Category: Energy

Iraq in favour of extending any OPEC-led oil output cut – PM Abadi

Iraq in favour of extending any OPEC-led oil output cut – PM Abadi

Iraq is committed to reducing oil production to decrease a glut in the global market, and will support extending output cuts in line with any OPEC decision, Prime Minister Haider al-Abadi said on Tuesday. The Organization of the Petroleum Exporting Countries meets in Vienna on May 25 to consider whether to extend output cuts agreed in December last year between […]

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Iraq replaces Saudi as top oil supplier to India in April – trade

Iraq replaces Saudi as top oil supplier to India in April – trade

Iraq replaced Saudi Arabia as top crude supplier to India in April as refiners moved to boost their processing margins by purchasing the cheaper Basra Heavy oil grade, ship tracking and Thomson Reuters trade flow data showed. India’s April imports from Iraq topped 1 million barrels per day (bpd) for the first time, up by about a third from March […]

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Nigeria’s $450 million white elephant

Nigeria’s $450 million white elephant

With its futuristic film studios, luxury shops and elevated light railway, Tinapa should be a showcase of Nigerian dynamism, a commercial hub for West Africa raking in millions of dollars. But 10 years after it opened, the resort in southeast Nigeria is a ghost town and has become a symbol of monumental waste. Its majestic contours and avant-garde domes rise […]

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U.S. oil inventories fall; crude draws down for sixth week: EIA

U.S. oil inventories fall; crude draws down for sixth week: EIA

U.S. crude oil inventories fell for a sixth straight week, as OPEC efforts to reduce supply appear to be coming to fruition ahead of the cartel’s upcoming meeting next week, while gasoline and distillate stocks also dropped. The U.S. Energy Information Administration said on Wednesday that crude inventories <USOILC=ECI> fell 1.8 million barrels for the week to May 12, compared […]

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BP shareholders approve reduced CEO pay, new policy

BP shareholders approve reduced CEO pay, new policy

BP (BP.L) shareholders on Wednesday approved an $11.6 million pay package for chief executive Bob Dudley, after the oil and gas company cut it in response to investor pressure. Shareholders at BP’s annual general meeting also approved a new remuneration policy that will lower performance incentives. With the vast majority of votes counted, shareholders adopted BP’s 2016 pay by a […]

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Crackdown on bush refineries unsettles Nigeria’s oil heartland

Crackdown on bush refineries unsettles Nigeria’s oil heartland

Listening for the engines of navy boats hunting illegal refineries in the swamps of Nigeria’s Niger Delta, workers heat up crude oil in a tank next to a waterway. The young men are ready to abandon their bush refinery at a moment’s notice. Nerves are on edge now that the military has started sending boats, jeeps and helicopters to destroy […]

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Shell misses fourth-quarter estimates after $500 million of impairments

Shell misses fourth-quarter estimates after $500 million of impairments

Royal Dutch Shell (RDSa.L), Europe’s largest oil major, missed analysts’ profit expectations for the fourth quarter after booking $500 million (394.5 million pounds) of impairments. Shell’s cost of supplies excluding identified items, its preferred way of measuring profit, was $1.8 billion in the fourth quarter, against analyst expectations of $2.8 billion. “Earnings were impacted by charges of $0.5 billion related […]

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EDF to cut 6 percent of French power generation jobs by 2019

EDF to cut 6 percent of French power generation jobs by 2019

France’s EDF plans to cut around 6 percent of jobs at its French power generation unit between 2017-2019, equivalent to more than 4,000 positions, as part of a broader restructuring at the state-controlled utility, it said on Thursday. EDF said there would be no redundancies as the firm would be encouraging staff to leave on a voluntary basis, and added […]

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OPEC deal will go ahead even if only Russia commits – Nigeria oil min

OPEC deal will go ahead even if only Russia commits – Nigeria oil min

OPEC’s deal to cut oil production will go ahead even if Russia becomes the only non-OPEC country to commit to reduce output at a meeting this week, Nigeria said on Wednesday, while the UAE voiced optimism that other producers would participate. OPEC agreed last week to slash output by around 1.2 million barrels per day beginning in January in an […]

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OPEC wants oil price to be moderate, not too high: TASS quotes Venezuela’s Del Pino

OPEC wants oil price to be moderate, not too high: TASS quotes Venezuela’s Del Pino

OPEC is aiming for a moderate but not too high oil price, Venezuelan Oil Minister Eulogio Del Pino told Russia’s TASS news agency in Caracas. “Our aim is to reach a balanced level matching the interests of producers and consumers. We don’t want a price that’s too high or too low,” he was quoted as saying. Del Pino added that […]

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