India increases biofuel usage amid increasing crude supply risks
India wants to use more 'biofuels' to improve its energy security, as disruptions in 'crude supply' are pushing 'oil prices' higher, according to Tarun Kapoor. Kapoor said…
Iran says US energy companies are exposed and vows to respond if they are attacked by Iran
Iran warned on Monday that it would retaliate if the United States launched any more attacks against its assets. It said that the energy supply chain in the region was "sprawling and accessible" and that U.S.
The Venezuelan billionaire that the US has been investigating for money laundering, now has a Pentagon Oil deal
Before recently, the billionaire who helped the Trump administration broker a sweeping long-term deal with Venezuela had been the target of U.S. investigations into money…
Sources say that OPEC+ is likely to raise its oil production targets again in September.
MOSCOW/LONDON - OPEC+ countries will likely agree to a new increase in 'output aims' for September at their meeting on August 2. This is despite the fact that the Iran War…
Palm oil drops as rival edible oils retreat, vegoils
Malaysian palm oil futures declined for a 2nd session on Wednesday, following the losses of competing edible oils in the Chicago and Dalian exchanges. At closing, the benchmark?palm…
US forces oil majors to invest heavily in Venezuela to recover their debts
Two people who were familiar with this outreach report that White House and State Department officials told U.S. Oil executives, in recent weeks, they needed to return to…
Wall Street drops as AI funding worries hit tech stocks
Wall Street's major indexes dropped on Wednesday. The?S&P 500, and the tech-heavy Nasdaq were at their lowest levels in three weeks as nagging concerns about?the??artificial intelligence?
Palm drops due to ringgit strength and is on track for a weekly loss
Malaysian palm futures fell on Friday due to a stronger ringgit, as well as the weakness of rival Dalian edible oil. They were on course for their first loss in three weeks.
Russian FSB Allow Foreign Tankers to Access Black Sea Ports; Kazakh Oil Exports Resume
Russia's FSB security service has started handing out clearance for foreign tankers to access the Black Sea ports, allowing for Kazakhstan's oil exports to resume after they were halted for nearly a day…
Treasury: US sanctions against North Korea and Russia include new sanctions
New sanctions imposed by the United States on Monday targeted Pyongyang’s financial activities as well as its military support for Moscow, according to the Treasury Department.
MODEC’s FPSO Anita Garibaldi MV33 Achieves First Oil in Brazil
Japan's MODEC said its FPSO Anita Garibaldi MV33 has achieved first oil production for Petrobras at the Marlim field in the Campos Basin off the coast of Brazil.The FPSO…
Brent's Fall Creates Steepest Contango in 11 Years
The discount on front-month Brent crude oil futures to later contracts increased to an 11 year high on Thursday, as the coronavirus pandemic continued to cause an unprecedented slump in global demand.
Stena Oil Rolls Out Scandinavia's Largest Bunkering Terminal at Frederikshavn
Stena Oil has signed an agreement to create a new marine fuel terminal in the Port of Frederikshavn. The facility will be fully adapted for the new Sulphur Directive 2020…
PDVSA Escapes Bonaire Restrictions - for now
A regulatory agency has decided not to impose restrictions on Venezuelan state-run oil company PDVSA's operations at its terminal on the Dutch Caribbean island of Bonaire after receiving new repair assurances…
Pressured for Profit, Oil Majors Bet Big on Shale Technology
Shale oil engineer Oscar Portillo spends his days drilling as many as five wells at once - without ever setting foot on a rig. Part of a team working to cut the cost of drilling a new shale well by a third…
Workers at Sri Lanka's State-run Oil Firm Call off Strike
Workers at Sri Lanka's state-run oil firm CPC called off a strike on Monday less than 24 hours it started after the government agreed to consult them before signing an oil tank deal with India.
Shell Signs 3-year Contract to Lease Oil Tanks in Panama
Oil company Royal Dutch Shell has signed a three-year contract to lease storage tanks at a large terminal in Panama that had been used by U.S. refining company Tesoro Corp…
Sinopec to Open Zhanjiang Oil Tanks; SPR Site Delayed
Commercial crude storage of 8.5 mln bbls due start by June; Sinopec also building a rock cavern strategic reserve base nearby. Sinopec Corp is expected to start operating…
Company to Pay $9.5 Mln for Actions Leading to US Gulf Explosion
Wood Group PSN Inc., a Nevada corporation headquartered in Houston, was ordered to pay $9.5 million in two separate cases involving its conduct in the Gulf of Mexico. Specifically…
Saudis, Russia Diverge on speed of Output Cuts
OPEC and non-OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day (bpd) in the first six months of 2017.