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News

Chevron’s Venezuelan Oil Export Hopes Hit Snag

Chevron’s Venezuelan Oil Export Hopes Hit Snag

May 05, 2023 at 13:44 | Julianne Geiger

Chevron’s plans to increase its crude oil exports from Venezuela have hit a snag, with the sanctioned South American country unable to bear the cost of dredging a key oil…

Norway’s Surprise Natural Gas Nationalization Plan Even Broader Than Expected

Norway’s Surprise Natural Gas Nationalization Plan Even Broader Than Expected

May 05, 2023 at 13:41 | Julianne Geiger

Norway’s plan to nationalize natural gas assets includes more than just Gassled’s natural gas pipelines, new information revealed in a letter from the Norwegian energy minister showed on Friday. The…

Oil Prices Rally As The Market Refocuses On Fundamentals

Oil Prices Rally As The Market Refocuses On Fundamentals

May 05, 2023 at 10:32 | Julianne Geiger

Oil prices are still on track to finish out the week in the red, but crude prices saw a strong rally on Friday morning as the market attempts to rebalance…

India Weighs Lifting Ban On Foreign Investment In Nuclear Power

India Weighs Lifting Ban On Foreign Investment In Nuclear Power

May 05, 2023 at 10:11 | Charles Kennedy

In a bid to boost clean energy generation, India is weighing lifting a ban on foreign investment in its nuclear energy industry, Reuters reported on Friday, quoting government sources.…

EU Looks To Attract More Suppliers To Its Joint Gas Purchase Platform

EU Looks To Attract More Suppliers To Its Joint Gas Purchase Platform

May 05, 2023 at 10:03 | Tsvetana Paraskova

The European Union is keen to attract international natural gas suppliers to offer volumes for sale on the EU’s new joint gas purchase platform to keep prices low and avoid…

Europe's Ambitious Hydrogen Plans Face Challenges

Europe's Ambitious Hydrogen Plans Face Challenges

May 05, 2023 at 09:59 | Tsvetana Paraskova

Europe is betting on hydrogen to cut the use of fossil fuels and achieve climate neutrality by 2050, but the hydrogen industry faces challenges in making the sector a scalable…

Latest Oil Discovery Offshore Guyana May Not Be Commercial

Latest Oil Discovery Offshore Guyana May Not Be Commercial

May 05, 2023 at 09:33 | Charles Kennedy

The joint venture partners in the Corentyne Block offshore Guyana have discovered oil in a well drilled on the block, but they are not giving assurances that there is enough…

Georgia Arrests Man Who Tried To Sell Uranium In Tiny Bottle For $2 Million

Georgia Arrests Man Who Tried To Sell Uranium In Tiny Bottle For $2 Million

May 05, 2023 at 09:01 | Eurasianet

Georgia's counterterrorism police have arrested a man who carried around uranium in a tiny glass bottle. Ilia Belkania, a 52-year-old living off social benefits, was planning to sell…

Canada Probes Exxon Unit For Leaks At Oil Sands Site

Canada Probes Exxon Unit For Leaks At Oil Sands Site

May 05, 2023 at 07:48 | Tsvetana Paraskova

Canada said on Thursday that it had opened an investigation into Imperial Oil Ltd, a unit of U.S. supermajor ExxonMobil, over seepage of oil from its oil sands production…

Russia Reports A Second Drone Attack On Its Ilsky Oil Refinery

Russia Reports A Second Drone Attack On Its Ilsky Oil Refinery

May 05, 2023 at 07:44 | Tsvetana Paraskova

A second drone attack in two days caused a fire at the Ilsky oil refinery in the southern Russian region of Krasnodar, Russian news agency TASS reported on Friday,…

India To Remain Heavily Reliant On Coal

India To Remain Heavily Reliant On Coal

May 05, 2023 at 07:30 | Irina Slav

Despite its push into wind and solar electricity generation, India is set to remain heavily reliant on coal power at least until 2030, Bloomberg has reported, citing the country’s…

UAE To Ship Lower Oil Volumes To Asia This Month

UAE To Ship Lower Oil Volumes To Asia This Month

May 05, 2023 at 07:25 | Charles Kennedy

The United Arab Emirates' ADNOC has informed Asian buyers of crude it would ship 5% lower volumes to them this month, possibly as a result of the additional OPEC+ production…

Oil Prices Climb But Remain On Track For Significant Weekly Loss

Oil Prices Climb But Remain On Track For Significant Weekly Loss

May 04, 2023 at 23:42 | Charles Kennedy

Friday morning trading in Asia saw oil prices in the green with a slight rise of less than a percentage point, and not enough to keep crude from…

Iraq Aims To Halt Natural Gas Imports Within 3 Years

Iraq Aims To Halt Natural Gas Imports Within 3 Years

May 04, 2023 at 15:42 | Julianne Geiger

One of Iraq’s main priorities is to improve the country’s energy sector, and recently signed agreements will help Iraq cut the cord on the importation of natural gas, Rudaw shared…

Iraq And Kurdistan Close To Deal On Oil Exports

Iraq And Kurdistan Close To Deal On Oil Exports

May 04, 2023 at 11:51 | Julianne Geiger

Baghdad and Erbil are set to reach an agreement over crude oil exports from Iraq’s semi-autonomous Kurdistan region within the next two weeks, Iraq’s oil minister said on Wednesday. “All…

Saudi Arabia Cuts Price Of Oil To Asia

Saudi Arabia Cuts Price Of Oil To Asia

May 04, 2023 at 10:32 | Julianne Geiger

Saudi Arabia has cut the official selling price (OSP) for its Arab Light crude oil to Asia, sources said on Thursday. That makes the Arab Light grade price a premium…

Turkey Makes Huge 1-Billion-Barrel Oil Discovery

Turkey Makes Huge 1-Billion-Barrel Oil Discovery

May 04, 2023 at 09:20 | Charles Kennedy

Turkish Petroleum (TPAO) has made the largest crude oil discovery onshore Turkey with a find estimated to hold 1 billion barrels of crude, the Turkish company said. The discovery…

Most Of Venezuela's Tankers Are Unfit To Ship Oil

Most Of Venezuela's Tankers Are Unfit To Ship Oil

May 04, 2023 at 09:04 | Charles Kennedy

The majority of the oil tankers owned by Venezuela are in such decrepit condition that they lack certification by flag nations and are at risk of collisions, spills, fires, and…

Asian Oil Imports Dipped In April As China And India Slowed Crude Buying

Asian Oil Imports Dipped In April As China And India Slowed Crude Buying

May 04, 2023 at 08:59 | Tsvetana Paraskova

The biggest crude oil buyers in Asia, China and India, imported lower volumes in April compared to multi-month highs in March, leaving overall Asian crude imports last month lower than…

Newmont Merger Would Create The World's Biggest Gold Miner

Newmont Merger Would Create The World's Biggest Gold Miner

May 04, 2023 at 07:38 | Charles Kennedy

The board of Australia's Newcrest Mining has recommended the latest takeover offer of bigger sector player Newmont, which last month valued the target company at $19.5 billion. "The latest offer…

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