Oil News

UK Regulator Extends License for North Sea Cambo Oil Prospect

Mar 30, 2022

The British oil and gas regulator has extended by two years the license for the Cambo oilfield prospect in the North Sea which is owned by Shell and Siccar Point, Shell said on Wednesday.'The North Sea Transition Authority has awarded Siccar…

OPEC Chief Encourages OPEC+ to Stay the Course

Mar 30, 2022

OPEC Secretary General Mohammad Barkindo said OPEC+ participants should 'stay the course' regarding the group's decisions, ahead of an OPEC+ meeting on Thursday where the group is expected to stick to its existing deal of gradual output increases…

Oil Up Again on Tight Supply, Steady Demand

Mar 29, 2022

Oil prices rose on Tuesday, recovering some of the previous session's losses as Kazakhstan's supplies continued to be disrupted and major producers showed no sign of being in a hurry to boost output significantly.Brent crude LCOc1 rose $1.54…

Argus Launches a Non-Russian Diesel Cargo Assessment

Mar 29, 2022

Price reporting agency Argus launched a new non-Russian diesel cargo assessment delivered into the Antwerp-Rotterdam-Amsterdam (ARA) port complex, the agency said.'The new price will represent fair market value of non-Russian diesel, providing…

UK to Phase Out Russian Oil Imports By End of 2022

Mar 08, 2022

Britain will phase out imports of Russian oil and oil products by the end of 2022, Prime Minister Boris Johnson said on Tuesday, joining other nations including the United States in reducing their energy dependency on Russia.In response to President Vladimir Putin's decision to invade of Ukraine…

Biden Bans Russia Oil Imports to the US

Mar 08, 2022

U.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices…

US House to Vote as Soon as Tuesday on Russia Energy Import Ban

Mar 07, 2022

The U.S. House of Representatives is set to vote as soon as Tuesday on legislation seeking to ban the import of Russian energy products and suspend normal trade relations with Russia, a congressional aide told Reuters.The text of the proposal is expected later on Monday…

Oil Hits Seven-year High

Feb 04, 2022

Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.Brent crude rose $2…

Oil Rises to $82 as Demand Recovery Seen on Track Despite Rising Omicron Cases

Jan 11, 2022

Oil rose to around $82 a barrel on Tuesday, supported by tight supply and hopes that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery.OPEC supply additions are running below their allowed…

Eni Extends BW Offshore's Abo FPSO

Jan 06, 2022

Italian oil company Eni has extended its contract for BW Offshore's Abo floating production storage and offloading (FPSO) vessel for another year.The FPSO's owner BW Offshore said Thursday it has signed the extension with Eni's subsidiary Nigerian Agip Exploration…

OPEC+ Decision Reflects Easing Concern of Oil Surplus, Omicron Risk

Jan 04, 2022

OPEC+'s decision this week to stick to its planned increase in oil output for February reflects easing concern of a big surplus in the first quarter, as well as a wish to provide consistent guidance to the market, sources and analysts said.The producer group…

White House Welcomes OPEC+ Decision to Stick to Planned Output Increase

Jan 04, 2022

The White House on Tuesday welcomed a decision by top oil producers to stick with their plans to raise crude production and touted 'close' coordination with Saudi Arabia and the United Arab Emirates.Earlier on Tuesday, a group of producers comprising…

Markets: As Omicron Threat Fades, Oil Bulls Return

Jan 04, 2022

Portfolio investors have started to rebuild bullish positions in the oil market, reassessing earlier fears about the likely impact of the Omicron variant of coronavirus on major economies and passenger aviation in 2022.Hedge funds and other…

Oil Barrels Toward $79 to Start '22

Jan 03, 2022

Oil rose towards $79 a barrel on Monday supported by tight supply and hopes of further demand recovery in 2022 spurred in part by a view that the Omicron coronavirus variant is unlikely to significantly dampen the outlook.Libyan oil output will be cut by 200…

OPEC+ to Stick with Planned February Output Increase, Sources Say

Jan 03, 2022

OPEC+ is expected to stick to its plans for a February output increase when it meets on Tuesday, predicting a mild and short-lived impact on demand from the Omicron coronavirus variant, three sources from the group of oil producers told Reuters on Monday…

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