Tag: Crude Oil

Maduro announces plans to go to Iran

Venezuelan President Nicolas Maduro said on Sunday he will soon visit Iran to finalize new agreements on cooperation with the Middle Eastern country, which has become Venezuela's top ally in boosting oil output amid U.S. sanctions. Venezuela and Iran have strengthened their ties since last year. Maduro's government has received vital equipment for its oil […]

OPEC should follow price lead of Saudis during corona crisis, expert says

OPEC and the entire energy industry should thank Saudi Arabia for helping oil prices recover from negative territory last year, and the market would be best left to the Kingdom to manage, according to a senior investment banking energy commentator. “They’ve done a magnificent job of managing their production program in the COVID era,” Robert […]

Fire breaks out in Homs refinery

Syrian authorities are working on extinguishing a fire that erupted in its main Homs refinery in the west of the nation, state media said on Sunday. The fire erupted in a distillation unit due to a leak in a pumping station, it said without elaborating. State television showed live footage of fire engulfing parts of […]

Chinese oil importers shun US crude despite tariff reversal

Chinese oil importers are shying away from buying US crude as they fear Beijing’s decision to exclude the commodity from its tariff list in a trade dispute between the world’s biggest economies may only be temporary. Not a single tanker has loaded crude oil from the United States bound for China since the start of […]

US to overtake Saudi as crude oil producer: IEA

The US is set to overtake Saudi Arabia as the world’s number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said on Friday. “This year promises to be a record-setting one for the US,” the IEA wrote in its monthly market report. Crude production […]

Gulf Arab energy producers issue record debt to fund expansion

Gulf Arab energy companies issued record debt this year as producers opted to exploit lower borrowing costs to fund expansion plans. Oil and gas producers, pipeline operators and refiners in Kuwait, the United Arab Emirates, Saudi Arabia, Oman, Bahrain and Qatar borrowed $28.7 billion through bonds and syndicated loans in 2017, eclipsing the previous high […]

PetroChina unloading first Chinese purchase of oil from U.S. strategic reserves: shipping data

PetroChina is this week unloading the first Chinese purchase of crude oil from U.S. strategic petroleum reserves at a port in eastern China, according to shipping data and two industry sources. The move comes as China, the world's No.2 oil consumer, steps up imports from the Americas to diversify supply sources. PetroChina unit, PetroChina International […]

Crude Oil Erases Advance on OPEC's Reduced Demand Forecast

By Grant Smith and Moming Zhou for Bloomberg - West Texas Intermediate oil fell for the fourth time in five days as OPEC said it expects weaker demand for its crude and U.S. output climbed to the highest in records dating to January 1983. Demand for oil from the Organization of Petroleum Exporting Countries will […]

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