Energy & Oil

Thursday, August 20th 2020 - 10:05 UTC
Oil industry's recovery is incomplete but sustainable

Throughout the summer, oil’s recovery from its devastating crash has looked somewhat dubious. While the price of crude rebounded somewhat, it did not wholly regain its pre-pandemic strength. And while the nations of OPEC+ put measures in place to cut production and close the gap between supply and demand, certain nations involved hinted at the reluctance to keep cuts in place. These factors, coupled with the lingering potential of fresh “waves” of the coronavirus, have kept us from being overly optimistic about the state of oil.
Wednesday, August 19th 2020 - 09:40 UTC
Chile's GDP plunged 14,1% in the second quarter; mining the only positive sector

Chile's gross domestic product (GDP) plunged 14.1% in the second quarter, the Central Bank said on Tuesday, after the coronavirus pandemic mauled economic activity with the exception of the vital mining sector. Among the worst-hit sectors were manufacturing, construction and the hotel and restaurant sector. In the first quarter, the Chilean GDP had increased slightly by 0.2%.
Tuesday, August 18th 2020 - 15:50 UTC
Falkland Islands and oil companies new approach to “stranded assets”

An article in World Oil by Laura Hurst refers to the term “stranded assets” and mentions the case of the Falkland Islands oil industry: the discovery a decade ago of as much as 1,7 billion barrels of crude offshore the British Overseas Territory, and rather than the next frontier, the project to extract energy risks being added to a list of what companies call “stranded assets” that could cost them huge sums to mothball.
Saturday, August 15th 2020 - 09:22 UTC
Argentine soy oil contracts under pressure from “wash out” by Chinese importers

Chinese importers have started to practice “wash out” with Argentine soy oil contracts, which is having an impact on the local industry.
Friday, August 14th 2020 - 08:30 UTC
France supports Greece in escalating row in east Mediterranean over gas reserves

France on Thursday prepared to beef up its military presence in the Mediterranean as tensions rose, prompting Turkish President Recep Tayyip Erdogan to warn of a “heavy price” if a Turkish ship exploring for gas in disputed waters is attacked.
Friday, August 14th 2020 - 07:54 UTC
US government seizes vessels loaded with Iranian oil in violation of sanctions, WSJ reports

The US government has for the first time seized vessels allegedly loaded with Iranian fuel in violation of sanctions imposed by the Trump administration, the Wall Street Journal reported on Thursday, citing US officials.
Wednesday, August 12th 2020 - 08:38 UTC
US inventories of crude fall helping to move oil prices higher

Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts had expected, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic.
Tuesday, August 11th 2020 - 09:00 UTC
UK's oil industry close to collapse, says Premier Oil director; North Sea not profitable below US$ 60 a barrel

The UK's oil industry is in “crisis” as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money.
Monday, August 10th 2020 - 07:55 UTC
Oil prices climbing on prospects of a stimulus deal to help US economy

Oil prices climbed in early trade on Monday, clawing back over half of Friday's losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.
Thursday, August 6th 2020 - 09:26 UTC
Brazil doubled oil exports during July

Brazilian oil exports more than doubled in July to 8.19 million tons, compared to 3.76 million tons shipped in July 2019, according to data released by the Foreign Trade Secretariat, Secex.