US sanctions Omani businessman for Iranian oil smuggling
The US government has sanctioned an Omani businessman for his participation in oil smuggling for Iran, with the proceeds going to destabilise the region.
US
Biden’s OPEC plea pits fuel price fears against climate push
President Joe Biden has pledged to wean the US off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of no return.
Oil prices fall after US calls on OPEC+ to boost production
Oil dropped suddenly after the US called on the OPEC+ alliance to revive production more quickly.
Iran’s rapid oil comeback looks less likely after tanker attack
Iran’s oil comeback, already taking longer than many traders expected, will be further complicated by last week’s deadly drone attack on a tanker in the Gulf of Oman, which the US, UK and Israel all blamed on Tehran.
Here’s who wins and who loses from the surge in commodity prices
The world’s recovery from the coronavirus pandemic has sent prices for energy, metals and food soaring, helping big commodity exporters while hammering those nations that buy the bulk of their raw materials from others.
Ex-Glencore exec cops to Nigerian bribes
A former Glencore employee has reached a plea deal with the US Department of Justice (DoJ), accepting involvement in the payment of bribes in Nigeria.
West’s energy transition narrative ignores the reality in Asia
BP’s latest review of energy use has been presented as positive developments in carbon reduction. However, the facts remain that fossil fuels continue to provide most of the world’s energy needs and that developing Asia is driving demand.
G20 signals support for carbon pricing
The G20 has signalled an increased interest in accepting carbon pricing to tackle climate change.
Oil price looms over Biden bid to throttle drilling rights sales
The Biden administration is preparing to release a blueprint for limiting sales of US drilling rights that falls short of the outright ban sought by some environmentalists, as the rising oil and gasoline price highlight the risks of curtailing domestic crude production.
Lifting of Iran sanctions to spark fight for oil market share in Asia
The expected return of Iranian oil to the market as US sanctions are likely to be lifted over the next year will offer new opportunities for former buyers in Asia to reshuffle their oil import mixes. Significantly, the return of Iranian barrels will trigger a fierce battle among global suppliers for market share raising the risk of price drops, reported Fitch Solutions.
Wood settles bribery cases for £127.5m
Engineering and consultancy firm Wood said tonight it had agreed to settle legacy bribery and corruption investigations in Brazil, the UK and US for £127.5 million.
Supplying Asia with LNG got much costlier for the US, but strong demand brings export records
Supplying liquefied natural gas (LNG) to the expanding Asian market has become more expensive for US producers this year, a Rystad Energy report reveals. Even so, US exporters are unlikely to repeat last year’s cost-related shut-ins as global demand has rebounded to strong levels. Instead, US LNG exports climbed to a record monthly high of 6.5 million tonnes in May and may keep rising to new peaks, according to the energy consultancy.
Biden oil leasing ban is up in air after GOP foes win in court
President Joe Biden’s plans to curtail fossil fuels hit an early roadblock Tuesday, when a federal judge ruled against the administration’s temporary ban on selling new drilling rights on federal lands and waters.
Storegga, company behind Acorn project, forms CCS joint venture in US
Storegga Geotechnologies, the driving force behind Aberdeenshire’s Acorn project, is eyeing up carbon capture and storage (CCS) opportunities across the pond.
BP buys 9GW of US solar from 7X Energy for $220m
BP reached an agreement today to purchase 9GW of solar development projects in the US from independent US solar developer 7X Energy for $220 million.
This time is different: outside OPEC+, oil growth stalls
“This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.
Shale drillers Cabot and Cimarex baffle analysts with $7.4billion merger
The merger of Cabot Oil & Gas Corp. with Cimarex Energy Co. announced Monday has confounded investors and analysts, leaving them to question the logic behind a tie-up that the companies say will increase diversification.
Biden administration approves first big US offshore wind farm
The long-stalled push to build massive wind farms in the Atlantic Ocean along the U.S. East Coast took a crucial step forward Tuesday as the Biden administration approved plans for a project off Martha’s Vineyard.
Oil declines as hack-hit US pipeline works to restart flows
Oil fell as traders monitored the worsening fallout from the closure of the largest U.S. oil-products pipeline, and looked ahead to OPEC’s latest analysis of global supply and demand.
US focus on climate change meets mixed African reactions
The US administration has set out plans to cut financing for hydrocarbon developments, while African states are doing what they can to secure energy projects.
FoE wins review on UKEF’s Mozambique LNG support
The UK government will face questions in court over the legality of its support for Mozambique LNG, following a win for Friends of the Earth (FoE).
Legendary trader sees ‘seismic shift’ in Houston’s oil patch
For John Arnold, the billionaire philanthropist who made his fortune betting on natural gas prices, Houston’s fossil-fuel industry seems finally ready to move on.
Chad’s president killed in rebel fight
Chadian President Idriss Deby has died while visiting fighting according to reports, coinciding with his re-election.
US, China say they will cooperate to tackle climate change
The US and China are committed to cooperating to tackle climate change, they said in a joint statement after meetings between senior envoys last week that were held amid rising geopolitical tensions between the two countries.
World leaders set for virtual summit as US seeks climate action
World leaders will take part in a virtual global summit on climate change this week as US President Joe Biden leads a new push to cut emissions.