Tag: oil

• Thursday, March 19th 2020 - 08:20 UTC

  Russian economy battered by the oil price war with Saudi Arabia

  

  Russia, hit by falling oil prices and the coronavirus outbreak, has announced the formation of a US$4 billion fund as part of a package of measures to support the economy.

• Wednesday, March 11th 2020 - 08:49 UTC

  Oil prices with slight recovery on Tuesday but market volatility remains

  

  Oil, which plunged about 25% on Monday, rebounded on Tuesday along with equities and other financial markets. Brent futures rose US$2.69, or 7.8%, to US$37.05 a barrel by 2:24 p.m. EDT (1824 GMT), while U.S. West Texas Intermediate (WTI) crude rose US$2.73, or 8.8 percent, to US$33.86.

• Monday, March 9th 2020 - 08:55 UTC

  Oil prices plunge 30% after OPEC fails to agree on production cuts; Russia clashes with Saudi Arabia

  

  Oil prices plunged 30% in early trading after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.

• Tuesday, March 3rd 2020 - 08:29 UTC

  Brazil increases bio-content of blended diesel to 12% from 11%

  

  Brazil increased the volume of biodiesel blended with diesel sold at the pump to 12% from 11% on Sunday, the latest increase to a biofuels mandate that aims to decrease Latin America's largest economy's dependence on imported barrels.

• Monday, February 17th 2020 - 08:50 UTC

  Venezuela urgently shipping oil to fuel-short Cuba and its crippled its sugar and tourism industries

  

  Venezuela's state energy firm PDVSA has been shipping more oil this month to close ally Cuba, as tighter U.S. sanctions have worsened fuel shortages on the Caribbean island, according to sources.

• Friday, February 14th 2020 - 08:40 UTC

  Ex head of Mexican oil firm Pemex arrested in Spain on corruption charges

  

  Spanish police this week arrested Emilio Lozoya, the former chief executive of Mexico’s state oil firm Pemex, giving President Andres Manuel Lopez Obrador his first high-profile win in his government’s anti-corruption drive.

• Wednesday, February 12th 2020 - 07:43 UTC

  World's largest oil traders investing in climate friendly projects, but profits remain a big question mark

  

  The world's largest oil traders are pouring hundreds of millions of dollars into climate-friendly projects: including wind farms, cow manure plants, and blue hydrogen: as they seek to match the profits they make from trading oil.

• Wednesday, February 5th 2020 - 07:18 UTC

  Consolidation and a FPSO platform in Brazil's Campo Basin

  

  Brazil’s PetroRio SA has acquired a floating oil and gas platform type FPSO OSX-3 for US$140 million and 80% of the Tubarão Martelo oil field where the vessel is located, the field’s previous owner Dommo Energia SA said.

• Wednesday, January 29th 2020 - 07:44 UTC

  Guyana rapidly becoming an oil major: 16th discovery in four years of exploration

  

  ExxonMobil today announced its 16 discovery in the Stabroek Block, located off the Guyanese coastline. The Texas-based company announced that it encountered 29 meters of high-quality oil-bearing sandstone at the Uaru well.

• Tuesday, January 28th 2020 - 08:35 UTC

  Maduro prepared to hand over the oil industry to foreign private companies

  

  Venezuelan President Nicolas Maduro is considering selling shares of the country's state-owned oil company, Petroleos de Venezuela SA, in an attempt to recover the country's petroleum industry and its dwindling production.