Wednesday, February 19, 2020

Reuters News

China Cuts Gasoline, Diesel Retail Prices

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China announced on Tuesday it would cut retail ceiling prices for gasoline and diesel for the second time in 2020 to reflect the decline in global oil prices, taking total cuts so far this…

Coronavirus Leaves China-bound Tankers Stranded

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The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and…

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

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Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand…

U.S. Crude Stocks Jump More Than Anticipated -EIA

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U.S. crude stocks rose more than expected while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.Crude inventories rose by 7.5 million barrels in the week to Feb.

Total CEO: Governments Not Oil Firms Must Drive Carbon Curbs

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It is up to governments to drive decarbonisation and consumers will have to pay more to achieve carbon neutrality, Total's chief executive said, adding the French firm has no intention…

Vineyard Wind to Miss Startup Target Over Permit Delay

(Photo: Heerema Marine Contractors)

Vineyard Wind, the developer of the first major U.S. offshore wind farm, said on Tuesday it will miss its target to start sending power to Massachusetts by 2022 due to lengthy federal permitting…

Tullow to Axe a Third of Its Workforce

(Photo: Tullow Oil)

Tullow Oil plans to cut a third of its staff to slash its administration costs by a fifth, or around $20 million, a source with direct knowledge of the matter said, after weak output in Ghana…

Coronavirus Paralyzes Oil, Gas Sales into China

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Short-term sales of crude oil and liquefied natural gas into China almost ground to a halt this week as the coronavirus slows economic activity and cuts demand and buyers ponder legal action…

LNG Tanker Diverted from China in Sign of Weaker Demand

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A liquefied natural gas (LNG) tanker that had been heading to China has been diverted, data intelligence firm Kpler and two industry sources said on Tuesday, probably due to lower demand…

Oil Falls as Coronavirus Hits Demand

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Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered…

Coronavirus hits Supertanker Rates

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Freight rates for supertankers on the Mideast Gulf and U.S. Gulf routes to Asia have fallen to their lowest since mid-September as the coronavirus outbreak hit Chinese oil demand, ship brokers told Reuters.China's Sinopec Corp…

Angola May Seek International Arrest Warrant for Isabel dos Santos

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Angola could issue an international arrest warrant for billionaire Isabel dos Santos if she fails to cooperate with a fraud investigation in which she has been named as a suspect, its chief…

Norway PM to Name Tina Bru as New Oil Minister -DN

Tina Bru - Image by Kjetil Ree - Source: Wikimedia Commons / CC BY-SA 3.0 license

Norwegian Prime Minister Erna Solberg will appoint Conservative lawmaker Tina Bru as oil and energy minister, business daily Dagens Naeringsliv and public broadcaster NRK reported on Thursday, citing unnamed sources.

Asia LNG Spot Prices Drop to Multi-year Low

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Asian liquefied natural gas (LNG) spot prices dropped to multi-year lows on Tuesday with at least one cargo being sold into Northeast Asia below the psychological barrier of $4 per million…

McDermott Bankruptcy Filing Imminent -Bloomberg

(File photo: McDermott International)

Oilfield services provider McDermott International Inc is preparing to file for bankruptcy as soon as next week, Bloomberg reported on Friday, citing people with knowledge of the matter.The…

Pipeline Fire Kills Three in Lagos

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A fire on a pipeline owned by Nigeria's state oil company in the commercial capital Lagos killed three people on Sunday, a Reuters witness said.The blaze broke out in the Abule-Egba district of the southwestern megacity.

Exxon to Load First Crude from Guyana This Weekend

The Liza Phase 1 development project utilizes the Liza Destiny floating, production, storage and offloading (FPSO) vessel moored approximately 120 miles offshore Guyana, with four undersea drill centers supporting 17 wells. (Photo: Hess Corp)

The first-ever cargo of Guyana's crude for export is scheduled to begin loading this weekend so the oil can be processed at Exxon Mobil's refining system, the company told Reuters on Friday.Exxon…

U.S. Crude Stocks Rise Unexpectedly -EIA

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U.S. crude stocks, gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday.Crude inventories rose by 1.2 million barrels in the week ended Jan.

Oil Jumps After US Kills Iran's Soleimani

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Oil prices jumped more than $3 on Friday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran's elite Quds Force, sparking concerns for an escalation…

Venezuela Alters Oil Royalty Formulas, Driven by IMO 2020

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Venezuela has changed the formulas for calculating royalties energy companies pay the government to remove references to fuel oil and some crude grades, driven by stricter rules governing marine fuel emissions…