The top buyers of Russian and Iranian crude in Asia, China, and India, have been buying more crude from the Middle East and Africa, expecting fresh sanctions on Iran and Russia to cripple supply from these two exporters, traders have told Bloomberg. In the past few weeks, supply of Russian …
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Abu Dhabi’s national oil company ADNOC continues to expand its global footprint in both upstream and downstream sectors. ADNOC Logistics and Services (L&S) announced the completion of a $1.08 billion acquisition of an 80% stake in UK-based product tanker operator Navig8. This acquisition gives ADNOC L&S control of a modern …
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India’s largest exploration and production firm, state-held Oil and Natural Gas Corporation Limited (ONGC) has hired supermajor BP to be the technical services provider of its efforts to boost production at India’s biggest oilfield, ONGC said on Wednesday. India has been looking to increase its domestic oil and gas output …
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Strong European demand for Guyana’s crude pushed the oil exports of the South American country soaring by 54% last year, with Europe accounting for the majority of shipments, Reuters reported on Wednesday, quoting shipping data and traders. Crude oil exports from Guyana averaged about 582,000 barrels per day (bpd) last …
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Oil prices declined for a second day on Thursday after large builds in fuel inventories in the U.S., the world’s biggest oil user, though expectations for increasing winter fuel demand and concerns over tighter supply limited the drop. Brent crude futures fell 8 cents to $76.08 a barrel by 0409 …
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Kazakhstan’s state-owned oil and gas company KazMunayGas has reportedly offered $1 billion to buy Lukoil Neftochim Burgas, Bulgaria’s only refinery currently owned by Russia’s Lukoil. The Burgas refinery already receives about 40% of its supplies from KazMunayGas, and the acquisition would strengthen the Kazakh company’s position in the European market. …
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The latest statistics from the National Energy System Operator (NESO) have revealed that wind power has overtaken gas as the largest single source of electricity for the first time. In 2024, wind turbines supplied 30% of the UK’s electricity despite a year of unusually low wind speeds. December, the windiest …
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Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. India’s newest liquefied natural gas terminal has received its first shipment, taking the country a step closer to its goal of doubling the proportion of the fuel in its …
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US President Joe Biden announced Monday that he is moving to ban new offshore oil and gas drilling along most US coastlines. “I am taking action to protect the East and West coasts, the eastern Gulf of Mexico, and Alaska’s Northern Bering Sea from oil and natural gas drilling and …
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Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) declined last month, as the United Arab Emirates (UAE) intensified supply cutbacks aimed at stabilizing global oil markets. According to a Bloomberg survey, OPEC’s output fell by 120,000 barrels per day (bpd) to 27.05 million bpd, with the …
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