Purchases have more than doubled

South Korea's thirst for U.S. crude to keep growing in 2020

South Korea is on track to overtake Canada as the top buyer of U.S. crude oil in 2020 as a mix of steep price discounts to alternative supplies, attractive refining economics and rebates on shipping charges prove too good to resist for big refiners

IMO 2020

"US-China deal brings limited cheer to LNG shipping"

With 25% tariff on LNG still in play, the Phase-1 deal between the US and China is not expected to bring any significant change in the LNG trade between the two countries, writes research firm Drewry

Middle East

Oman's Sultan Qaboos dies, successor vows to pursue peace

With his death, the region loses a trusted and seasoned leader, seen as the father of modern Oman, who balanced ties between two neighbours locked in a regional struggle, Saudi Arabia to the west and Iran to the north, as well as the United States

Gas and diplomacy

Turkey, Russia launch TurkStream pipeline carrying gas to Europe

The presidents of Turkey and Russia on Wednesday formally launched the TurkStream pipeline which will carry Russian natural gas to southern Europe through Turkey, part of Moscow’s efforts to reduce shipments via Ukraine

oil and energy

Saudi Arabia approves listing of Aramco

Riyadh - Saudi regulators on Sunday approved state energy giant Aramco’s request to make its stock market debut, firing the starting gun on the highly anticipated offering which could be the world’s largest. The announcement paves the way for a domestic stock listing of Aramco

oil and energy

Saras starts bunkering in two Italian ports

Cagliari - Italian refiner Saras is introducing bunkering services at the Italian ports of Sarroch and Cagliari. Starting from September 1, bunkering operations would take place at specific dedicated areas of the ports with the refiner offering a complete range of marine fuels

oil and energy

Germany and Poland halt Russian oil imports

Moscow - Poland and Germany have suspended imports of Russian oil via a major pipeline, citing poor quality and triggering a rare crisis over supply from the world’s second-largest crude exporter. Halting imports from the Druzhba pipeline could trigger legal claims by Western buyers

oil and energy

BP signs $6 billion development offshore

Baku - BP and partners have signed the Azeri Central East project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea. The $6 billion development includes a new offshore platform and facilities

oil and energy

Five Algerian billionaires arrested

Algiers - Five Algerian billionaires,some of them close to former president Abdelaziz Bouteflika who quit over mass protests, have been arrested as part of an anti-graft investigation, Algerian state TV said on Monday. The five are Issad Rebrab, considered the richest businessman in the energy-rich north African nation

oil and energy

Stalled Aramco IPO sets back deal-making at Motiva

Houston - Saudi Aramco’s delayed initial public offering is sidelining grand North American expansion plans at its U.S. refining subsidiary Motiva Enterprises LLC, people familiar with the matter said, at a time when its rivals grew their market share

oil and energy

Venezuela shifts oil ventures’ accounts to Russia

Caracas - Venezuela’s state-run oil company PDVSA is telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Russia’s Gazprombank AO, according to sources and an internal document

oil and energy

Iran discovers oil in Abadan region

Geneva - Iran has discovered oil in the southwestern Abadan region for the first time, Oil Minister Bijan Zanganeh was quoted as saying by the Mehr news agency on Wednesday.

oil and energy

Eni enters in the UAE Sharjah Emirate

Sharjah - His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, the sovereign ruler of the Emirate of Sharjah, and Eni’s Chief Executive Officer, Claudio Descalzi, attended today the 2018 Exploration Bid Round ceremony that saw Eni being awarded Areas A, B C onshore Exploration Concession Agreements

oil and energy

Mexico offensive against fuel theft leaves motorists stranded

Guadalajara - A Reuters witness said many gas stations in the city of Guadalajara in Jalisco state were closed on Sunday, and that there were long lines of motorists at those that were operating

oil and energy

OPEC works on deal to cut output

Vienna - OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a significant production cut was so far the main stumbling block

oil and energy

Oil toils after worst month in a decade

London - Oil toiled at a more than one-year low after its worst month in a decade on Friday, while most major markets were keeping moves tight ahead of a weekend meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping

oil and energy

Russia, Iran, and 3 others agree Caspian status

Aktau - Iran and four ex-Soviet nations, including Russia, agreed in principle on Sunday how to divide up the potentially huge oil and gas resources of the Caspian Sea, paving way for more energy exploration and pipeline projects

oil and energy

ENI’s Rovuma Phase 1 submitted to Mozambique Government

San Donato Milanese - Mozambique Rovuma Venture has submitted the development plan to the government for the first phase of the Rovuma LNG project, which will produce, liquefy and market natural gas from the Mamba fields located in the Area 4 block offshore Mozambique

oil and energy

Bulgaria open to Russian role in nuclear power project

Moscow - Bulgaria cancelled the 2,000 megawatt plant in 2012 after failing to find investors. It had also faced pressure from Washington and Brussels to limit its energy dependence on Russia, which was under contract to build the plant.

