Tag Archives: Bloomberg News Agency

The U.S. is maintaining the pressure on Germany over a new gas link to Russia, with Secretary of State Antony Blinken insisting the Nord Stream 2 pipeline runs counter to the interests of the European Union. “It’s in contradiction to the EU’s own energy security goals,” Blinken told reporters in …

Most of Europe’s natural gas industry has announced an ambition to become climate neutral by mid-century at the latest. But a study shows how difficult it will be to turn the goals into reality. A survey of companies revealed none could definitively measure their methane emissions, relying instead on estimates, …

The U.K.’s oil and gas industry faces a struggle to recover from an investment slump sparked by the coronavirus and in the longer term will have to manage a prolonged decline in output, according to its trade body. Production may decline further this year and next, following a 5% decrease …

Brent crude now trades above fiscal breakeven prices for the four biggest oil producers in the Middle East after Saudi Arabia convinced fellow OPEC+ members to keep output largely unchanged. The shock move by OPEC+ triggered a rally in Brent prices, which rose to almost $70 a barrel. That’s higher …

OPEC+’s surprise move to keep a lid on crude exports is hitting oil tanker owners afresh. Shares of owners giant supertankers including Frontline Ltd., International Seaways Inc. and DHT Holdings Inc. all fell late Thursday and into Friday. The Organization of Petroleum Exporting Countries and its allies wrong-footed oil traders …

The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya today, shows the heavy toll of a slump in oil-industry investment. The nation’s production has fallen by more than a third since 2015, when international oil companies started slashing investment …

From trading houses in Geneva to Wall Street banks, much of the oil world agrees that global markets could use some more barrels. The big question is whether OPEC+ will provide enough of them. A crude glut that piled up during the pandemic is vanishing fast. Global inventories are plunging …

Russia’s oil output has dipped below its OPEC+ target in February amid abnormally cold weather, meaning the country failed to take full advantage of a more generous quota. The nation pumped an average of 1.377 million tons a day of crude and condensate on average from Feb. 1 to 25, …

To see the gulf between China’s ambitious carbon-neutral goals and the desire of its companies to maintain breakneck growth, look at Shandong’s oil refineries. The coastal province, a hub of private factories with an economy the size of Indonesia’s, issued a notice urging local industry, and especially oil and petrochemical …

Iraq has decided against signing an oil-supply deal with a Chinese state company that would’ve seen the cash-strapped Arab nation get about $2 billion upfront, according to its oil minister. Baghdad opted not to go ahead with the contract after oil prices rose in recent months, Ihsan Abdul Jabbar said …