Energy & Oil

Tuesday, May 26th 2020 - 07:45 UTC
Iranian tankers unloading much needed gasoline in Venezuela

The first of five Iranian tankers carrying much-needed gasoline and oil derivatives docked in Venezuela on Monday, Caracas announced amid concern in Washington over the burgeoning relationship between countries it sees as international pariahs.
Monday, May 25th 2020 - 07:54 UTC
Iranian petrol reaches Venezuela, despite US warnings

The first of five Iranian tankers carrying fuel for gasoline-starved Venezuela entered the country's exclusive economic zone on Saturday, despite a US official's warning that Washington was considering a response to the shipment. The tanker, named Fortune, reached the country’s waters at around 7:40 pm local time (1140 GMT) after passing north of the neighboring dual-island Caribbean nation of Trinidad and Tobago, according to vessel-tracking data from Refinitiv Eikon.
Monday, May 25th 2020 - 07:52 UTC
Pierre Andurand, French 'wonder boy' who predicted the sub zero oil market collapse

French oil trader Pierre Andurand was catapulted into the spotlight this year after correctly betting that the deadly novel coronavirus would spark a sub-zero oil market collapse. Andurand, the 43-year-old founder of London-based Andurand Capital who runs two multi-million-dollar funds, bet in February that the deadly COVID-19 outbreak could represent a rare “black swan” event that would send prices into reverse.
Friday, May 22nd 2020 - 08:41 UTC
Oil prices slump after China omits 2020 economic growth target

Oil prices slumped on Friday after China's decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world's second-largest oil user.
Wednesday, May 20th 2020 - 21:54 UTC
Argentina establishes a minimum oil price of US$ 45/barrel for domestic sales

Oil companies in Argentina are obligated to maintain production, payrolls, and investment and cannot repatriate profits under a decree that establishes above-market prices for domestic crude. The decree published on Tuesday sets a minimum price of US$ 45/bl for domestic sales of light sweet Medanito crude.
Friday, May 15th 2020 - 08:13 UTC
OPEC slashes 2020 global oil demand because of the virus recession

OPEC again slashed its forecast for global oil demand this year as the coronavirus outbreak causes a global recession, although it said record supply cuts by the group and other producers were already helping rebalance the market.
Friday, May 15th 2020 - 08:05 UTC
Trump administration issues Global Maritime Advisory guidelines for ship owners and insurers

The Trump administration on Thursday issued guidelines to help ship owners and insurers avoid the risks of sanctions penalties, standards that maritime players and a senior State Department official said were modified following months of discussions with industry.
Thursday, May 14th 2020 - 08:50 UTC
Premier Oil suspends Falklands' Sea Lion project; Navitas remains interested in farm out project

UK-based oil and gas operator Premier Oil has said it has suspended the Sea Lion-1 oil project offshore the Falkland Islands. The company said the US$1.8 billion offshore oil project would be suspended to minimize ongoing spend in light of the current market conditions.
Wednesday, May 13th 2020 - 07:46 UTC
Guyana's second offshore facility FPSO on schedule for first oil in 2022

Liza Unity, an under-construction FPSO that will be Guyana's second offshore facility in production, remains on schedule for first oil in 2022, Hess Corp. announced. Guyana became an oil-producing nation in December 2019, when Exxon brought online the Liza Destiny FPSO.
Tuesday, May 12th 2020 - 07:46 UTC
Saudi Arabia to cut oil production to a decade record low of 7,5 million bpd

Saudi Arabia said on Monday it had asked oil giant Aramco to cut an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis.