The US authorities have intensified pressure on European contractors of construction of the Nord Stream 2 gas pipeline recently, treating with “far-reaching” consequences if they continue cooperating with the project, the German Die Welt paper wrote on Saturday with reference to sources. The US authorities have started holding bilateral talks …
Read More »U.S., Japan, Others Call for Halting Oil Products Exports to N. Korea
A total of 43 countries including the United States, Japan and South Korea claimed on Friday that North Korea’s imports of oil products so far this year had exceeded an annual ceiling of 500,000 barrels under U.N. Security Council resolutions. The countries made the claim in a document submitted to …
Read More »Reliance Industries Overtakes Exxon as Second Most Valuable Energy Firm
India’s oil-to-telecoms conglomerate Reliance Industries surpassed on Friday Exxon as the world’s second most valuable firm doing business in energy after Saudi Arabia’s oil giant Aramco. Reliance Industries is the most valuable company in India and has diversified operations, including oil refining. Its market capitalization hit US$189 billion (14.1 trillion …
Read More »US Oil Exports to Europe Rebound as OPEC+ Cuts Supply
The United States has increased oil supply to Europe in July for the first month since May, making up for output cuts from OPEC+ members, according to traders and Refinitiv Eikon data. US crude supply to Europe reached nearly 31 million barrels in July, according to Refinitiv Eikon data as …
Read More »Halliburton Looks beyond Shale as Fracking Remains Unprofitable
Way back in January (it’s been a long year) Hallburton was already souring on shale. Way before the novel coronavirus put the final nail in the coffin of the West Texas shale revolution, the multinational corporation and one of the largest oil field service companies in the world had very …
Read More »US may Open Its Strategic Petroleum Reserve to Store Indian Oil
India proposes to build a portion of its strategic oil reserve in the US to take advantage of current low prices and quickly scale up its storage. The move will allow the country to quickly enhance the strategic oil reserve to meet 100 days of oil requirements from present capacity …
Read More »Membrane Technology could Cut Emissions and Energy Use in Oil Refining
New membrane technology developed by a team of researchers from the Georgia Institute of Technology, Imperial College London, and ExxonMobil could help reduce carbon emissions and energy intensity associated with refining crude oil. Laboratory testing suggests that this polymer membrane technology could replace some conventional heat-based distillation processes in the …
Read More »EU Tells US: Stop Threatening Our Companies with Sanctions
The European Union (EU) is warning United States (US) President Donald Trump’s administration to hold off threatening trade sanctions against EU companies involved in the completion of new German-Russian and Turkish-Russian natural gas pipelines and instead discuss differences as allies. This week, the Trump administration warned companies involved in the …
Read More »EU Condemns US Sanctions Policy
The EU’s diplomatic chief on Friday attacked the US over its use of economic sanctions, after Washington opened the way to measures over Russia’s controversial Nord Stream 2 gas pipeline. Josep Borrell, the EU’s high representative for foreign affairs, said Washington’s secondary sanctions on those doing business with its foes …
Read More »US Sanctions against Nord Stream 2 Contradict International Law
The European Union firmly opposes unilateral sanctions and threats of sanctions by the United States, as they affect the interests of European companies, including Nord Stream 2 and Turkstream gas pipelines. Such measures go against the international law, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said …
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