BP’s trading arm made nearly $4 billion in 2020, according to a copy of an internal BP presentation seen by Reuters, almost equalling the record trading profit in 2019 despite the collapse in oil demand caused by the pandemic. Trading revenue for majors such as BP and rival Royal Dutch/Shell …

Syrian Oil Minister Bassam Toma’a has revealed that around 90 per cent of Syrian oil is under the control of US forces, Aram News Network reported on Friday. “The Americans and their followers are acting like pirates as they are targeting the Syrian oil wealth and oil supplies,” the Syrian …

Aramco Upstream chief Nasir Al-Naimi said oil and gas companies should reduce their CO2 footprint as they continue to provide a majority of the world’s energy for years to come. “While new energy has a role to play, it will be a while before it is ready to shoulder a …

The American Petroleum Institute, the largest fossil-fuel lobby, is joining the call for pricing carbon as one way to lower U.S. emissions and slow global warming. In its release out Thursday, API said it backs “sensible legislation that prices carbon across all economic sectors while avoiding regulatory duplication.” The stance …

As the shift in oil demand from Covid-19 turned the tables of regional levels of fuel production and exports, China succeeded in overtaking the USA as the world’s biggest oil refiner in 2020. As China began to ramp up its refining capacity throughout the pandemic, the US Energy Information Administration …

Crude oil producers from Europe, Africa and the United States faced difficulties selling to Asia, especially China, as buyers took cheaper oil from storage while refinery maintenance has reduced demand, industry sources said on Thursday. Chinese independent refiners, which account for a fifth of the country’s imports, have slowed imports …

With oil prices making steady gains earlier this year, OPEC and other producers had hoped to ease output cuts, but industry sources say a fresh wave of lockdowns around the world threatens to tear up those plans. The OPEC+ group of producers, which are holding back millions of barrels of …

Gazprom has been working consistently for many years to reduce its environmental impacts and increase energy efficiency. In 2020, Gazprom implemented the planned environmental protection measures and achieved its corporate environmental targets. In 2020, the company reduced the emissions by 16 million tons of CO2 equivalent (14 %) against the …

A slump in Europe’s travel industry could have a knock-on effect for oil and gas as lockdowns spread across Europe once again. European airline shares plunged this week as Germany, France and Italy all announced new lockdown measures to be introduced over and beyond the Easter period. Vacation travel is …

Renewed concerns over flaring up of COVID-19 cases in Europe have reversed fortunes in crude oil industry, sending oil prices on another round of descent. Both the WTI and Brent crude fell by over four per cent on Tuesday. New or extended lockdowns in Europe, including in Italy, France, and …