Tag Archives: Bloomberg News Agency

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 …

Iraq’s crude oil exports jumped in the first half of February even after OPEC’s second-biggest producer pledged to cut production this month. The group and partners including Russia are restraining supply with the coronavirus pandemic still raging. The alliance, known as OPEC+, is seeking to ensure a 66% rally in …

Iran said an attempt by the U.S. government to seize 2 million barrels of oil aboard a Greek-owned tanker was “an act of piracy,” as tensions between Washington and the Islamic Republic show little sign of easing under Joe Biden’s presidency. Washington claims the crude on the Achilleas ship was …

The re-balancing of global oil markets remains “fragile” amid weaker estimates for demand and a recovery in supplies, the International Energy Agency said. The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted …

Exxon Mobil Corp.’s credit rating was lowered one notch by S&P Global Ratins even as oil prices rebound from a historic pandemic-driven crash. Exxon is now rated ‘AA-’ with a negative outlook, S&P said in a statement on Thursday. The rating agency warned earlier this year that oil explorers risked …

Iraq said the OPEC+ oil cartel is unlikely to change its production policy at next month’s meeting and repeated promises to deliver overdue output cuts, even as the Arab nation’s economy reels. The group of crude exporters meets on March 4 and members will probably agree to keep output steady …

Iraq said the OPEC+ oil cartel is unlikely to change its production policy at next month’s meeting and repeated promises to deliver overdue output cuts, even as the Arab nation’s economy reels. The group of crude exporters meets on March 4 and members will probably agree to keep output steady …

Qatar Petroleum selected Chiyoda Corp. and TechnipFMC Plc for the main construction contract to expand its liquefied natural gas production capacity by 43%. Qatar’s energy minister and QP Chief Executive Officer Saad Al-Kaabi signed the agreement, worth about $13 billion, with the two companies at a ceremony in Doha on …

OPEC and its allies can celebrate their success in steadying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices. Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels …