ADNOC offers partners more Murban crude ahead of the OPEC+ meeting, sources and reports say
Abu Dhabi will 'export' more of its Murban crude, according to Bloomberg News and two trade sources. This will add to the already abundant supply from Middle East producers. Bloomberg reported that the state-owned Abu Dhabi National Oil Co.
Oil Prices Surge 3% on Worries of US Action Against Iran
Oil prices climbed about 3% to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the U.S. decides to attack Iran, one of the biggest crude producers in OPEC.Brent futures rose $2.10…
Oil Prices Drop 2% as Trump Tones Down Threats Against Greenland, Iran
Oil prices slid about 2% on Thursday after U.S. President Donald Trump softened threats against Greenland and Iran, and as investors assessed the supply-demand outlook.Brent futures fell $1.01, or 1.6%, to $64.23 a barrel at 11:26 a.m.
Shell purchases stakes in offshore blocks in Angola from Chevron
Shell announced on Tuesday that it has reached an agreement with Chevron to purchase a stake in two offshore blocks in ultra-deep water offshore Angola. European oil companies have announced that they will invest billions of dollars in Angola.
Russell: China's imports of major commodities, other than iron ore, are decreasing.
Iron ore, despite steel's signs of pressure, bucking this trend and restraining imports in China. The General Administration of Customs released data on Friday showing that crude oil, natural gases, copper, and coal have all declined since September.
Russell: China's imports of major commodities, other than iron ore, are decreasing.
Iron ore, a commodity that has been resilient in spite of the pressure on the steel industry, was the exception to the trend. The General Administration of Customs released data on Friday showing that crude oil…
Angola Looks to Gas Growth as Oil Output Flatlines
Optimistic over Angola’s untapped gas potential, Azule Energy is considering another gas exploration well after leading the country’s first drilling campaign targeting gas and hitting success last month…
Sources say ADNOC will restore most Murban oil to equity holders by July.
Multiple trade sources reported on Thursday that Abu Dhabi National Oil Company has restored the majority of Murban crude oil supplies going to equity holders for July, after a drastic cut in June. Traders…
As tensions in the Middle East increase, demand worries are offset.
The oil prices rose on Monday, as the heightened tensions that followed the rebels' overthrow in Syria of President Bashar al Assad offset concerns about the weak Chinese demand highlighted by Saudi Aramco’s price reductions to Asian buyers.
Angola LNG is considering expansion as gas supply increases
Angola Liquefied Natural Gas is looking at future expansion options, including adding a three-million-metric ton mini train, as gas supplies ramp up in the plant over the next year. The plant will reach full capacity by 2025…
Commodities Weigh Trump Win, Tariff Threats
Commodities reacted with trepidation to the election of Donald Trump to a second term as U.S. President, with most losing ground over fears the global economy will be hit by a new tariff war.The downbeat reaction was in stark contrast to U.S.
VEGOILS - Palm extends its winning streak on concerns about output; firm ringgit is a factor
The price of Malaysian palm oils futures increased for the fifth consecutive session on Tuesday, despite concerns about production. A stronger ringgit and cancellations by India, the world's largest buyer in terms of palm oil imports…
Trafigura, Phillips 66 to Build Deepwater Texas Oil Port
Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project.The Bluewater Texas Terminal…
ConocoPhillips targets $50 bln free cash flow over next decade
ConocoPhillips unveiled a long-term plan on Tuesday to boost oil and gas production by about 3% per year, restrain annual spending to about $7 billion and return $50 billion to shareholders over the next decade.The announcement comes as investors…
Angola Seeks to Reduce Gas Flaring to Capture Revenue
Angola wants to cash in on the roughly 3 billion cubic feet per day of associated natural gas it produces, most of which is now flared, the petroleum minister said on Wednesday.The announcement of efforts…
Gulf of Mexico Output Lifts Hess Profits
Hess Corp reported a surprise profit on Thursday, supported by higher production at the U.S. oil and gas producer's oilfields in the Bakken shale and Gulf of Mexico regions.The company said production from Bakken rose 17 percent to 130…
Gas Production Set to Triple in Iraq
Gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, according to analysis from Rystad Energy."For the world’s fourth largest crude producer, natural gas is about to take pole position…
US Rig Count Climbs
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels.Companies…
Partial Shutdown of Keystone Oil Pipeline
A shutdown of a portion of TransCanada Corp's Keystone oil pipeline will last a further "days not weeks," following a leak in Missouri last week, crude producer Cenovus Energy said on Wednesday.Citing a conversation with TransCanada…
Equatorial Guinea to Offer Ophir's Old Blocks
Equatorial Guinea will offer offshore Block R with the related Fortuna gas development project in the April licensing round, after the concession was reclaimed from Ophir Energy Plc, the oil minister said…