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by Richard LEIN Agence France Presse Global oil demand will suffer its first quarterly drop in a decade as the COVID-19 virus lashes the economy in China and its impact ripples throughout the world, the IEA said Thursday. “Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China’s economy,” the International Energy Agency said in its latest monthly report. “Demand is now expected to fall by […]
by Jean-Baptiste OUBRIER LONDON, United Kingdom (AFP) — Energy firm BP’s pledge on Wednesday to achieve “net zero” carbon emissions by 2050 is among the most ambitious in an industry often criticized for its inaction over climate change. Here are the commitments made so far by the world’s major oil companies: BP The British company says it is aiming to be a net zero company in its global greenhouse gas emissions by 2050 or sooner. […]
by Benoît PELEGRIN LONDON, United Kingdom (AFP) — Fears of an economic slowdown, fuelled by the coronavirus slashing output in China, has shone the spotlight on OPEC, whose oil is heavily bought by the world’s second-biggest economy. “China has become increasingly important for OPEC countries in recent years,” research group JBC Energy told AFP. In total, more than two-thirds of China’s crude imports come from the Organization of Petroleum Exporting Countries and Russia. Following a […]
By Michel COMTE Agence France-Presse Ottawa, Canada (AFP) — Canada’s federal court on Tuesday denied a bid by indigenous tribes to block a long-delayed expansion of an oil pipeline, dismissing their claim that they had not been adequately consulted on the project. The decision is a win for Prime Minister Justin Trudeau, whose government in 2016 approved the project connecting the Alberta oil sands to the Pacific coast for crude shipment to new overseas markets. […]
RIYADH, Saudi Arabia (AFP) — Saudi Oil Minister Prince Abdulaziz Ben Salman said Monday the kingdom has taken every step to secure its oil facilities and guarantee market stability amid rising regional tensions. The US drone strike that killed Iranian general Qassem Soleimani on January 3 has exacerbated fears of broader conflict in a region that has seen attacks on ships and Saudi oil facilities in the last year. “We have taken all the possible […]
by Richard CARTER Agence France Presse HONG KONG, China (AFP) — The price of oil spiked Wednesday after Iran launched revenge attacks on US forces in Iraq, making good on its pledge to hit back over the killing of its top general. The main US contract rocketed by more than 4.5 percent as fears over supplies in the tinderbox Middle East sent prices soaring. The Pentagon said it was still “working on initial battle […]
by Hélène COLLIOPOULOU / Jean-Baptiste KETCHATENG DOUALA, Cameroon (AFP) — Armed men staged a night raid on a Greek oil tanker anchored in a Cameroonian port and abducted eight crewmen, including the vessel’s Greek captain, the merchant marine ministry and the ship’s owner said Tuesday. The five Greeks, two Filipinos, and a Ukrainian were part of a 28-member crew aboard the Happy Lady in the port of Limbe, near the economic capital Douala, the ministry […]
by Anuj Chopra with Luc Olinga in New York RIYADH, Saudi Arabia (AFP) — Saudi Aramco on Thursday priced its long-awaited IPO at the high end of the target range, raising $25.6 billion and giving the energy giant a valuation of $1.7 trillion in the world’s biggest stock sale. Aramco priced its initial public offering at 32 riyals ($8.53) per share, surpassing the $25 billion raised by Chinese retail giant Alibaba when it debuted on […]
CAIRO, Egypt (AFP) — Six people were killed and 15 injured when a leaking oil pipeline caught fire in Egypt’s northern province of Bahira on Wednesday, officials said. The head of Egypt’s oil pipelines authority, Abdelmoneim Hafez, said the leak was the work of “thieves” siphoning off oil. The fire broke out on the pipeline near Itay al-Baroud, a village half-way between Cairo and Alexandria, health ministry spokesman Khaled Mugahed said in a statement. The […]
by Anuj Chopra DHAHRAN, Saudi Arabia (AFP) — Saudi Arabia on Sunday announced the stock market debut of energy giant Aramco, in what could be the world’s biggest IPO, underpinning Crown Prince Mohammed bin Salman’s ambitions to overhaul the kingdom’s oil-reliant economy. After years of delay, Aramco said it plans to sell an unspecified number of shares on the Riyadh stock exchange, calling it a “historic” milestone for the world’s most profitable company which pumps […]
by Sylvie LANTEAUME WASHINGTON, United States (AFP) — After abruptly pulling US troops who protected Kurdish fighters, President Donald Trump has identified protecting oil as the new goal in Syria. But experts question if the new strategy is realistic, or even legal. Defense Secretary Mark Esper said Friday that US troops were reinforcing their positions, including with mechanized forces, in Deir Ezzor in northern Syria. Their mission will be to prevent the Islamic State group […]
by Amir HAVASI Agence France Presse TEHRAN, Iran (AFP) — Suspected missile strikes hit an Iranian oil tanker off the Saudi coast on Friday, its owner said, the first Iranian vessel targeted since a spate of attacks in the Gulf Washington blamed on Tehran. The National Iranian Tanker Company, which owns the ship, said the hull of the Sabiti was hit by two separate explosions off the Saudi port of Jeddah, saying they were […]
