Tag Archives: Bloomberg News Agency

Total SE and Engie SA plan to build France’s largest green hydrogen facility to feed the oil company’s biodiesel plant in the south of the country from 2024, provided they get subsidies to make the project viable. Steelmakers and gasoline and biofuel producers currently make the hydrogen they need from …

The U.S. removed the ban on American crude oil exports to countries other than Canada in 2015, unleashing a new force on the global oil market to be reckoned with. Soaring shale production over the past half-decade has not only helped America to reduce its reliance on foreign oil imports, …

Iraq raised pricing for all crude sales to Asia for February, after a similar move by Saudi Arabia, OPEC’s biggest producer. The second-largest OPEC member, Iraq increased Basrah Light crude to buyers in Asia by 70 cents a barrel, to a $1.10 premium over the regional benchmark, according to a …

Saudi Arabia raised pricing for oil customers in Asia and the U.S. after its shock move this week to cut output sent crude prices climbing. A day after its unilateral decision to slash oil production by 1 million barrels a day next month and in March, the kingdom opted to …

Saudi Arabia’s decision to cut oil production probably reflects expectations for demand to weaken further as coronavirus lockdowns return around the world, according to Goldman Sachs Group Inc. The kingdom’s pledge to lower output by 1 million barrels a day in February and March was surprising for several reasons, Goldman …

Iraq has agreed a multibillion-dollar oil-supply deal with a Chinese company, according to the Arab nation’s official news agency. SOMO, which oversees Iraq’s petroleum exports, picked a Chinese firm after receiving bids from several traders, INA reported, citing an interview with SOMO General Manager Alaa Al-Yasiri. While INA didn’t name …

Liquefied natural gas traders anticipate a swift demand recovery in 2021 after a year in which the coronavirus pandemic prompted dramatic price swings. Colder weather in key importing nations, outages at major production hubs and congestion along global shipping routes already have combined to push spot prices in Asia to …

Iran has slashed the amount of natural gas it exports to Iraq and threatened further cutbacks over unpaid bills, increasing the likelihood of more electricity shortages in Baghdad and other major cities. Iraq has been receiving 5 million cubic meters a day since Iran cut its daily exports from 50 …

The United Arab Emirates is optimistic about a recovery in oil demand in 2021, but says it won’t be immediate. Rollout of coronavirus vaccines and improvement in ties between the United States and China are likely to improve demand for oil, Energy Minister Suhail Al-Mazrouei told Sky News Arabia. “Recovery …

Russia intends to support a further increase in OPEC+ production at the group’s meeting next month, even as a new strain of the coronavirus raises concerns about demand, said officials familiar with the country’s oil policy. As of now, Moscow believes it makes sense to raise OPEC+ output by 500,000 …