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Oil and Gas
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,…
Campaigners warn that Britain is unable to process half of the oil produced by new North Sea wells.
Rishi Sunak’s plan to boost the energy security of Britain by granting new North Sea licenses each year is being questioned by those who claim Britain won’t be able to handle crude oil.
Campaigners warn that by 2035 up to half the…
Since the start of Israel-Hamas War, oil prices have lost gains
The oil prices fell to their lowest level in over three months on Monday, with hedge funds betting the conflict won't draw in oil-rich countries in the region.
Brent crude, which is the international benchmark for oil, fell 4.2 percent…
BP shares fall after a ‘weak performance’ by gas traders
BP announced yesterday that its quarterly profit had dropped more than expected due to "weak" performances by its gas traders.
The London-based oil giant's shares fell sharply after its underlying third-quarter net profit dropped by 60%…
World Bank warns that oil prices could reach $150 if the conflict between Israel and Hamas…
The World Bank warned that if the conflict escalates in the Middle East, crude prices could reach $150 per barrel. This would be a return to the oil price shock of the 1970s if major producers cut their supply.
In its quarterly Commodity…
EU and UK ban foreign fossil fuel project subsidies
According to sources familiar with the issue, the UK and EU are pushing the richest countries in the world to stop subsidizing foreign oil and gas production and coal mining. This will happen at a closed door OECD meeting scheduled for next…
Europe’s Wine Harvest Swells After Challenging Climate
Gas prices are still around 50 euros ($53), more than twice the average of the decade prior to Vladimir Putin's invasion in Ukraine.
It's never too early to start planning and imagining a future that is less dire: Instead of a world of…
Chevron purchases Hess for $53bn in fossil fuel bet
Chevron agreed to purchase Hess for $53 billion in an all-shares deal, as the American oil giant doubles down on fossil energy.
This is the second major oil and gas acquisition this month after ExxonMobil acquired Pioneer for $60…
The contract at the heart of the $11bn claim against Nigeria has been found to be fraudulent
After years of legal disputes, a London judge has ruled that the contract at its centre in a long-running saga between Nigeria and a small energy company was fraudulent. This comes after years of legal wrangling which put Africa's biggest…
Chevron buys US oil producer Hess at $53bn
Chevron agreed to purchase US oil and gas company Hess for $53 billion in an all-stock transaction, increasing its bet on the demand for fossil fuels for many decades to come.
The deal, the largest in Chevron history, gives Hess a $60bn…