The deal is the latest example of China, via state-controlled trading companies and banks, lending to struggling oil producers such as Angola, Venezuela and Ecuador, with repayment in the form of oil barrels rather than cash. SourceContinue Reading

Momentum continues to build behind the 23rd World Petroleum Congress, and looks set to continue into 2021, according to the 23rd World Petroleum Congress Organizing Committee. SourceContinue Reading

America’s oilfield services and equipment sector employment rose slightly for a third month, adding an estimated 2,665 jobs in November, according to preliminary data from the Bureau of Labor Statistics and analysis by the Petroleum Equipment and Services Association. SourceContinue Reading

“I’m quite hopeful that with the new administration coming in, there will be change of sentiment and hopefully a change of direction,” Ben van Beurden said in the Web Summit conference. Without increased cooperation “I don’t think we are going to succeed in the energy transition.” SourceContinue Reading

In February, the EU imposed asset freezes and travel bans on two employees of Turkish Petroleum Corp. in response to Turkey’s natural-gas gas hunt off Cyprus. A Cypriot proposal to include Turkish entities and add individuals to that blacklist has been held up since June. SourceContinue Reading

“We’ve been able to remain very steady as others have had to change strategy, change dividend, change financial priorities,” Chevron CEO Mike Wirth said. “For us it’s been a pretty simple promise of higher returns, lower carbon and you can count on us.” SourceContinue Reading

Oil is still near a nine-month high after surging last month amid optimism over vaccine breakthroughs and its trajectory over the next few months will depend on how quickly Covid-19 drugs can be deployed. SourceContinue Reading

While OPEC’s third-largest producer will still reduce supply to Asia in January, the curbs won’t be as deep as this month in percentage terms. SourceContinue Reading

The market has faced a major sell-off since prices rose to a 21-month high at the end of October, with speculators all but giving up any prospect of a frigid winter. SourceContinue Reading

If a Biden presidency leads to a resumption in Iranian and Venezuelan oil exports, the new supply will likely cause a further headache for the OPEC+ alliance and would also reshape crude flows to Asia. SourceContinue Reading