Energy & Oil

• Thursday, February 7th 2019 - 07:44 UTC

  Bank Of America: Oil Demand Growth To Hit Zero Within A Decade

  

  By 2030, oil demand could hit a peak and then enter decline, according to a new report. For the next decade or so, oil demand should continue to grow, although at a slower and slower rate. According to Bank of America Merrill Lynch, the annual increase in global oil consumption slows dramatically in the years ahead. By 2024, demand growth halves, falling to just 0.6 million barrels per day (mb/d), down from 1.2 mb/d this year.

• Wednesday, February 6th 2019 - 09:20 UTC

  Vale in deep legal “sludge” over dam burst: 135 dead and 200 missing

  

  A report commissioned by Brazilian miner Vale SA last year to look into the stability of the tailings dam that ruptured January 25, killing 135, certified it as sound but raised concerns over its drainage and monitoring systems, newspaper Folha de S Paulo reported on Tuesday.

• Saturday, February 2nd 2019 - 09:14 UTC

  Petrobras begins development of massive offshore field; Brazil targets 7.5m bpd in a decade

  

  Petrobras has put the finishing touches on the first wave of development at the massive offshore Brazil Lula Field, pumping first oil from the latest floating production unit to be installed at the country's largest oil and natural gas producer, the company announced on Friday.

• Saturday, February 2nd 2019 - 08:58 UTC

  Oil traders anticipate they will comply with US Treasury sanctions on Venezuela

  

  U.S. sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to but slightly less extensive than those imposed on Iran last year, experts said on Friday after looking at details posted by the Treasury Department.

• Friday, February 1st 2019 - 11:08 UTC

  Argentina and EU reach an agreement over exports of biodiesel

  

  Argentina and the European Union (EU) reached an agreement to end a dispute over exports of biodiesel, the Argentine Ministry of Foreign Affairs said. The deal establishes price and volume limits to be announced next month, the ministry said in a statement.

• Friday, February 1st 2019 - 10:38 UTC

  Dam burst in Brazil confirms 110 deaths and 238 missing: “deadliest-ever mine disaster”

  

  Residents devastated by a mining dam burst in Brazil that may have killed more than 300 people reacted on Thursday with indifference and in many cases anger to miner Vale SA’s pledges to pay victims’ families and improve safety.

• Thursday, January 31st 2019 - 09:25 UTC

  Washington warns traders not to deal with gold or oil “stolen from the Venezuelan people”

  

  The White House warned traders on Wednesday not to deal in Venezuelan gold or oil following its imposition of stiff sanctions aimed at forcing socialist President Nicolas Maduro from power.

• Wednesday, January 30th 2019 - 10:01 UTC

  Guaidó plans to name new boards of directors at PDVSA and Citgo

  

  The President of Venezuela’s opposition-dominated National Assembly Juan Guaido will announce new boards of directors for state oil company PDVSA and its U.S. business, Citgo, according to opposition leader sources.

• Wednesday, January 30th 2019 - 09:14 UTC

  Vale vows to cut 10% iron ore output and decommission ten dangerous sludge dams

  

  Vale SA, the world’s largest iron ore miner, on Tuesday vowed to take as much as 10% of its ore output offline in order to decommission ten more dams like the one that burst last week, killing scores of workers and nearby residents.

• Tuesday, January 29th 2019 - 09:03 UTC

  US tightening the noose: Venezuelan oil proceeds will be withheld from Maduro's government

  

  The US has imposed sanctions on Venezuela's state-owned oil firm PDVSA and urged the country's military to accept a peaceful transfer of power. National Security Adviser John Bolton said President Nicolás Maduro and his allies could “no longer loot the assets of the Venezuelan people”. Efforts by the opposition to unseat Mr Maduro have increased in recent days.