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Libyan economic experts will study the distribution of crucial oil revenue as efforts continue to solve the war-ravaged OPEC member’s political crisis, the United Nations said. The decision to assign the economic commission to work “on issues of immediate concern,” which also include a banking crisis, came after meetings in Cairo this week attended by
The U.S. sanctioned a unit of Russia’s largest oil producer Rosneft PJSC for maintaining ties with Venezuela’s Nicolas Maduro and state-run oil company PDVSA. The Treasury Department’s Office of Foreign Assets Control is acting against Rosneft Trading SA, the company’s Swiss-incorporated brokerage firm, as well as its Chairman Didier Casimiro. The U.S. restrictions come with
Covid-19’s effect on global energy markets has been disastrous. OPEC slashed its oil demand forecast last week, and Goldman Sachs doubled down on its bearish oil take and has cut its oil price target by $10 to $53 for the year, as a result of a “demand shock” that is set to collapse Chinese oil consumption by 20%, or
Petrofac Emirates has been awarded two contracts, together worth around US$1.65 billion with Abu Dhabi National Oil Company (ADNOC) in the United Arab Emirates. The engineering, procurement (including novated long lead items), construction, transportation, offshore installation and commissioning contracts are for ADNOC’s Dalma Gas Development Project. The work scope encompasses offshore packages at Arzanah island
Fossil fuel companies hold vast oil, gas and coal riches that they frequently tout to the investing universe to help elevate their market values. However, not a single energy company has ever told investors about the potential effects on the environment if all their hydrocarbon reserves were burned. And certainly few, if any, have ever
Distressed oil supplies are being offered to India as the spread of the coronavirus crimps fuel consumption across China, prompting requests for cargo deferrals and cancellations by Asia’s no. 1 importer. State-owned Bharat Petroleum Corp Ltd. received offers for supplies of crude from the Caspian Sea and South America for March loading, said R. Ramachandran,
BP’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change, increasing the pressure for Exxon Mobil Corp. and Chevron Corp. to do more. The U.S. supermajors have only committed to reducing greenhouse gases from their own operations. BP on Wednesday followed
Russia’s key oil producers voiced support for the idea of extending OPEC+ output cuts into the second quarter, as the global oil market awaits a definitive response to the coronavirus outbreak. Executives who attended a meeting with Russian Energy Minister Alexander Novak on Wednesday said there was no final decision and gave no indication of
In a market environment in which the majority of day-to-day traders are retired, moved on, or fired within a decade or less, the reaction to events of a type that have not been seen in that timescale tend to be overdone. This suits the more seasoned traders who decided not to retire but to trade
As a new decade starts, offshore wind development continues to progress. Actually, it’s probably more accurate to write that the development of the development of offshore wind (OFW) continues to, uh, well, develop. Apologies for that mild sarcasm. But even a quick look-back at OFW always raises the same familiar question: is the glass half