oil and energy

Iran signs oil contract with Pergas to develop Keranj field

London - Iran signed a preliminary deal on Wednesday for a consortium of international companies to develop an oilfield, the first such contract since Washington withdrew from a nuclear agreement and said it would reinstate sanctions on Tehran.

oil and energy

Oil edges off highs, but geopolitical tensions loom

London - Escalating Syria crisis lifted crude to highest since late 2014. Trade dispute between U.S. and China also keeps market on edge. Rising U.S. supplies to weigh on prices in longer term -analysts.

oil and energy

Ansaldo unveils mega turbine

Genova - “Ansaldo Energia and Shanghai Electric have garnered yet another order from China for two class-F gas turbines, bringing overall orders to over 30 gas turbines.” Chen Xuewen, Ansaldo’s director for Asia, was in Genoa, in representation of Ansaldo’s Chinese partner, which holds a 40%-stake

oil and energy

Ansaldo Energia, a joint venture in Russia

Genova - Giuseppe Zampini is quite familiar with Russia,“We’ve been in this market for 12 years.” The president of Ansaldo Energia feels almost at home, surrounded by Moscow’s delegates who attended a recent Italian-Russian seminar in Genoa

oil and energy

ENI returns to profit, Descalzi promises value

Rome - ENI is in the black again after two years of negative balance sheets,setting a production record and starting a strong trend which, if the market allows it, could also permit shareholder remuneration to improve. This is the summary of the 2017 accounts released by the Petroleum Group

oil and energy

Why Canada is the next frontier for shale oil

Calgary - Canada is the first country outside the United States to see large-scale development of shale resources, which already account for 8 percent of total Canadian oil output.

oil and energy

Iraq invites bids to build new oil export pipeline

Baghdad - Iraq has given foreign energy companies a month to signal their interestin building a new export pipeline from the Kirkuk oilfields in the north of the country. The new pipeline will replace an old and severely damaged section of the Kirkuk-Ceyhan pipeline

oil and energy

Cuba’s Castro and Russian oil executive meet in Havana

Havana - State-controlled media on Sunday ran a photograph of Castro and Igor Sechin sitting with notebooks at a table with Economy Minister Ricardo Cabrisas, after the latter two had held what was termed in a brief caption “a working meeting”.

oil and energy

UK pipeline outage sends oil price to more than 2-year high

London - Britain’s biggest oil pipeline from its North Sea fields is likely to be shut for a number of weeks for repairs, operator INEOS said on Tuesday, sending international crude prices to their highest since the middle of 2015.

oil and energy

Putin okays loading start at Yamal LNG

Moscow - President Vladimir Putin on Friday launched the first loading of liquefied natural gas at the Novatek-led Yamal LNG project in the Arctic, which will further expand Russia’s global energy reach. The Yamal project required investments of $27 billion

oil and energy

Dark oil: Loophole lets Russian refiners dodge duties

Moscow - Two Russian refiners are avoiding export duty on fuel oil and vacuum gas oil by re-naming them as an oil product that is exempt from the charge, according to a Reuters analysis of customs and refining data, and four industry sources.

oil and energy

Venezuela to bring more military officials into PDVSA

Caracas - The general appointed to run Venezuela’s energy sector will bring more military officials into the senior ranks of state oil company PDVSA during a major shakeup intended to root out corruption, two company sources told Reuters on Monday.

oil and energy

Iraq to increase Kirkuk output to 1 mln bpd

Baghdad - Oil Minister Jabar al-Luaibi said Iraq plans to increase production from oilfields in Kirkuk to one million barrels per day and has visited the Bai Hasan and Avana fields to order work be accelerated to restore operations soon, the ministry’s spokesman said on Monday

oil and energy

Oil hits 2,5 year peak on Saudi purge

London - Oil jumped to its highest in over two years on Monday as Saudi Arabia’s crown prince cemented his power through a crackdown on corruption, while world shares eased a notch and major currencies traded in tight ranges

oil and energy

API takes over 2600 TotalErg service stations

Milan - TotalErg becomes API.Italy’s gas distributor, which for years was known by its brand logo of a black horse, rivalling ENI’s six-legged dog and with Esso’s ‘tiger in the engine’, is now taking over the entirety of TotalErg, the 49:51 joint venture between Total and ERG, in a deal valued at over 450 million euro

oil and energy

Macroeconomic risks for the oil industry

London - The global oil industry now appears to be in the early stages of a cyclical expansion which is likely to see prices rise over the next few years, slowly at first but then accelerating later.

oil and energy

Trump administration approves Eni plan to drill offshore Alaska

Milan - Eni US will become the first energy company allowed to explore for oil in federal waters off Alaska since 2015 after the Trump administration this week approved a drilling plan on leases the company has been sitting on for 10 years.