Oil News

 

Oil Companies Owe Nigerian State Agency $4 Billion, Minister Says

Aug 19, 2021

International oil companies operating in Nigeria owe $4 billion to an agency responsible for fostering development in the Niger Delta, the impoverished wetlands region where much of the industry is located, a minister said on Thursday.Tayo Alasoadura…

OPEC+ Sees No Need to Meet US Call for More Supply

Aug 16, 2021

OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.The price of international…

Nigeria's President Buhari Signs Oil Overhaul Bill into Law

Aug 16, 2021

Nigerian President Muhammadu Buhari signed into law an oil overhaul bill that has been in the works for nearly two decades, a presidential spokesman said on Monday.The package overhauls nearly every aspect of the country's oil and gas production…

Oil Headed for Big Weekly Loss on Demand Worries

Aug 06, 2021

Oil prices tumbled on Friday, closing out a week of losses on worries that travel restrictions to curb the spread of the Delta variant of COVID-19 will derail global economic gains.Daily new COVID-19 cases in the United States have climbed to…

Exxon Considers Pledging Net-zero Carbon Emissions by 2050

Aug 05, 2021

Exxon Mobil Corp is considering a pledge to reduce its net carbon emissions to zero by 2050, the Wall Street Journal reported on Thursday, citing people familiar with the matter.The report comes more than two months after the oil major's shareholders…

Opinion: Weak Crude Imports in Asia Undercuts Oil Bulls

Aug 05, 2021

Another month, another weak outcome for crude oil in Asia, the world's top-consuming region, with July's imports declining for a fourth month in five as demand weakened amid high prices and the ongoing coronavirus pandemic.Asia's imports for July were assessed at 21…

15 Bids in To Market Guyana Governent Crude

Aug 05, 2021

Guyana received bids from 15 different companies aiming to market the government's share of the crude produced off the South American country's coast, according to Guyana's National Procurement and Tender Board Administration website on Wednesday…

ConocoPhillips Beats Estimates on Higher Prices, Output

Aug 03, 2021

ConocoPhillips on Tuesday posted a second-quarter profit that nearly doubled from the first and topped analysts estimates, helped by higher oil and gas prices and production.A recovery in fuel demand from a pandemic-forced slump has boosted globally-traded crude prices to over $70…

Oil Drops on China Economy Concerns

Aug 02, 2021

Oil prices fell on Monday on worries over China's economy after a survey showed growth in factory activity slipped sharply in the world's second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers.Brent crude oil futures slid by 74 cents…

Oil Prices Rise Over 2% as US Inventories Decline

Jul 09, 2021

Oil prices rose for a second day on Friday as the market reacted to falling U.S. inventories.Signs of strong Asian demand from both China and India also strengthened the market.Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel by 1:12 p…

OPEC+ Agrees New Oil Deal Without UAE Agreement, Source Says

Jul 02, 2021

OPEC+ agreed on Friday to add more oil to the market from August and extend the duration of their pact on their remaining production curbs for longer, even though the United Arab Emirates still opposed the extension, an OPEC+ source said.All OPEC+ deals require unanimous approval…

Oil May Hit $100 but Volatility Will Grow, Say Energy CEOs

Jun 22, 2021

Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday.'There is quite a chance to reach $100 but we could see again…

Oil Settles Slightly Lower as OPEC+ Discusses Raising Production

Jun 22, 2021

Crude oil prices settled slightly lower on Tuesday after Brent rose above $75 a barrel for the first time in over two years, as OPEC+ discussed raising oil production.Brent crude futures settled down 9 cents to $74.81 a barrel after hitting a session high of $75…

WTI-Brent Spread Narrows as Oil Market Tightens

Jun 21, 2021

The price gap between the world's two most actively traded oil contracts narrowed to its lowest in more than seven months, demonstrating that U.S. oil output is still in the COVID-19 doldrums with the market likely to remain undersupplied.North Sea Brent futures traded at a premium of $1…

As Iran Eyes Return to Oil Trading, Storage at Sea Rises

Jun 21, 2021

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear program and has been moving oil into place to prepare for an eventual restart, four traders and industrial sources said…

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