Energy & Oil

Friday, July 6th 2018 - 08:16 UTC
The new oil cartel threatening OPEC

When reports emerged that India and China are in talks about forming an oil buyers' club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying.
Wednesday, July 4th 2018 - 09:02 UTC
Brazilian ex-billionaire sentenced to 30 years in prison for corruption

A Brazilian businessman famous for amassing and then losing a multi-billion-dollar fortune has been convicted of corruption and money laundering and sentenced to 30 years in prison.
Wednesday, July 4th 2018 - 08:29 UTC
Bolivia invites India to develop lithium reserves, essential for electric vehicles and smart phones

Bolivia, known to have the largest reserves of lithium, has offered the metal –used in making batteries of electric vehicles, laptops and smart phones– to India. Ambassador to India, Sergio Dario Arispe Barrientos, said Bolivia has the largest deposit of Lithium and India could explore this opportunity.
Tuesday, July 3rd 2018 - 07:26 UTC
Argentina plans to free fuel prices starting in August

Argentina will allow fuel retailers to freely set pump prices starting in August, according to an Energy Ministry official familiar with the plan, a move that could encourage badly needed investment in the nation's oil patch but risks worsening sky-high inflation and angering consumers.
Monday, July 2nd 2018 - 08:25 UTC
Saudi Arabia prepared to help with Trump's request “to pump more oil”, but gives no specifics

President Donald Trump said over the weekend that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets.
Friday, June 29th 2018 - 08:31 UTC
Trial of economic oil record books across Red Ensign Group

The Red Ensign Group is to carry out a trial of electronic oil record books across the thirteen British shipping registries. It was agreed by the REG’s Technical Forum, with the Isle of Man Ship Registry taking the first steps and providing industry guidance for the rest of the group.
Tuesday, June 26th 2018 - 09:06 UTC
Petrobras agrees to pay US$ 3bn in reparations to US investors

Brazilian state oil company Petrobras announced Monday that it would pay almost 3 billion U.S. dollars in reparations to U.S. investors who were harmed by the corruption ring within the firm. Brazil's largest company was sued in a class action lawsuit, which was approved on June 22 by a federal court in New York.
Tuesday, June 26th 2018 - 08:40 UTC
Saudis commitment to increase oil production to meet growing customer demand

Saudi Arabia’s state oil giant will meet customer demand for its crude after the country’s energy minister cemented a deal to boost global supply, according to Saudi Aramco CEO Amin Nasser.
Tuesday, June 26th 2018 - 08:35 UTC
Latest member to join OPEC expects to raise oil production by 65%

The Republic of Congo expects to raise oil production by as much 65% this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said.
Tuesday, June 26th 2018 - 08:26 UTC
Petrobras begins operations at Tartaruga Verde field

Petrobras has announced the start of production at Tartaruga Verde field, in the deep waters of the Campos basin, by means of FPSO Cidade de Campos dos Goytacazes. The FPSO is located about 127 km off the coast of the state of Rio de Janeiro, in water depth of 765 m, with a capacity to process daily up to 150,000 bbl of oil and 3.5 MMcmg and 5 MMcm of gas compression.