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CARACAS, June 13, 2023 (AFP) — Iranian President Ebrahim Raisi began a rare diplomatic tour of Latin America on Monday with a first stop in Caracas, where he said his country and Venezuela are “friends” with “common enemies.” Raisi’s schedule is also set to include visits to Cuba and Nicaragua, who, like Iran and Venezuela, are all the target of US sanctions. “We have common interests, common visions, and common enemies,” the president said, without […]
VIENNA, June 4, 2023 (AFP) – Riyadh on Sunday announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession. The meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners, led by Russia, saw some tough negotiations. Saudi Arabia’s fresh cut of one million barrels per day (bpd) is for July but “extendable”, its […]
By Amélie BOTTOLLIER-DEPOIS Agence France-Presse UNITED NATIONS, United States, June 1, 2023 (AFP) — Transferring more than a million barrels of oil from an abandoned tanker anchored off the shore of Yemen comes with “palpable risks” — but doing nothing could lead to a devastating oil spill, a senior UN official said Wednesday. “If something were to go wrong, indeed, many questions will be asked,” said Achim Steiner, head of the United Nations Development Program, […]
By Catherine Hours and Richard Lein Agence France-Presse PARIS, France, May 25, 2023 (AFP) — Investment in solar power is expected to overtake oil for the first time this year as clean energy spending outpaces that for fossil fuels, the IEA said in a report Thursday. While that is a welcome development, the International Energy Agency warned that investment in fossil fuels is rising when it should be falling fast to achieve net zero emissions […]
By Julie BOURDIN Agence France-Presse STELLENBOSCH, South Africa, May 24, 2023 (AFP) — South Africa is famous for its wines but not necessarily for olive oil, where Greece, Italy and Spain are the undisputed kings. But the country’s farmers are undeterred, eyeing a potential share of the lucrative market for top-quality extra virgin oils. At Tokara, a farm about an hour’s drive from Cape Town, workers pull rakes through branches to make the ripening olives […]
By Shaun TANDON Agence France-Presse WASHINGTON, United States (AFP) — Facing a deep economic crisis, Pakistan has started to buy Russian oil, but the country’s petroleum minister says the future lies in diversified, especially green, energy. Minister Musadik Malik was visiting the United States for talks with corporations as well as with the government, which has led global efforts to choke off Russia’s oil exports that help fund its invasion of Ukraine. Malik confirmed that […]
HONG KONG, China (AFP) — Oil prices soared almost six percent in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day. The West Texas Intermediate contract jumped 5.74 percent to $80.01 a barrel, while Brent jumped 5.67 percent to $84.42. The move by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman will be in effect from next month until the end […]
by Nivrita GANGULY Agence France-Presse MUMBAI, India (AFP) — India is snapping up discounted crude from Russia, refining it and selling it, becoming a key supplier to Europe as it reshapes global fuel flows more than a year into Moscow’s war in Ukraine. New Delhi has resisted Western pressure to freeze out Moscow, opting instead to strengthen trade ties with its long-standing ally — with the added benefits of tempering inflation while saving money. – […]
by Marcelo SILVA DE SOUSA Agence France-Presse BRASÍLIA, Brazil (AFP) — Brazilian President Luiz Inacio Lula da Silva has not even been in power for 100 days but has already provoked the wrath of foreign oil companies with the creation of a new tax on crude exports. Multinationals Repsol, TotalEnergies, Shell, Equinor and Galp have petitioned a federal court to suspend the 9.2 percent tax due to run from March to July and announced by […]
Kuwait City, Kuwait | AFP | Monday 3/20/2023 The Kuwait Oil Company declared a “state of emergency” on Monday following an oil spill on land, but said no injuries or disruption to production had been reported. The emergency followed an “oil leak in the west of the country”, the state-owned company said in a statement, as video posted by Kuwaiti media showed a gushing pipe surrounded by a large slick of oil. “No injuries have […]
by Thomas URBAIN Agence France-Presse HOUSTON, United States (AFP) — A year after Russia’s invasion of Ukraine, the oil market has become more fragmented and uncertain, a dynamic expected to boost crude prices over the long term. Condemnation of Russia by Western governments has essentially severed Europe from Russian supplies, leaving it more reliant on the Middle East and the United States. That shift means cheaper Russian energy imports for China and India, while countries […]
NEW YORK, United States (AFP) — Russia on Tuesday banned oil sales to countries and companies that comply with a price cap agreed by Western nations, briefly helping to lift crude prices. “The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly or indirectly” are using a price cap, a presidential decree said. The decree will be in effect from February 1 […]
