Oil News

 

Swiss "Take Note" of EU Sanctions Tweak for Russian Oil

Jul 25, 2022

The Swiss agency in charge of sanctions said it was up to the Swiss government to decide whether to adopt a tweak to EU sanctions that eases shipments of oil from Russian state-owned firms Rosneft and Gazprom to third countries.Purchases of…

Oil Falls Anticipating Fed Hike will Dent Demand

Jul 25, 2022

Oil fell on Monday, reversing earlier gains but continuing a recent losing streak, on concerns that an expected increase in interest rates in the U.S., the world's biggest oil user, may limit fuel demand growth.Brent crude LCOc1 futures for September settlement dropped 48 cents…

ConocoPhillips Eyes US Gulf of Mexico Exit

Jul 20, 2022

ConocoPhillips is exploring a sale of its stake in the Ursa platform and Princess subsea well in the Gulf of Mexico, people familiar with the matter said on Wednesday, in what would mark its exit from deepwater energy production off the U.S…

Petrobras to Sell Deepwater Assets to BW Energy for Up to $75 Million

Jun 23, 2022

Brazilian oil company Petrobras' management approved on Thursday the sale of its entire stake in the Golfinho and Camarupim deepwater oil fields for up to $75 million to Norway's BW Energy Ltd.The sale is part of Petrobras' strategy to divest assets and focus on more profitable operations…

Oil Up on Tight Supply, But Interest Rate Hikes Weigh

Jun 17, 2022

Oil rose on Friday, supported by supply tightness and new sanctions on Iran, but prices were on track for a weekly decline amid interest rate hikes from major central banks that fuelled worries about a sharp economic slowdown.Brent crude was up $1…

IEA Says World Oil Demand to Rise 2% in '23

Jun 15, 2022

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook…

US Oil Lobby Pushes Biden to Roll Back Fossil Fuel Curbs

Jun 14, 2022

The American Petroleum Institute, the top U.S. oil lobby organization, on Tuesday urged President Joe Biden’s administration to lift a slew of restrictions on fossil fuel development to help ease soaring energy prices.The request underscores…

OPEC Sees Global Oil Demand Growth Slowing in 2023

Jun 14, 2022

World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy.Fuel use has rebounded from the 2020 pandemic-induced slump…

Russian Oil Production up 5%; Seaborne Exports up 9.5%

Jun 14, 2022

Russia's oil production rose almost 5% in the first half of June compared with May, the Interfax news agency reported on Tuesday, citing a source familiar with the output statistics.Average daily oil production, including condensate, was 1.46 million tonnes in the first 13 days of June…

Brent Bulls Get a Boost from EU Sanctions on Russia

Jun 13, 2022

EU sanctions on Russia’s petroleum exports and easing lockdowns in China have encouraged portfolio investors to become more bullish on oil prices despite the steadily darkening outlook for the major economies.Hedge funds and other money managers…

Biden Chides Exxon, Oil Companies for Profits

Jun 13, 2022

U.S. President Joe Biden on Friday accused the U.S. oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record.U.S. consumer inflation…

How Much Oil Does the EU Import from Russia?

May 31, 2022

The European Union has agreed to ban the bulk of imports of Russian crude and oil products in its latest round of sanctions following Moscow's invasion of Ukraine.The ban on seaborne crude imports will be phased in over six months and for seaborne refined products over eight months…

Exxon Makes Three New Oil Discoveries in Guyana, Boosts Reserves

Apr 26, 2022

Exxon Mobil Corp on Tuesday said it found oil in three new wells drilled off the coast of Guyana, raising recoverable oil and gas potential from its discoveries to nearly 11 billion barrels.The discoveries continue a run of exploration successes that date to 2015…

Brazil Auctions 59 Oil Blocks; Shell, TotalEnergies, 3R Among Winners

Apr 13, 2022

Brazil on Wednesday granted 59 exploratory blocks of oil and natural gas to 13 companies, including Shell, TotalEnergies and 3R Petroleum.The auction totaled 422.4 million reais ($90.10 million) in signature bonus, registering a premium of 854…

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…

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