Oil

India signs annual deal for US oil

India signs annual deal for US oil

Indian Oil Corporation has signed its first annual deal to purchase US oil in a deal that will see it pay $1.5 billion for 600,000 barrels a day in the twelve months to March 2020, in the country’s bid to diversify its crude sources. IOC is the country’s top refiner […]

Gazprombank freezes PDVSA accounts

Gazprombank freezes PDVSA accounts

Russian lender Gazprombank has said it has frozen the accounts of Venezuelan state-owned energy giant PDVSA and ceased transactions with the firm, in a bid to avoid falling under US sanctions. Foreign companies have been reducing their exposure to PDVSA ever since the US first imposed restrictions, however the shift […]

Eni almost double operating profit on record production

Eni almost double operating profit on record production

Italian energy firm Eni has almost doubled its operating profits following record oil production and higher crude prices that led to a surge in cash flow. Full year operating profits rose by 94% on the year to €11.24 billion as a result of increased exploration and production division. Claudio Descalzi, […]

US warns of buying Venezuelan oil

US warns of buying Venezuelan oil

US National Security Advisor John Bolton has warned countries and companies around the world not to buy Venezuelan oil after its announced it wanted to sell more oil to India. During a surprise visit to India, Venezuela’s oil minister Mauel Quevedo announced he wanted to sell a great volume of […]

No plans to create new Russia-OPEC alliance

No plans to create new Russia-OPEC alliance

The Kremlin stated on Tuesday there are no substantial ongoing talks with regards to forming an alliance between Russia and OPEC. In December Russian Energy Minister Alexander Novak said it was un likely that OPEC and other oil producers would establish a joint structure as a result of the increased […]

House committee support NOPEC bill

House committee support NOPEC bill

A House of Representatives committee has approved a bill that will make OPEC members accountable to US antitrust legislation. If passed into law, the No Oil Producing and Exporting Cartels Act (or NOPEC as it is also known as) would allow the US attorney general to sue separate members of […]

Section of Keystone oil pipeline remains closed due to potential leak

Section of Keystone oil pipeline remains closed due to potential leak

Sections of the TransCanada Corp Keystone oil pipeline remains closed, awaiting investigation, following a potential leak near Louis, Missouri. Crews were sent to assess the suspected leak, located between Steele City, Nebraska and Patoka, Illinois, where the pipeline had been closed. The pipeline that carries 590,000 barrels per day, is […]

BP profits surge on increase production

BP profits surge on increase production

BP has seen profits double to $12.7 billion in 2018, following a surge in oil and gas growth, along with the acquisition of several US shale assets. However, the company’s debt rose, and the rate of share buybacks dropped in the final quarter following a $10.5 billion BHP acquisition. “We […]