News
May 31, 2021
Futures in New York climbed past $67 a barrel, putting crude on track for a second straight monthly gain. OPEC and its allies are expected to stick with a decision to boost output in July when the group gathers Tuesday.
News
May 21, 2021
China is set to extend its dominance in the global oil market as planned tax adjustments spark a chain reaction, prompting processors to boost crude imports and raise refinery run rates.
News
May 20, 2021
“Since it began commercial operations in 2002, Malampaya has supplied a significant portion of the Philippines’ energy demand and it will continue powering the country with indigenous gas following a safe transition of the asset and its experienced workforce,” said Wael Sawan, Shell’s Upstream Director.
News
May 17, 2021
Crude is up over 4% so far this month, though a further price breakout is being held back by a tepid recovery in Asia, where the coronavirus is crippling key importer India, and Singapore and Taiwan grapple with new outbreaks.
News
May 17, 2021
State-controlled National Iranian Oil Co. has been priming oil fields -- and customer relationships -- so it can increase exports if an accord with the U.S. is clinched. But even if a deal is struck, the flow of additional crude into the market may be gradual.
News
May 11, 2021
The Mineral Resources Professional Council (MRPC) concluded that it supports and will approve Petro Matad’s Plan of Development for the Block XX Exploitation License once certain technical clarifications have been provided.
News
May 07, 2021
Zhoushan is also home to some of the country’s largest oil terminals and storage tank farms. The same restrictions do not extend to ships transporting cargoes from India, according to an official from Zhoushan port and oil traders who asked not to be identified.
News
April 26, 2021
Neptune Energy announced that the operator, Eni, said production has started from its Merakes development in the East Sepinggan block offshore Indonesia.
News
April 23, 2021
Nigerian President Muhammadu Buhari reversed a government decision to revoke four oil permits from a unit of China’s Sinopec.
News
April 21, 2021
McDermott International, Ltd announced that its CB&I Storage Solutions business has been awarded a contract by Atlantic Gulf and Pacific Company of Manila Inc. (AG&P) for the engineering, procurement and construction of an LNG storage tank for AG&P's Philippines LNG import and regasification terminal, currently under construction in Batangas, Philippines.
News
April 16, 2021
The pick-up in activity across the key Asian market comes amid a flurry of signs that global oil consumption is improving as economies including the U.S. shake off the impact of the pandemic. So far in 2021, Brent futures have soared 30%, and last traded near $67 a barrel.
News
April 14, 2021
The International Energy Agency boosted estimates for this year’s growth in oil consumption by 230,000 barrels a day to 5.7 million a day amid a stronger outlook for the U.S. and China. That puts the world on track to recover about two-thirds of the demand lost last year.
News
April 05, 2021
Imports jumped 5.8% in March from a year earlier, the biggest increase since March 2020. Demand for the fuel used in heating and power generation had been steadily growing before Covid-19, as nations shift away from coal-fired power over climate concerns.
News
April 05, 2021
French oil major Total SE must continue to produce gas in Myanmar and pay taxes to the military junta to protect staff from forced labor and maintain electricity supplies, Chief Executive Patrick Pouyanne said in an op-ed in Le Journal du Dimanche newspaper.
News
April 05, 2021
Crude has rallied this year as vaccine rollouts help major economies reopen. The decision by the Organization of Petroleum Exporting Countries and its allies was seen as a vote of confidence in the outlook for energy demand. The U.S. also added more than 900,000 jobs in March, the most in seven months.
News
April 02, 2021
Russia pumped 43.34 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That equates to 10.249 million barrels a day, based on 7.33 barrel-per-ton conversion ratio, or 1.3% more than in February.
News
April 02, 2021
Saudi Arabia raised prices for oil shipments to customers in its main market of Asia, signaling the kingdom’s confidence in the region’s economic recovery.
News
April 01, 2021
Even if OPEC+ decided to resume phased increases, it would review each step every month, allowing it to hit pause if oil demand growth were to disappoint, according to a delegate.
News
March 31, 2021
The revision, which mainly affects the next few months, follows a recommendation from OPEC Secretary-General Mohammad Barkindo that the coalition should remain very cautious.
News
March 30, 2021
Oil is poised to close out a fourth quarterly advance on Wednesday, but the past week has seen volatility climb amid the Suez Canal blockage. While fuel consumption is rising in many parts of the world, risks remain, with the head of the U.S. Centers for Disease Control and Prevention warning of “impending doom” as cases and deaths in the country pick up.
News
March 30, 2021
The coalition led by Saudi Arabia was widely criticized three weeks ago when it rebuffed calls to revive some of the crude production halted during the pandemic. As OPEC prepares for another decision on oil output, the producers believe their defiantly cautious approach is paying off.
