Tag: oil

Guyana, Venezuela presidents to meet Thursday on border row

By Barbara AGELVIS CARACAS, Dec 10, 2023 (AFP) – Venezuelan President Nicolas Maduro and his Guyanese counterpart, Irfaan Ali, will meet Thursday on their countries’ growing dispute over the oil-rich region of Essequibo, amid mounting international warnings against escalating the row. The meeting will be held in Saint Vincent and the Grenadines, according to the Caribbean country’s Prime Minister Ralph Gonsalves, who said Brazilian President Luiz Inacio Lula da Silva had also been invited at […]

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US oil prices slide below $70 a barrel; mixed day for global stocks

NEW YORK, Dec 7, 2023 (AFP) – US oil prices finished below $70 a barrel for the first time since July on Wednesday on a mixed day for global equities, as traders pondered hopes for interest rate cuts from the European Central Bank and the US Federal Reserve. West Texas Intermediate oil for delivery in January fell 4.1 percent to finish at $69.38 a barrel. The drop came as markets eyed signs of weakening demand […]

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Tripling renewable energy by 2030 ‘ambitious but doable’

By Catherine HOURS PARIS, Nov 30, 2023 (AFP) – Host United Arab Emirates wants nearly 200 nations attending the COP28 climate summit starting Thursday to commit to tripling installed renewable energy capacity worldwide by 2030, a goal experts say is “ambitious but achievable”. If the UN forum sets that target in stone, it could become a key marker of COP28’s success, especially if coupled with a pledge to drawn down fossil fuel use. – Why […]

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OPEC+ meeting postponed to November 30, sending prices falling

VIENNA, Nov 22, 2023 (AFP) – The ministerial meeting of the OPEC+ alliance originally scheduled for Sunday in Vienna has been rescheduled to Thursday, the Vienna-based Organization of the Petroleum Exporting Countries (OPEC) announced in a statement on Wednesday. The 13 OPEC members led by Saudi Arabia and their ten partners led by Russia were due to decide on their output policy amid slumping crude prices. The OPEC+ announcement caused global crude prices to shed […]

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Oil prices soar more than 4% after Hamas attack on Israel

HONG KONG, Oct 9, 2023 (AFP) – Oil prices soared more than four percent Monday after Hamas launched an attack on Israel at the weekend, sparking concerns about possible supply shocks from the crude-rich region. Brent jumped 4.7 percent to $86.65 and West Texas Intermediate was up 4.5 percent at $88.39 in early Asian business. The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised […]

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OPEC+ maintains output reduction to boost oil prices

VIENNA, Oct 4, 2023 (AFP) – An OPEC+ panel recommended Wednesday that the oil cartel keep its current output reduction strategy unchanged after heavyweights Saudi Arabia and Russia vowed to maintain their cuts to prop up prices. Oil prices recovered in recent months and approached $100 per barrel last week as top producers Saudi Arabia and Russia have taken millions of barrels off the market. Crude prices have eased in more recent days, however, as […]

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Italy’s Eni announces large Indonesia gas find

  ROME, Oct 2, 2023 (AFP) – Italian energy group Eni said Monday that it had made a significant gas find in Indonesia, off the coast of East Kalimantan. The company said preliminary studies had put the potential of the site at 140 billion cubic metres of gas (5 trillion cubic feet). The find came at the Geng North-1 exploration well drilled to a depth of 5,025 metres in 1,947 metres water depth in the […]

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California sues oil giants, alleging climate risks deception: NYT

LOS ANGELES, Sept 16, 2023 (AFP) – The US state of California sued five of the world’s largest oil companies on Friday, alleging the firms caused billions of dollars in damages and misled the public by minimizing the risks from fossil fuels, The New York Times reported. It follows numerous other cases brought by US cities, counties and states against fossil fuel interests over the impact of climate change as well as alleged disinformation campaigns […]

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URGENT: Brent oil jumps above $90 for first time since November

The price of Brent oil rose above $90 per barrel for the first time since November on Tuesday as Saudi Arabia and Russia announced they were extending their respective production and export cuts. The international benchmark rose 1.4 percent to reach $90.24 at 1350 GMT while West Texas Intermediate, the main US futures contract, jumped 1.9 percent to $87.16. This is a developing story… © Agence France-Presse

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Putin launches major Arctic liquified natural gas project

MOSCOW, Russia (AFP) — Russian President Vladimir Putin on Thursday launched the first part of Arctic LNG 2, a massive liquified natural gas (LNG) project at Murmansk, in the Arctic. Arctic LNG 2 is one of Russia’s key projects in its drive to open a northern maritime route linking Asia and Europe, something made possible by global warming and the consequent melting of the glaciers. “I request authorisation to begin transport operations at sea,” an […]

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Oil prices advance on output cutbacks; equities rise

LONDON, July 3, 2023 (AFP) – Oil prices rose Monday after key producers Saudi Arabia and Russia further cut crude output in a bid to protect their precious revenues. Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut of one million barrels per day, while Moscow — whose invasion of Ukraine last year sparked oil market turmoil — said it was slashing exports by 500,000 bpd. […]

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China imports of Russian oil highest since Ukraine invasion: data

BEIJING, June 20, 2023 (AFP) – Chinese imports of Russian oil last month hit their highest level since Moscow’s February 2022 invasion of Ukraine, customs data showed Tuesday, as Beijing offers an economic lifeline to an increasingly isolated Kremlin. China is Russia’s largest economic partner, with trade between them reaching a record $190 billion last year. In May, China imported 9.71 million tonnes of oil from Russia, Beijing said, more than double the amount from […]

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