Oil

China’s Sinopec sues Venezuela

China’s Sinopec sues Venezuela

Venezuela’s state oil company PDVSA has been sued by Sinopec USA in a US court after it claimed it did not receive full payment for an order of steel rebar. Sinopec USA, a subsidiary of Chinese oil and gas conglomerate Sinopec, is demanding $23.7 million for breach of contract and […]

US and Saudi Arabia to work together on clean coal technology

US and Saudi Arabia to work together on clean coal technology

US Energy Secretary Rick Perry has struck an agreement with Saudi Arabia to work on clean fossil fuel projects to help burn coal more efficiently. The deal was struck through a memorandum of understanding (MOU), during Perry’s latest trip to Saudi Arabia, in an agreement to advance technologies that allow […]

OPEC output fell by 300,000bpd in November

OPEC output fell by 300,000bpd in November

According to a new Reuters survey, OPEC’s oil output dropped by 300,000 bpd in November – the bloc’s lowest levels since May. A number of factors contributed to this, including pressure from a fall in output from Angolan and Iraqi producers, as well as strong compliance with OPEC’s supply cut […]

Asia turns to North America for oil following OPEC cuts

Asia turns to North America for oil following OPEC cuts

Oil refiners in Asia have reacted to OPEC and Russia’s decision to extend production cuts by placing orders with regions in North America that are not effected by last week’s decision. This is the first sign that the output curb designed to tighten levels of reserves and maintain an oil […]

Russia and OPEC oil cuts extended

Russia and OPEC oil cuts extended

The world’s largest producers of oil have agreed to extend oil production cuts until the end of 2018 in order to reduce stockpiles and keep prices above $60 a barrel. A collection of 24 countries, led by Russia and Saudi Arabia, both inside and outside of the OPEC bloc agreed […]

Nebraska approves Keystone XL pipeline

Nebraska approves Keystone XL pipeline

Last week the Nebraska Public Service Commission approved the construction of an oil pipeline that will provide an alternative route for Keystone XL. The 1,900km pipeline that was first proposed by Canadian energy giant, TransCanada Corp, could carry up to 830,000 barrels of oil each day from the Alberta tar […]

Shell’s recovery a sign of hope for oil industry

Shell’s recovery a sign of hope for oil industry

After three years of financial stress, Royal Dutch Shell has restored its all cash dividend and approved a $25 billion share buyback – a sign of the revival of the oil industry. From the fourth quarter of this year, Shell will scrap its scrip dividend programme, to pay investors with […]

Ministers recommend 9 month extension to OPEC cuts

Ministers recommend 9 month extension to OPEC cuts

The ministerial committee responsible for the extension of oil cuts, has recommended a nine-month extension, on Wednesday, which would carry it through to the end of next year. Just one day before the bloc’s official summit in Vienna, the ministers said the agreement should be for another nine-month extension. An […]