OPEC member Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, according to three sources familiar with the matter.Falling…
New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed…
An expansion of oil drilling in the eastern Gulf of Mexico would interfere with U.S. military testing unless the Pentagon and another agency develop rules to govern the work, the U.S. Department of Defense said in a report this week.The Defense…
Three firms that bought crude oil last year from U.S. emergency stockpiles raised concerns about dangerous levels of a poisonous chemical in the cargoes, according to internal Energy Department emails and shipping documents reviewed by Reuters…
Saudi Aramco Chief Executive Officer Amin Nasser said on Thursday that all work required from the oil giant for its initial public offering (IPO), which could be the biggest in history, will be completed in the second half of 2018. Speaking at a conference in London…
Lawmakers in coal-producing Utah and Wyoming, faced by a shrinking market for the fuel, this week introduced laws to fund legal challenges in California and Washington of policies that they believe hurt coal sales. A Utah lawmaker on Monday…
BP is looking to invest over $1 billion in Egypt this year, making the country once again a top destination for investment, its CEO said on Monday.Speaking at an industry event in Egypt, Bob Dudley said the company was no longer owed any money by the Egyptian government…
Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly losses in 10 months, as record-high U.S. crude output added to concerns about a sharp rise in global supplies. The drop came amid a rout in global equity markets sparked by inflation fears…
U.S. production tops 10 mln bpd for first time since 1970 as U.S. inventories rise by 6.8 mln bbls. Oil prices rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970…
As U.S. oil output is poised to overtake Saudi Arabia, Venezuelan oil output is at 30-year low - and could fall further. Global oil markets are tightening quickly on falling supply from Venezuela, which posted 2017's biggest unplanned output fall and could see a further decline in 2018…
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