US sells a million barrels of Iranian oil seized under sanctions

A US Department of Justice spokesman said the seized Iranian oil had been sold and the proceeds would go to the US Victims of State Sponsored Terrorism Fund. The United States has sold more than a million barrels of Iranian fuel seized under its sanctions programme last year, a Department of Justice official said, as […]

Refreshing: Coca-Cola introduces 100% recycled bottles in the US

The new bottles will cut the company’s use of new plastic by over 20 percent in North America compared to 2018, it said. Coca-Cola Co. is introducing 100% recycled plastic bottles in the U.S.—a major shift in its sustainability strategy. The company responsible for more plastic pollution than any other, according to the Break Free From Plastic […]

Oil prices shake off COVID blues as Brent hits $60

Oil prices rose to their highest levels in over a year on Monday, as output cuts and US stimulus hopes drive crude higher. Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further economic […]

Algeria’s oil and gas exports plummet

Algeria’s energy exports are plunging, threatening more financial suffering for the OPEC member and a potential repeat of the mass demonstrations that toppled the president two years ago. The North African nation’s struggling to keep up shipments of oil and gas – the lifeblood of the economy – as years of mismanagement and a lack of investment take their […]

US unions, environmentalists disagree about oil and gas pipelines

Environmentalists and labour unions that threw their support behind US President Joe Biden now find themselves on the opposite sides of a battle about the construction of big pipeline projects between Canada and the United States. The US is the world’s largest producer of oil and gas. Biden’s administration aims to move the US economy […]

MBS says Aramco to sell more shares to boost Saudi wealth fund

MBS said Saudi Aramco will sell more shares as part of plans to bolster the kingdom’s main sovereign wealth fund, which aims to increase its assets from $400bn to $1 trillion by 2025. Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS), the kingdom’s de facto ruler, on Thursday said that Saudi Aramco will sell more […]

Renewables outstrip fossil fuels as the EU’s main source of power

Renewables overtook fossil fuels as the European Union’s main source of electricity for the first time in 2020 as new projects came online and coal power shrank, a report shows. Renewable sources such as wind and solar generated 38 percent of the 27-member bloc’s electricity in 2020, with fossil fuels such as coal and gas […]

Aramco’s carbon footprint is way bigger than it discloses

Before it launched the world’s biggest public listing, Saudi Arabian Oil Co. promised potential investors a small piece of a trillion-dollar company with access to unrivaled oil reserves. Not just in sheer volume but in climate friendliness, too. Aramco executives emphasized in the run-up to an IPO in 2019 that drilling Saudi oil generates fewer planet-warming emissions […]

Work suspended on Keystone XL pipeline as Biden is sworn in

The Canadian company behind the Keystone XL pipeline said it has suspended work on the project in anticipation of US President Joe Biden revoking its permit. The Canadian company behind the Keystone XL oil pipeline said on Wednesday that it has suspended work on the pipeline in anticipation of newly sworn-in United States President Joe […]

Trump administration imposes Venezuelan oil-related sanctions

The United States Treasury targeted three individuals, 14 entities and six vessels for their alleged ties to a network attempting to assist Venezuela’s oil sector. The United States on Tuesday sanctioned a network of oil trading firms, individuals and vessels that have helped Venezuelan state-run oil company Petroleos de Venezuela (PDVSA) sell crude mainly to […]

Russia’s Gazprom says Nord Stream 2 at risk after US sanctions

Russian energy giant Gazprom said on Tuesday that there is a risk that its undersea Nord Stream 2 gas pipeline to Germany could be suspended or cancelled after the US sanctioned a Russian ship involved in its construction. Russian state gas company Gazprom acknowledged there is a risk that its undersea pipeline to Germany could […]

Saudi Arabia vindicated as pandemic hits global oil demand

For Saudi Arabia, bad news in the oil market has rarely been such a vindication. Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that – rather than restore halted production as planned – it would slash supplies by a further 1 million barrels a day. The resurgent pandemic necessitated “preemptive” […]

Finland’s Climate Warriors

Will Finland's dependence on peat as a fossil fuel stand in the way of its carbon-cutting targets? . Source link

Oil climbs five percent on Saudi voluntary oil production cut

Saudi Arabia will make additional, voluntary oil production cuts of one million barrels per day in February and March as part of a wider OPEC+ deal to hold output steady. Oil prices climbed nearly five percent on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while tension simmered following […]

OPEC+ talks stretch to Tuesday with majority against supply hike

The OPEC+ meeting will run into a second day after a majority of members, including Saudi Arabia, opposed Russia’s proposal for a February supply hike. Discussions will resume at 3:30 p.m. Vienna time on Tuesday, giving ministers the chance to hold bilateral talks and consult with their home governments, delegates said. The unexpected extension of […]

Mine found on hull of oil tanker off the coast of Iraq

In the latest incident underscoring the dangers ships face in the Gulf, a mine was discovered on the hull of an oil tanker off the coast of Iraq. An oil tanker off the coast of Iraq discovered a mine attached to its hull, the latest incident highlighting the risk to ships in the waters near […]

Oman looks to borrow $4.2bn in 2021 to cover budget shortfall

Its economy battered by low oil prices and COVID, Oman plans to finance the majority of its budget shortfall in 2021 by borrowing. Oman’s government will finance most of its budget shortfall in 2021 by borrowing to plug a fiscal gap battered by a decline in oil prices and the coronavirus pandemic. The Persian Gulf […]

Iran sends biggest ever fleet of oil tankers to Venezuela

Iran is sending its biggest fleet yet of tankers to Venezuela in defiance of U.S. sanctions to help the isolated nation weather a crippling fuel shortage, according to people with knowledge of the matter. Some of the flotillas of about 10 Iranian vessels will also help export Venezuelan crude after discharging fuel, the people said, […]

The end of the internal combustion engine?

The internal combustion engine revolutionised human life. It made the commonplace possible: the car, the Uber, the bus, the motorbike. We took to the skies in aircraft and spread our wings across the world. It even mobilised war with tanks, ships and submarines. Agricultural productivity soared with the development of the tractor and other farm […]