The alliance of producers led by Saudi Arabia and Russia must decide whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve. SourceContinue Reading
China’s Ministry of Commerce said the country would take necessary action to protect the rights of Chinese companies, and that it hoped the two countries could work together to create a fair and predictable environment for businesses and investors. SourceContinue Reading
National Iranian South Oil Co. and Iranian Offshore Oil Co. will sign deals with domestic contractors covering onshore fields in Bushehr, Fars, Khuzestan, and Kohgiluyeh and Boyer-Ahmad provinces, National Iranian Oil Co. said in a statement. SourceContinue Reading
It’s the first time Baghdad has sought a prepayment deal, in which oil is effectively used as security for a loan. It’s also the latest example of China lending to struggling oil producers via state-controlled trading companies and banks. SourceContinue Reading
This deal, plus more to be announced, target drilling 23 wells in nine regions in the Mediterranean and three regions in the Red Sea, with a minimum total investment seen at $1.4 billion. SourceContinue Reading
Fighters linked to Islamic State raided a town less than 5 kilometers (3 miles) from the construction camp this week of what is Africa’s largest private investment, ratcheting up risks for the planned LNG export terminal on Mozambique’s northern coastline. While the heavily guarded site hasn’t been attacked yet, militants have made threats that they...Continue Reading
Venezuela has managed to defy sweeping U.S. sanctions against state-owned producer PDVSA and keep shipping some crude abroad, mainly to China. But Washington has intensified the crackdown on companies that break the restrictions, and PDVSA has struggled to sell its barrels in Asia. SourceContinue Reading
Exxon confirmed in a filing Wednesday it will take a writedown of as much as $20 billion on its upstream assets, a possibility first disclosed at the end of October. It also reported much smaller non-cash impairments related to its refining business. SourceContinue Reading
Demand for the fuel used in heating and power generation is growing faster than for any other fossil fuel as nations look for a cheap, reliable and cleaner alternative to coal. The pandemic derailed that growth for 2020, but China and India are emerging as major sources of demand. SourceContinue Reading
Gas pumped from the BP-led Shah Deniz deposit in the Caspian Sea began flowing into Italy, Greece and Bulgaria on Dec. 31, BP and Azerbaijan’s state energy company Socar said in a joint statement. The European Union has worked for years to ease its dependence on Russia, which accounts for about a third of the...Continue Reading
