Petroleum

  • US Crude Oil Price Is Falling

    US Crude Oil Price Is Falling

    US crude oil jumped greater than $20 per barrel on Tuesday however, nonetheless traded beneath $0 after plunging into the detrimental territory for the primary time in historical past, dragged down by a provide glut and sagging demand for crude as a result of coronavirus pandemic. Oil costs have been underneath stress as journey restrictions and lockdowns to comprise the…

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  • Petrobras Says Discussions Among Saudi, Russia are of No Use For Oil Prices

    Petrobras Says Discussions Among Saudi, Russia are of No Use For Oil Prices

    Recent discussions involving leaders from major oil-producing countries and the U.S. will prove irrelevant for oil prices that are low due to depressed demand, the CEO of Brazil’s Petrobras stated Thursday evening. Throughout an online event hosted by Brazilian brokerage XP, Petrobras CEO Roberto Castello Branco stated the conflict between non-OPEC member Russia and the group’s de facto chief, Saudi Arabia,…

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  • Saudi Aramco Contemplating Sale of $10 Billion Pipeline to Raise Cash

    Saudi Aramco Contemplating Sale of $10 Billion Pipeline to Raise Cash

    Saudi Aramco, the world’s most significant oil producer, is weighing the sale of a stake in its pipeline unit to raise cash amid a plunge in crude prices, based on individuals familiar with the matter. Aramco may need to boost cash this year as it confronts a historic turmoil in oil prices and a burgeoning list of spending duties. The…

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  • U.S. to Buy Crude for Strategic Petroleum Reserve After Two Weeks

    U.S. to Buy Crude for Strategic Petroleum Reserve After Two Weeks

    The US might start purchasing the U.S. produced crude oil for the Strategic Petroleum Reserve (SPR) in two weeks from now, and fill it in some months, an Energy Division source stated Monday. President Donald Trump stated late Friday that he has ordered the Energy Division to fill the reserve “to the top.” The step was aimed toward helping domestic energy…

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  • China Is a Plain to Exempt Tariff from U.S. Oil and LNG

    China Is a Plain to Exempt Tariff from U.S. Oil and LNG

    China has opened for purposes for tariff exemptions on numerous U.S. merchandise and commodities together with crude oil and liquefied pure fuel, Reuters reported at present. Tariffs have been blamed for the droop in U.S. oil and LNG exports to China, which is among the greatest importers for each commodity. Additionally, they interfered with U.S. LNG corporations’ plans for brand…

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  • Oil Plunges Below $57 Following Coronavirus and OPEC+ Cuts Delays

    Oil Plunges Below $57 Following Coronavirus and OPEC+ Cuts Delays

    Oil dropped below $57 per barrel Tuesday, pressured by concerns over the impact on oil demand from the coronavirus epidemic in China and a lack of further action by OPEC and its partners to support the market. Forecasters, including the International Energy Agency (IEA), have pared 2020 oil demand estimations because of the coronavirus. Although new cases in mainland China…

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  • US is letting out its Strategic Petroleum Reserve

    US is letting out its Strategic Petroleum Reserve

    US President Donald Trump’s administration has proposed promoting 15 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), in accordance with the White House budget proposal for the fiscal year 2021, which runs from October via September 2021. On Monday, the finances proposal, which requires approval from Congress, referred to as for the Division of Vitality to promote…

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  • Navitas Petroleum Alliance Raises NIS 271 Million for Shenandoah Project

    Navitas Petroleum Alliance Raises NIS 271 Million for Shenandoah Project

    The Navitas Petroleum collaboration, led by chairperson Gideon Tadmor, raised NIS 271 million in the institutional stage of an offering of participation items this morning. The alliance offered units at NIS 20.91 each, representing a 3.7% discount on the closing price of its participation units yesterday. Demand totaled NIS 360 million. Navitas Petroleum owns.5% of the Buckskin Venture in the…

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  • China Passes Long Held Tax Waiver for Cleaner Ship Fuel Exports

    China Passes Long Held Tax Waiver for Cleaner Ship Fuel Exports

    China has cleared a long-awaited tax waiver on exports of cleaner ship fuel, paving the way for refiners to increase output. However, Beijing may initially curb shipments to focus on growing its coastal marine fuel market, state refiner delegates say. Ships globally have switched to lower sulfur fuels or use emissions-eradicating devices, to adjust to new rules made by the…

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  • US Is the Most Successful Oil Exporter Recently

    US Is the Most Successful Oil Exporter Recently

    Petroleum imports to America have been a serious concern for policymakers for more than 50 years. Economists and nationwide safety consultants warned of the large outflow of dollars that had been leaving the U.S. and going to international locations that weren’t very pleasant, akin to Iran, Iraq, and Venezuela. It grew to become such an enormous concern that the federal…

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