Energy & Oil

Thursday, November 29th 2018 - 08:23 UTC
China/Argentina closer links; Beijing to finance the country's fourth nuclear power plant

Argentina and China are aiming to close a deal within days for the construction of the country's fourth nuclear power plant, a multi-billion dollar project that would cement Beijing’s deepening influence in a key regional U.S. ally.
Tuesday, November 27th 2018 - 15:18 UTC
Sharp fall in Brazil's Petrobras fuel but not so fast at pumps

The average price of gasoline at Petrobras' refineries has dropped around 20% in November as of Tuesday but that decrease will not hit retail prices anytime soon. The state-run petroleum company made the announcement Monday, but gas stations were reluctant to follow suit, at least not at the same level.
Tuesday, November 27th 2018 - 09:00 UTC
Brazil Eyes US$ 30 Billion Offshore Oil Boom

Over the past few years, Brazil has held several very successful oil auctions under production-sharing contracts in its pre-salt layer, attracting major oil companies to its prized offshore oil area.
Tuesday, November 27th 2018 - 05:20 UTC
Oil and chemistry bring big revenues to China

The oil and chemical industries have meant a 712.1 billion yuan (around 103 billion US dollar) profit for the first three quarters of the year for China's treasure, which equals a 45.2 percent increase from the same period of 2017, according to official Ministry of Industry and Information Technology figures released Monday.
Monday, November 26th 2018 - 07:32 UTC
Venezuela complies with court order and pays for Canadian company nationalized assets

Cash-strapped Venezuela settled a US$1.2 billion arbitration claim that will prevent a creditor from stripping away its crown jewel foreign asset, the U.S.-based Citgo Petroleum Corp refining business, according to Canadian court documents.
Saturday, November 24th 2018 - 08:59 UTC
Oil price slumps 8% to lowest in more than a year: Crude supply grows faster than demand

Oil prices slumped up to nearly 8% to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output. Oil supply, led by U.S. producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec. 6.
Wednesday, November 21st 2018 - 08:17 UTC
Khashoggi syndrome: Crude prices at their lowest since 2017; fears of further market volatility

Crude prices hit their lowest level since 2017 on Tuesday, sliding further into a bear market after President Donald Trump signaled the US would not punish Saudi Arabia, the world’s largest oil exporter, over the killing of Washington Post journalist Jamal Khashoggi in its Istanbul consulate.
Saturday, November 17th 2018 - 08:56 UTC
Premier Oil confident in reducing debt; begins drilling in Mexico

Premier Oil said it expected full-year production to come in at the low end of a previously announced 80,000 to 85,000 barrels per day range. The company, with interests in the Falkland Islands and which has been focusing on cutting debts, also said its debt pile would shrink to US$ 2.4 billion by the year-end.
Tuesday, November 13th 2018 - 08:30 UTC
YPF faces weaker gas demand and shifts focus to Vaca Muerta shale oil

Argentina's energy company YPF said on Monday its 2018 hydrocarbon production likely will fall by 3% to 4% on the year, more than previously expected, as low natural gas demand forces it to close wells and shift its focus to Vaca Muerta shale oil.
Monday, November 12th 2018 - 18:13 UTC
Oil producing countries agree on need to cut down crude output due to oversupply

They call it “production adjustments,” but in reality most major oil extracting countries agreed Sunday new strategies regarding crude output were needed in light of the surplus accrued over the past few months.