Tag Archives: Oil Price

Libya is yet to resume oil exports one week after the Haftar clan blocked production in a bid to gain leverage over a battle to control the Central Bank. Six engineers have told Pan-Arab newspaper Asharq-Al-Awsat that exports remained halted at the ports of Es Sidra, Ras Lanouf, Hariga, Zueitina, …

Fortescue is a large Australian mining group that has articulated ambitious plans to become a clean energy giant, especially in the hydrogen market, where it has begun several large international green projects and entered into numerous partnerships with other firms. Earlier this year, however, Fortescue began to exhibit signs of …

Russian natural gas pipeline exports to Europe declined by 2% in August compared to both August last year and July 2024, according to estimates by Reuters published on Monday. Last month, gas giant Gazprom’s average daily pipeline shipments to Europe fell to 89.6 million cubic meters, down by 2% month-on-month …

The Dangote refinery in Nigeria, Africa’s biggest and newest crude processing facility, is set to soon begin production of gasoline, potentially upending global gasoline flows. For years, Nigeria has been importing the gasoline it consumes, but the newly operational refinery is poised to turn OPEC’s largest African crude oil producer …

Worsening refining margins in China and the wider Asian region and weaker Dubai benchmark prices could make the world’s top crude oil exporter, Saudi Arabia, reduce the price of its crude loading for Asia in October, a Reuters survey of refining industry sources showed on Monday. Saudi Aramco, the world’s …

Battery storage installations are soaring in the United States thanks to incentives in the Inflation Reduction Act (IRA), which offers, for the first time, tax credits for standalone storage capacity. Total costs of batteries and storage systems have also dropped significantly over the past decade to incentivize more installations across …

Germany expects to extend for another six months its trusteeship over the German assets of Rosneft while Qatar and the Russian oil giant are reportedly in talks over a sale to the gas-rich Gulf nation, sources with knowledge of the situation told Reuters on Monday. Schwedt is the fourth-largest refinery …

On Monday, Turkey signed a ten-year agreement with Shell under which the supermajor will supply Turkish state energy firm BOTAS with LNG for ten years starting in 2027, in a boost to Turkey’s plans to become a regional gas hub for Europe and the Mediterranean. The agreement envisages Shell supplying …

Fuel demand in the world’s third-largest crude oil importer, India, is set to rise by between 4% and 5% per year for the “foreseeable” future, G. Krishnakumar, chairman of India’s state-controlled refiner Bharat Petroleum Corporation Ltd (BPCL), said on Friday. At the same time, Indian consumption of petrochemicals is expected …

China’s state-held oil and gas giant CNOOC reported on Wednesday a record-high net profit for the first half of 2024, pushed up by an all-time high oil and gas production and rising oil prices. CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net …