News that the UK government is pondering a North Sea exploration ban has been met with howls of protest – mostly from those who’ve talked a good energy transition but haven’t done very much about it. But re-focusing the sector via progressive change to the licensing regime isn’t “virtue signaling”, as one industry insider put it. It’s downright essential - and long overdue.
Yemen’s Iran-backed Houthi rebels attacked an Aramco refinery in the Saudi capital Friday using six bomb-laden drones, stepping up their offensive on the kingdom’s energy and security installations.
Oil markets aren’t on the verge of a new price supercycle as plentiful supplies mean any concerns of a shortfall are misguided, the International Energy Agency said.
The oil price “fever” is expected to continue, at least in the short term, according to Rystad Energy after Brent Crude broke past $70 a barrel.
Brent oil erased gains as the market shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.
Innovative Energy has made an all-cash $12.5 per share offer to take ADES International into Saudi Arabian hands.
Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted.
OPEC+ decided to keep a tight limit on oil production next month, sending prices soaring in a market that had been expecting additional supply.
Saudi Arabia urged fellow members of OPEC+ to “keep our powder dry” before crucial talks about whether to increase oil production next month.
Saudi Arabia may ship gas to South Korea where it will be used to make hydrogen, and the carbon dioxide produced in the process will be transported straight back to the kingdom.
Yemen’s Houthi rebels said they launched missile and drone strikes against a Saudi Arabian oil facility and a military base, as their attacks on the kingdom’s energy and security installations multiply.
Most OPEC+ members increased oil exports in February despite pledges by the cartel to keep supply steady.
OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.
Lamprell has won an engineering, procurement, construction and installation (EPCI) contract from Saudi Aramco on the Marjan field.
Brent oil traded near $65 a barrel as a cold blast that’s taken out almost 40% of US crude production morphed into a global supply shock.
A former senior boss at Petrofac has pleaded guilty to further charges of bribery in a Serious Fraud Office (SFO) investigation related to contract wins worth billions of dollars.
Saudi Arabia reduced crude oil supplies to at least 11 refiners in Asia and most buyers in Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March.
Oil edged lower as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months.
Oil advanced as shrinking U.S. crude inventories added to expectations of a tighter global supply outlook after Saudi Arabia surprised markets by pledging to slice production the next two months.
Qatar’s ruler landed in Saudi Arabia on Tuesday to a warm embrace from host Crown Prince Mohammed bin Salman, hours after their nations re-established travel ties and eased a longstanding regional dispute.
Oil dropped the most in two weeks with OPEC+ yet to resolve an impasse on whether to keep raising production at a time when the pandemic threatens demand.
Saudi Arabian authorities have closed the Port of Jeddah following an explosion at the main tanker anchorage.
Aramco and Baker Hughes have begun construction on a non-metallic joint venture, at the King Salman Energy Park (SPARK).
Brent crude neared $50 per barrel this morning after the Opec cartel and its allies agreed to a more gradual easing of production cuts next month.
Oilfield services firm Wellpro has said it will create 10 new jobs with its entry into Saudi Arabia.