Tag Archives: Oil

Nigeria’s economy grew 0.5% in the first quarter, lifted by higher crude production and oil prices, the country’s statistics office said on Sunday, as activities slowly gain momentum after the gradual easing of coronavirus lockdowns. Africa’s largest economy, exited its second recession since 2016 in the fourth quarter, despite a …

Motorists and even airlines struggled to find fuel across the southeastern US due to the Colonial Pipeline cyberattack, but the Biden administration denied there was a “shortage” and blamed “hoarders” for the “supply crunch.” Virginia and Florida declared a state of emergency on Tuesday, following North Carolina’s declaration the day …

Iraq has formally asked to buy U.S. energy giant ExxonMobil’s share in one of Iraq’s biggest oilfields, West Qurna 1, the head of the state-run oil operating company said on Monday. Iraq said last month that Exxon was seeking to sell its 32.7% stake in West Qurna 1 and that …

The blast reportedly occurred during maintenance operations aboard the oil tanker. An explosion occurred aboard an empty oil tanker off the coast of the Syrian city of Baniyas, local radio station Sham FM reported. There were no reports on possible casualties or the scale of the damage done to the …

Oil prices eased on Friday but were set for a weekly gain against the backdrop of optimism over a global economic recovery, though the COVID-19 crisis in India weighed. Brent crude futures were down 12 cents, or 0.2%, at $67.97 a barrel by 1343 GMT and U.S. West Texas Intermediate …

The Trump administration will allow oil and gas drilling in the Arctic National Wildlife Refuge for the first time after decades of controversy and tension over concern drilling for an undetermined amount of oil would massively disrupt the pristine wilderness and tribes in the area. Interior Secretary David Bernhardt said …

High Representative of the European Union (EU) for Foreign Affairs and Security Policy, Josep Borrell, on Sunday urged Turkey to immediately end renewed drilling activities in the Eastern Mediterranean. “I call on the Turkish authorities to end these activities immediately and to engage fully and in good faith in a …

A ship that has leaked more than 1,000 tonnes of oil in pristine waters off the Mauritius coast has split into two, its Japanese operator said Sunday. The bulk carrier MK Wakashio ran aground on a coral reef off the southeastern coast of Mauritius on July 25 and began oozing …

The Iraqi Oil Company “SOMO” revealed, on Saturday, that oil exports to Jordan reached more than 8 thousand barrels per day during July. The company said in a tally on its website, which is viewed by Alghadeer News agency, “Total oil exports to Jordan were as follows: – July: it …

Oil slipped further below $45 a barrel on Friday, giving up this week’s gains, under pressure from doubts about demand recovery due to the novel coronavirus pandemic and rising supply. Two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries trimmed their 2020 oil demand …

No Iranian ships or gasoline cargoes have been seized, an unnamed official told Iran’s state news agency on Friday, following reports that four Iranian fuel cargoes had been transferred to other ships for transport to U.S. waters. “Iran, as it has repeatedly stated, will not tolerate any such hostile actions …

Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic. Brent crude LCOc1 was up 95 cents, or 2.1%, at $45.44 a barrel by 11:02 a.m. …

Crude prices rose on Tuesday, underpinned by expectations of U.S. economic stimulus to support the world’s biggest oil consumer, as well as a rebound in Asian demand as economies, pick up. Brent crude LCOc1 futures rose 22 cents to $45.21 a barrel by (1543 GMT). U.S. West Texas Intermediate (WTI) …

Urgent efforts increased in Mauritius on Monday to empty a stranded Japanese ship of an estimated 2,500 tons of oil before the vessel breaks up and increases the contamination of the island’s once-pristine Indian Ocean coastline. Already more than 1,000 tons of fuel have washed up on the eastern coast …

The Governor of Najaf, Louai Al-Yasiri, announced today, Sunday, that an oil well, which he described as “big”, was discovered in Ar-Ruhban area. Al-Yasiri’s office said in a statement received by AlghadeerTV, “A specialized research team, headed by Member of Parliament Kadhim Funjan and Mahdi Sahlani, conducted a tour in …

Anxious residents of the Indian Ocean island nation of Mauritius have stuffed fabric sacks with sugar cane leaves to create makeshift oil spill barriers as tonnes of fuel leaking from a grounded ship put endangered wildlife in further peril. The government on Saturday declared an environmental emergency as satellite images …

Saudi Aramco’s net income plunged by 50% in the first half of the year, according to figures published Sunday, offering a revealing glimpse into the impact of the coronavirus pandemic on one of the world’s biggest oil producers. Profits for the first six months of the year plunged to $23.2 …

Oil prices slipped off five-month highs on Thursday as bearish sentiment about fuel demand undermined support from a weak dollar .DXY and falling U.S. crude inventories. Brent crude LCOc1 fell 23 cents to $44.94 a barrel by 1100 GMT, while U.S. crude CLc1 was down 48 cents at $41.71, breaking …

Brent oil futures on Tuesday closed at their highest since early March on hopes the United States is making progress on a new economic stimulus package, as well as curbing the coronavirus spread. Brent rose 28 cents, or 0.6%, to settle at $44.43 a barrel, its highest close since March …

Oil prices steadied on Monday as rising COVID-19 cases around the globe and oversupply worries fuelled by the prospect of OPEC and its allies winding back output cuts were offset by positive industry data in Europe and Asia. Brent crude rose 5 cents, or 0.1%, to $43.57 a barrel by …