Oil Business Archives — Page 2 of 5

January 7, 2022 No Responses

OPEC Oil Output Undershoots Target

Increase in the Organization of Petroleum Exporting Countries (OPEC) oil output in December has again undershot the rise planned under a deal with allies, a Reuters survey found on Thursday, highlighting capacity constraints that are limiting supply as gl...

December 31, 2021 No Responses

Oil Heads For Biggest Yearly Gains In 12 Years

Prices of oil fell one per cent on Friday but were set to post their biggest annual gains in 12 years, spurred by the global economic recovery from the COVID-19 slump and producer restraint, even as infections surged to record...

December 29, 2021 No Responses

Court Blocks Shell’s Oil Exploration

A South African court has halted oil giant Shell’s seismic testing for oil and gas along the country’s eastern coastline, pending a final ruling. The decision has been hailed by environmentalists who fear that the sound blasting will harm mar...

December 6, 2021 No Responses

OPEC To Sustain Supply Adjustments For Oil Market

The Organization of the Petroleum Exporting Countries (OPEC) will continue with its supply adjustments for the oil market, Secretary-General, Mohammad Barkindo, declared at the weekend.“We will continue to do what we know best to ensure we attain stab...

December 2, 2021 No Responses

Oil Rises Ahead Of OPEC Meeting

Oil prices clawed back some losses on Wednesday after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.U.S. West Texas Intermediate (WTI) crude...

November 24, 2021 No Responses

US To Release Oil Reserves

The US has said it is releasing 50 million barrels of oil from its reserves in an attempt to bring down soaring energy and petrol prices. The move is being taken in parallel with other major oil-consuming nations, including China,...

November 19, 2021 No Responses

Crude Oil Hovers Above Six-Week Low

Oil prices rose slightly on Thursday after dropping to six-week lows as investors wondered about how much crude major economies would release from their strategic reserves and how much that would ease global crude demand pressures. Prices fell to six-week...

November 15, 2021 No Responses

OPEC To Sustain Cautious Oil Production

The Organization of the Petroleum Exporting Countries (OPEC) and allied oil-producing countries rebuffed pressure from U.S. President Joe Biden to pump significantly more oil and lower gasoline prices for American drivers, deciding to stick with...

October 21, 2021 No Responses

TotalEnergies Accused Of Downplaying Climate Risks

French oil company TotalEnergies knew at least 50 years ago about a link between burning fossil fuels and global warming, researchers have said. An article from 1971 in the company’s magazine, Total Information, mentioned partial melting of ice caps, res...

October 20, 2021 No Responses

ExxonMobil India Gets New CEO

ExxonMobil India has appointed Monte Dobson as Chief Executive Officer and lead country manager, succeeding Bill Davis.As lead country manager, Dobson will be responsible for ExxonMobil subsidiaries in India, the company said in a statement.“India&#8...

October 16, 2021 No Responses

Brent Oil Hits $85

For the first time since 2018, Brent crude on Friday topped $85 a barrel in London, the latest milestone in a global energy crisis that has seen prices soar. Bloomberg reports that the global benchmark rose above the key level...

October 7, 2021 No Responses

Reps Summon NNPC GMD Over Award Of Shipping Contract To Foreigner

The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, over the alleged award of a coastal shipping contract to a foreign company. Legor Idagbor, the Chairman, House&nbsp...

September 16, 2021 No Responses

Crude Oil Prices Extend Gains

Oil prices climbed on Thursday morning, extending the previous day’s solid gains after a larger-than-expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer. Brent crude oil rose 18 cents, or 0.2%, to $75.64 a.....