Oil News


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…

Carnarvon Spuds Buffalo-10 Well

Dec 31, 2021

Carnarvon Energy announced drilling has commenced at the Buffalo-10 well in the Timor Sea as the Australian oil and gas company aims to confirm sufficient hydrocarbons to support an economic development at the shut in Buffalo field north of Australia…

Guyana Approves Wealth Fund, Local Content Rules for Expected Oil Boom

Dec 30, 2021

Guyana's parliament on Wednesday approved local content rules for oil producers and a sovereign wealth fund to oversee the South American nation's earnings from a budding oil bonanza.International oil producers have discovered 10 billion barrels…

North Sea Benchmark Crude Oil Supply to Fall in February

Dec 30, 2021

Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark will average about 707,000 barrels per day (bpd) in February, loading programs showed, down from 813,000 bpd planned in January.Dated Brent is based on the Brent…

Oil Prices Hold Near $80 on Tight Supply and Stocks Drop

Dec 29, 2021

Oil prices held close to $80 a barrel on Wednesday as global supply outages and declining U.S. inventories offset worries that rising coronavirus cases might reduce demand.Brent crude rose to as much as $79.20 a barrel before retreating to trade 24 cents down on the day at $78…

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