Oil

Oil Price

Global Oil Prices Retreat in Face of Supply and Demand Pressures

Brent crude was down 56 cents, or 0.7%, at $78.33 a barrel at 1157 GMT and U.S. West Texas Intermediate crude fell 54 cents, or 0.7%, to $75.40.

Oil Field

Repsol Shuts in Yme Field Only Weeks After Start-Up

Spanish oil and gas company Repsol has been forced to halt production from its Yme field off Norway, less than a month after the oil production started.

Natural Gas

BHP, Woodside Agree on $12 billion Australian Gas Project

BHP Group and Woodside Petroleum Ltd. approved investment in a $12 billion Australian gas project as the companies also confirmed details of a merger to combine…

Crude Oil

OPEC Considers Lowering Production to Account for Oil Reserve Releases

OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a co-ordinated release of the…

Crude Oil

Colombia Desperately Needs To Ramp Up Its Oil Production

The COVID-19 pandemic has taken a particularly harsh toll on Colombia’s economically-dependent oil and gas industry.

Oil & Gas Trade

Saudi Retains Top Spot Among China Oil Suppliers

Saudi Arabia has remained China’s number-one crude oil supplier.

CCS

Repsol Joins Forces with Cox Oil Subsidiary to Promote CCUS Projects in the US

Repsol has allied with Carbon-Zero, subsidiary of the company Cox Oil, to study the development of CCUS on the coast of the Gulf of Mexico in the United States,…

Oil Field

Iran, Azerbaijan Eye Joint Development of Oil and Gas Fields in Caspian Sea

Iran and Azerbaijan, members of the OPEC+ alliance, are looking at finalizing "soon" a number of energy deals, including joint development of an oil field in th…

Oil Refinery

Refinery Closures About To Happen In Europe

Shell plans to end crude processing at the Wesseling site within the Rhineland refining complex in 2025 as the facilities are repurposed for non-fossil fuel fee…

Oil Price

Japan PM Confirms Oil Reserves May Be Released to Curb Prices

Japan is considering releasing oil from its reserves for the first time to curb surging oil prices.

Crude Oil

OPEC+ Pumped Less Oil Than Agreed In October

The OPEC+ group’s compliance rate with the oil production cuts rose to 116 percent in October from 115 percent in September,

Crude Oil

China Begins Releasing Oil from Its Strategic Reserves

China is releasing some oil from its strategic reserves days after the U.S. invited it to participate in a joint sale, suggesting the world’s two biggest oil c…

Crude Oil

EIA Sees Brent Oil Price Falling To Average $72 In 2022

EIA: Crude oil prices are set to decline next year from the current levels of around $80

Natural Gas

Lukashenko would not Dare Cut Gas Supplies to EU without Kremlin’s Permission

Belarus’ authoritarian President Alexander Lukashenko threatened to cut gas supplies to Europe transiting his country if the European Union imposed further san…

Solar Power Plant

ALGERIA: Sonatrach to Build a Solar Park for Its Oil Sites

The National Company for research, production, transport, processing and marketing of hydrocarbons will carry out on its own funds, a photovoltaic plant in the …