Browsing Category
Oil and Gas
Investor attacks BP over ‘irrational switch’ to clean energy
Oil giant accused of leaving shareholders £40bn worse off with unrealistic strategy
After an activist investor claimed that they had left shareholders £40bn worse off, BP faces new demands to scrap the "irrational", net zero commitments…
Britain’s gas system still uses engines from 1960s RAF jet fighters
It has been revealed that Britain's vast gas network still relies on a fleet aging aircraft engines. Some of these engines were removed from RAF Lightning fighter planes built in the 1960s.
Jon Butterworth is the chief executive at…
US oil lobby launches $8-million ad campaign amid record fossil fuel production
This week, the American oil lobby launched a media campaign with a budget of eight figures to promote the idea that fossil-fuels are "vital", for global energy security. Climate experts were alarmed by this.
The website of the new…
Oil prices increase after Iran refuses to stop supporting Houthi attacks in the Red Sea
The price of oil has risen dramatically after Iran refused to stop supporting attacks by Houthi Rebels on vessels in Red Sea, and sent one warship along the main trading route.
Brent crude climbed $1.73 or more than 2.4% to $78.77 per…
The Big Five Oil Companies Reward Shareholders with Record Payouts
The world's five largest listed oil companies are expected to reward their investors with record payouts of more than $100bn (£79bn) for 2023 against a backdrop of growing public outrage at fossil fuel profits.
The five "super-majors" -…
US and UK enforce Russian oil price cap
The UK and US tighten rules on the shipping of Russian crude oil to make it more difficult for Moscow to avoid the so-called "price cap", a policy designed to squeeze the Kremlin’s revenue.
According to rules published Wednesday,…
BP halts oil shipments across the Red Sea following rebel attacks
BP is the first major oil company to halt all shipments via the Red Sea. The company mentioned a worsening situation because of the increasing attacks by Yemeni rebels on ships using a route that manages about 10% of worldwide trade.
Brent…
As attacks on Red Sea shipping increase, the US has expanded its naval task force to provide…
The Pentagon convinced over seven allies in the Red Sea to join a stronger naval task force due to more attacks on commercial ships by Iran-backed militants, resulting in higher oil prices.
Lloyd Austin, US Defence Secretary, announced…
IEA: Opec+ controls only half the oil market.
Opec+ controls only half of the global oil production, as demand growth has slowed "dramatically" and US output is at new highs.
According to the International Energy Agency, recent production cuts made to support the oil price have…
Venezuela increases stakes in dispute over oil with Guyana
Venezuelan President Nicolas Maduro raised the stakes dramatically in his country's dispute over its border with Guyana. He ordered state companies to exploit contested mineral and oil deposits, and redrawn official maps following a…
Oil drops to lowest level in five months despite Opec+ cuts
Oil prices are at their lowest levels in five months, as investors become increasingly skeptical that the production cuts announced last week by Opec+ will be sufficient to offset rising supplies from outside of the cartel.
Brent, the…
Opec+ cuts oil production, leaving the market skeptical
OPEC+ will reduce oil production in 2024 to help improve the market.However, crude prices have fallen due to ongoing tensions within the group.
Saudi Arabia has pledged to extend its voluntary cut of one million barrels per day until the…
Saudi Arabia seeks OPEC+ oil production quota cuts while some members resist
Saudi Arabia has asked other members of the OPEC+ alliance to reduce their oil production quotas to stabilize global markets, but some are refusing to comply.
OPEC+'s leader, who asked not to be named because this information is…
How Sir Jim Ratcliffe dealt a crushing blow to the SNP in Grangemouth
There is increasing pressure on the Scottish government to save its only oil refinery
Owners of Scotland's only remaining oil refinery Grangemouth have lost more than £1bn over the past 12 years. The looming shutdown, combined with…
Biden, US adviser, confident that Arab states won’t weaponise oil
Chief energy adviser of the White House, Mr. Michael A. White, said that he was confident that Arab oil companies would not weaponise their energy despite growing anger in the Middle East due to Israel's bombardment and siege on Gaza.…
Oil drops to lowest level since August ahead of Opec+ Meeting
The oil prices fell to their lowest level since early July, forcing the Opec+ major oil producers group to reconsider extending and intensifying production cuts at their meeting in Vienna in 10 days.
Brent crude, the oil international…
Oil and gas importers will be hit by EU regulations on methane emissions
In an effort to curb the global warming gas, methane, the EU has agreed upon new restrictions for emissions that will affect Europe's energy industry as well as importers of oil and natural gas.
In regulations approved on Wednesday, oil,…
Shell sues Greenpeace in the amount of £1.7m, as Wael Sawan, chief Wael Sawan, doubles down on oil…
Shell has sued Greenpeace in the amount of £1.7m for a group protesters who occupied a vessel of the oil giant in the North Sea this year.
Shell's CEO Wael Sajan has launched proceedings to shift the company away from green energy,…