Tag Archives: Reuters International News Agency

Oil prices extended their rally on Monday as investor appetite improved amid growing relief the Omicron coronavirus variant may not cause severe illness and will likely have a limited impact on global fuel demand. Brent futures climbed 94 cents, or 1.3%, to $76.09 a barrel by 0500 GMT, after rising …

OPEC+ is not currently discussing pausing oil output increases despite the United States and others releasing stocks, three OPEC+ sources told Reuters. The United States and several other nations agreed to release stocks after failing to convince OPEC to pump more oil as U.S gasoline prices soared adding to pressures …

Toyota Motor Corp said on Saturday it will partner with four other Japanese vehicle makers to explore the viability of alternative green fuels for internal combustion engine cars, including hydrogen and synthetic fuels derived from biomass. The companies, which in addition to Toyota include Mazda Motor Corp, Subaru Corp, Yamaha …

Royal Dutch Shell is currently committed to exploring in Africa for hydrocarbons and doing so fits the company’s purpose, its exploration manager for deepwater Africa Benjamin Mee said on Wednesday at an industry event. More than 80% of Shell’s exploration will be focused on core positions with an emphasis on …

The world will see its level of spare oil production capacity dwindle next year as jet fuel demand returns to pre- or near-pre-crisis levels, Amin Nasser, the chief executive of Saudi Aramco, said on Tuesday. “The industry’s spare capacity, currently at 3-4 million barrels per day (bpd) is providing some …

China’s Sinopec has signed a contract with U.S. Venture Global LNG to buy 4 million tonnes of liquefied natural gas (LNG) annually for 20 years. The deal is the largest LNG long-term contract signed between Chinese and U.S. companies, Venture Global said in a statement. The LNG will be supplied …

U.S. refiners are expected to show higher earnings for the third quarter as margins to sell gasoline and diesel have improved despite the surging cost of crude oil, analysts said. After more than a year of depressed fuel demand, gasoline and distillate consumption is back in line with five-year averages …

Chevron Corp on Monday set a target to cut certain types of upstream gas emissions to net zero by 2050, joining a list of energy companies taking steps to reduce their carbon footprint. The move to cut upstream scope 1 and 2 gas emissions comes amid rising pressure on energy …

European Union countries have enough gas in storage to go through the winter, but the surge in gas prices shows the need to quickly switch to renewable sources and analyse the idea of a strategic EU gas storage and joint buying, European Energy Commissioner Kadri Simson said. “Gas underground storage …

Russian oil and gas condensate output rose to 10.72 million barrels per day (bpd) in September, the highest level since the 11.34 million bpd pumped in April 2020, Reuters calculations based on an Interfax report showed on Saturday. Total oil and gas condensate production was 43.86 million tonnes last month, …