Tag Archives: Oil

With just two days remaining to the expiration of a thirty-day U.S. waiver to import Iranian gas and electricity, the Iraqi Minister of Electricity says it will take three to four years for the country to stop importing energy from Iran. Luay al-Khateeb said that it would take several years …

Norway has come under fire from environmental groups who accuse it of caving to oil companies over a decision to shift an Arctic no-go zone. The Norwegian government on Friday proposed an extension southwards of the so-called ice edge boundary, which marks the edge of the Arctic beyond which firms …

Taking down the fossil fuel industry requires taking on the institutions that finance it. Even during a pandemic, this movement is gaining steam 1970 was a simpler time. (February was a simpler time too, but for a moment let’s think outside the pandemic bubble.) Simpler because our environmental troubles could …

US oil prices plunged into negative territory for the first time ever on Monday, meaning producers are willing to pay buyers to take crude off their hands. The price of America’s most closely watched oil benchmark crashed to as low as minus $40 a barrel, but how could this happen …

US oil prices dived to 22-year lows at just $11 Monday after crashing almost 40 percent in a market flooded with crude and slammed by evaporating demand in the face of the coronavirus pandemic. Just before 1200 GMT, the US benchmark West Texas Intermediate (WTI) crude for May delivery tanked …

Nigeria’s Rivers State has freed 22 Exxon Mobil Corp. employees quarantined last week after their arrest for violating an order restricting movement into the state to curb the spread of the coronavirus, the state government said on Sunday. Port Harcourt, the capital of the southern state, is the hub of …

Two rockets struck near a Chinese oil facility south of Baghdad without causing any casualties, Iraqi officials said Saturday, the second such attack to target energy interests in the country this month. An Iraqi army statement said the rockets struck near a “Chinese company” in the Nahrawan area, southeast of …

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of …

As the OPEC+ deal is pending, US senators from oil states held phone talks with Saudi officials to ensure that Riyadh finally puts an end to the problem “it helped to create” – the ‘oil price war’ that tanked the market. The two-hour phone call, led by Republican Senators Kevin …

Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic. Thursday’s videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) …

World stock markets jumped on Monday, encouraged by a slowdown in coronavirus-related deaths and new cases, though a delay in talks between Saudi Arabia and Russia to cut supply sent oil tumbling again. Equity investors were encouraged as the death toll from the virus slowed across major European nations including …

Rockets landed near a district that houses foreign workers in Iraq’s oil industry early on Monday but caused no damage or casualties, oil and police sources said. Police said the three Katyusha rockets, launched at around 3 a.m. local time, hit the Burjesia residential and operations headquarters west of Iraq’s …

ussian President Vladimir Putin on Friday blamed the recent collapse in oil prices on Saudi Arabia’s withdrawal from an OPEC+ deal over oil supply, as well the impact of coronavirus on demand. At a meeting with Energy Minister Alexander Novak, Putin said Saudi Arabia was planning to get rid of …

Iraqi Deputy Prime Minister, Minister of Oil, Thamer Al-Ghadban attributed on Sunday the postponement of the conference of oil-producing and exporting countries, until next Thursday due to “technical reasons”. Al-Ghadban said, in a statement to the official newspaper, “Al-Sabah”, that “the conference that was scheduled to take place on Monday …

European stock markets sank on Friday, erasing meager gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a global supply cut. With virus-fighting lockdowns raising the risk of a prolonged global downturn, …

Oil fell on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut. Brent crude fell $2.07 to $31.78 a barrel by …

Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market. Prices were also supported by a lower-than-expected rise in crude oil inventories in the …

A reservoir containing an estimated 80 trillion cubic feet of shallow gas, and spanning around 5,000 square kilometers, was discovered on Monday, UAE authorities reported. The reserve, located between Abu Dhabi and Dubai, is the fourth largest in the world, and the first major natural gas discovery in 15 years, …

Gold prices continued higher on Thursday with the spread of coronavirus still capping risk appetite in the Asia Pacific region and across the world. The US Federal Reserve left its monetary policy settings on hold on Wednesday but acknowledged the disease as a new risk. Anything likely to deter the …

Iran’s money from exports of gas and electricity has piled up to $5 billion in a bank account in Iraq, but Tehran cannot transfer it because of the US sanctions, an official says. Iraq relies on Iran for trade and natural gas that generates as much as 45% of its …