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Oil News

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.

Russia, China urge delay as US seeks to cut off oil to N.Korea

New York - Russia and China on Thursday put a six-month hold on a request from the United States to the UN Security Council to halt all deliveries of refined oil products to North Korea, diplomats said.

Mexico's 'AMLO' should learn to love energy reform: analysts

Mexico - Mexican President-elect Andres Manuel Lopez Obrador has been a harsh critic of the landmark energy reform that privatized the country's oil sector, but the anti-establishment leftist will need it more than he realizes, analysts say.

US asks UN to cut off oil products to North Korea

New York - The United States asked the UN Security Council on Thursday to order an immediate halt to all deliveries of refined oil products to North Korea after accusing Pyongyang of violating sanctions with illegal imports of fuel, according to documents seen by...

Pompeo urges EU to get tough on Iran

Apo - US Secretary of State Mike Pompeo urged European powers to get behind American measures to cut Iran off from world energy markets Thursday, during talks in Brussels.

Iran says Trump 'destabilising' oil market

Tehran - Iran on Saturday accused US President Donald Trump of destabilising the oil market with his flurry of tweets taking aim at the OPEC cartel."These days... the price is dependent on the behaviour of Mr.

US plan to end Iranian oil exports 'a fantasy': Rouhani

Geneva - A plan by the United States to cut Iran's oil production to zero is a "fantasy", Iranian President Hassan Rouhani said Tuesday during his European tour to rally support for the 2015 nuclear deal.

Trump says Saudi king agrees to ramp up oil production

Washington - US President Donald Trump said on Saturday that Saudi Arabia's King Salman had agreed to his request to ramp up oil production, a week after OPEC already announced an output rise.

Libya oil output faces further cuts: NOC

Tripoli - Libya's National Oil Company said Friday it expected to halt operations at two key export terminals at the weekend, slashing crude output by some 800,000 barrels per day.

Libyan strongman Haftar announces 'liberation' of Derna

Benghazi - Libyan strongman Khalifa Haftar announced Thursday the "liberation" of Derna, the only city in the eastern region beyond his control, from radical Islamist militias.

Timor bugging whistleblower faces Australia criminal charges

Sydney - Criminal charges have been filed against a spy-turned-whistleblower who exposed a secret Australian bugging operation in East Timor, parliament heard Thursday, in what one MP called an "insane development".

Washington, allies demand Libyan oil terminals be returned to UN-backed government

Washington - Washington and its allies on Wednesday demanded that two key oil installations in the east of the country be returned to control of the UN-backed government in Tripoli, having fallen into the hands of a rival strongman.

Three things to know about Libyan oil

Paris - The rival political authorities in Libya are fighting over control of the country's vast oil wealth, Africa's most abundant reserves.

US demands world halt Iranian oil imports by Nov 4

Washington - The United States warned Tuesday that countries around the world must stop buying Iranian oil before November 4 or face a renewed round of American economic sanctions.

Libya unity government urges UN to block 'illegal' oil sales

Tripoli - Libya's unity government on Tuesday called on the UN Security Council to block any "illegal" oil exports from the chaos-hit country after a rival administration won control of key ports.

Libya unity government urges UN to block 'illegal' oil sales

Tripoli - Libya's unity government on Tuesday called on the UN Security Council to block any "illegal" oil exports from the chaos-hit country after a rival administration won control of key ports.

Libya strongman hands oil ports to unrecognised eastern authority

Benghazi - Marshal Khalifa Haftar announced Monday the handover of oil installations under the control of his self-styled army to an administration that rivals Libya's UN-backed government, after retaking them from militias.

Hundreds of birds stricken after Rotterdam oil spill

Den Haag - Animal rescue workers on Monday were frantically cleaning hundreds of birds after an oil spill in the Rotterdam harbour at the weekend, when an oil tanker hit a jetty dumping some 200 tonnes of bunker fuel.

Defusing row, OPEC agrees to output rise

Vienna - OPEC energy ministers on Friday said they would be putting more oil onto the market to meet "extra demand", reaching a last-ditch compromise in a spat that pitted Saudi Arabia against archfoe Iran.

Libya strongman's forces say key oil ports recaptured

Benghazi - A force led by Libyan military strongman Khalifa Haftar said Thursday it had recaptured two key oil ports, a week after they were seized by a rival militia in a blow to crucial exports.

OPEC inches towards oil output deal ahead of key meeting

Vienna - OPEC energy ministers expressed optimism Thursday they were nearing a compromise on oil output policy, with Saudi Arabia acknowledging that a big production hike would be "politically unacceptable" to archfoe Iran, and Iran saying that it was "ready fo...

Libya strongman's forces say key oil ports recaptured

Benghazi - A force led by Libyan military strongman Khalifa Haftar said Thursday it had recaptured two key oil export terminals, a week after they were attacked by a rival militia.

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.
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A tailing pond.
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World energy consumption, 1970-2025.
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Protesters in Rio de Janeiro over oil royalties.
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The Athabasca Oil Sands, Alberta Canada.
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Much of the oil sands production is located near the Athabasca River.
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