Oil
Shell increases profits from oil business in 2020
Shell doubled its profit in trading crude oil and refined products in 2020 from 2019, with trading offsetting some of the negative effects of the collapse in refining margins and fuel demand during the pandemic. Shell's detailed 2020 annual report this week …
There is a coming bull market for oil stocks
If you thought the bull market was all made up of speculative tech stocks, cryptocurrencies, and electric car companies, then you should change your mind. By far the strongest sector in the S&P for 2021 is the energy sector. The price of crude oil has …
Saudi Arabia to increase security around its oil facilities
Saudi Arabia will take steps to deter attacks on its oil facilities, its foreign minister said Wednesday after an attack on the heart of industry earlier this week by the Iranian-allied Houthi movement in Yemen. Prince Faisal bin Farhan Al Saud said at a press …
Venezuelan oil exports increase in February
Venezuela's oil exports surged over 700,000 barrels per day (bpd) in February, their highest level in a decade, driven by more sales of fuel cargoes to new customers in Asian markets, according to Refinitiv Eikon's tanker tracking data and documents. A growing …
Is the current oil boom just the start for a commodity run?
Commodities have risen in recent months and have outperformed stock indices in anticipation of an economic recovery, loose monetary policy and rising inflation. The broad-based commodity bull market - led by a 50 percent rise in oil prices over the past three …
The latest oil boom targets the north of Latin America
The small South American countries of Guyana and Suriname are at the center of the recent oil boom in Latin America. A series of oil discoveries that ExxonMobil has made in its Stabroek block off the coast of Guyana since 2015, where the global energy giant …
South American countries are fearing a negative impact from a Biden presidency
Much has been said about the energy policy of President-elect Joe Biden and the negative impact on the US oil industry, which is grappling with a global oil glut and significantly lower energy prices. This is in stark contrast to outgoing President Trump's …
Oil prices fall amidst new lockdown fears
Prices fell as much as $ 1 a barrel on Monday, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns around the world, as well as a stronger US dollar. Brent was down 57 cents, or 1%, at $ 55.42 a barrel around 1205 GMT after …
Norwegian Supreme Court gives the Go for arctic drillings
The Norwegian Supreme Court on Tuesday dismissed a lawsuit by environmental groups that had sued Norway five years ago for opening up areas in the Arctic for oil drilling by 11-4. In 2016, environmental organizations, including the Norwegian section of …
Labour Union accuses Maduro of foul play
A senior representative of the Venezuelan oil workers' union has accused the government of political persecution, the AFP reports, citing an interview with the official who has since left Venezuela. "The idea is to neutralize the oil union movement by force," …