(Reuters) Chevron\’s oil and gas reserves have fallen to the lowest point in at least a decade, highlighting the importance of the U.S. major\’s planned acquisition of oil producer Hess that has stalled due to a court battle with ExxonMobil. Reserve replacement is one of the key metrics for investors in energy companies, as it […]
Continue ReadingU.S. and EU sanctions on Russia’s dark fleet and Iran are removing tankers from circulation, driving up VLCC demand. Jefferies: sanctions sideline about 15% of the global fleet. ADNOC L&S is aggressively expanding, recently acquiring 32 tankers and planning further VLCC acquisitions. While the world watches the unhinged actions of the new Trump administration—playing Geopolitics […]
Continue ReadingSingapore shipyard group Seatrium has signed a memorandum of understanding with energy giant BP for a second floating production unit project in the US Gulf of Mexico. Under the agreement, Seatrium would carry out the engineering, procurement, construction, and commissioning of an FPU for the Tiber project, located some 480 km southwest of New Orleans […]
Continue ReadingCrude oil reclaimed the 50-Day MA at $72.83, signaling strength. Watch resistance between $74.60-$74.89 and potential support at $70.91. Crude Oil Price Forecast Today , Technical Analysis (February 11): WTI, Brent Target Higher Levels Watch this video on YouTube. Crude oil further confirmed the recent swing low of $70.91 as support. On Tuesday, crude triggered a […]
Continue ReadingWith reports swirling that the European Union is contemplating seizing ageing substandard shadow tanker tonnage transiting through the Baltic, Alexey Zhuravlev (pictured), first deputy chairman of Russia’s State Duma Committee on Defence, has vowed retaliation. European news organisation Politico reported earlier this week that the EU was discussing apprehending shadow tankers leaving Russia and heading […]
Continue ReadingPavel Sorokin, Russia’s first deputy energy minister, said supplies to India, a key market for Russian crude, will continue despite Western pressure Russia will continue supplying oil to global markets despite sanctions pressure, First Deputy Energy Minister Pavel Sorokin has insisted. Speaking at India Energy Week in New Delhi on Tuesday, Sorokin noted that […]
Continue ReadingU.S. sanctions against Russia’s oil exports and trade should not hinder Russian energy trade with India, Russia’s first deputy energy minister, Pavel Sorokin, said on Tuesday. Indian refiners are scrambling for alternatives after the U.S. sanctions designated hundreds of tankers, as well as oil traders, last month. Since the Russian invasion of Ukraine and the […]
Continue ReadingBP (NYSE: BP) on Tuesday pledged to fundamentally reset its strategy as it booked its lowest annual and quarterly profits in years and seeks to push up its stock performance and regain investor trust. “Building on the actions taken in the past 12 months, we now plan to fundamentally reset our strategy and drive further […]
Continue ReadingCrude has six times more water than industry standard Pemex was hit with complaints and demands for discounts US oil refiners along the Gulf Coast are snubbing shipments from Mexico and instead turning to Colombia and Canada amid complaints that Petroleos Mexicanos is increasingly delivering crude that’s unfit to make gasoline and diesel. Refiners in Texas and […]
Continue ReadingThe new U.S. Administration’s maximum pressure campaign on Iran will fail – again – and will not achieve its goal to drive the Islamic Republic’s oil exports to zero, Iran’s Oil Minister Mohsen Paknejad said this weekend. “The maximum pressure policy has failed, and (Trump\’s) dream of reducing Iran’s oil exports to zero will never […]
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