that has caused severe shortages of fuel and food in some areas.

UN asks oil traders to shore up sanctions on North Korea

New York - UN sanctions experts are asking global commodity trading firms and oil companies to spell out what measures they are taking to prevent illegal oil shipments from reaching North Korea, the panel's coordinator said Tuesday.

Iran wary as EU presents plans to save nuclear deal

Tehran - Iran said Saturday it would wait to see whether Europe produces tangible results in overcoming US sanctions before it decides whether to stay in the nuclear deal, as a top EU official visited Tehran to present plans for maintaining trade ties.

EU commissioner in Iran in bid to protect trade ties

Tehran - EU Energy Commissioner Miguel Arias Canete arrived in Tehran on Saturday to present plans for continuing oil and gas purchases and protect European companies despite renewed US sanctions on Iran.

Canada ready to indemnify Trans Mountain pipeline losses: Morneau

Ottawa - Canada pledged Wednesday to compensate the builder of a controversial oil pipeline in British Columbia for any losses that may result from political delays.

Iran, Venezuela weighing on oil market: IEA

Paris - Global oil supplies could be hit by the decision by the US to pull out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the IEA said on Wednesday.

Venezuela angered by ConocoPhillips move on Caribbean oil

Caracas - Venezuela on Thursday strongly rejected the takeover of its Caribbean oil stocks by ConocoPhillips, after the US company enforced a $2 billion international arbitration award last month.

Saudi ready to raise oil supply after US pullout from Iran deal

Apo - Saudi Arabia, the world's largest oil exporter, has said it will take all necessary measures to prevent supply shortages following the US withdrawal from the Iran nuclear deal.

Saudi Aramco appoints first woman to board of directors

Apo - Saudi national oil giant Aramco said Sunday that five new members had been appointed to its board of directors, including the first woman in the firm's history.Lynn Laverty Elsenhans, 60, is the former head of US oil company Sunoco Inc.

Mexico's Pemex back in black, but production drops

Mexico - Mexican state oil company Pemex returned to profit in the first quarter of the year, it reported Friday, but falling production continued to dog the firm.Pemex posted net profits of 113 billion pesos ($6.

Saudis see oil price on rise as Trump blasts OPEC

Jeddah - Saudi Energy Minister Khaled al-Faleh said Friday the global market has the capacity to absorb higher oil prices, drawing a swift reaction from US President Donald Trump who accused OPEC of inflating prices.

Trump says high oil prices 'will not be accepted'

Washington - US President Donald Trump criticized the Organization of Petroleum Exporting Countries (OPEC) Friday for what he said were artificially high oil prices, adding they "will not be accepted.

Saudi-Russia oil alliance likely to undercut OPEC

Dubai - Saudi Arabia hopes to bring Russia into the fold of an expanded club of global oil giants to sustain a stable market, leaving OPEC's role in question, analysts say.

Canada's Trudeau defends controversial pipeline project

Paris - Canadian Prime Minister Justin Trudeau on Sunday defended his government's backing of a controversial pipeline project, saying the world could not afford to choose between the environment and the economy.
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