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Business World

Oil prices slide amid fresh coronavirus curbs globally

Oil prices fell more than 1% as fresh coronavirus lockdowns revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal. Brent crude futures slid 1.4%, to $63.54 a barrel after jumping 6% overnight. U.S. West Texas Intermediate crude futures […]

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Business World

Saudi Aramco’s profits dipped 44.4% in 2020 after lower oil demand

Saudi oil giant Aramco has reported a 44.4 percent plunge in last year’s net profit, as the coronavirus pandemic curbed global demand. The effect of COVID-19 took a heavy toll on the company and its peers in 2020, but oil prices have rallied this year as economies recover from the downturn and after oil producers extended […]

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Insane

Oil spills in oceans can dissipate within hours affecting marine life

A new study conducted by the University of Miami (UM) Rosenstiel School of Marine and Atmospheric Science reveals how oil dissipates in the oceans after spills. The study talks about the effects of chemical dispersants on the marine environment. It demonstrates under realistic environmental conditions, oil drifting in oceans after a spill could photo-oxidise into […]

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World

Iran is sending its biggest fleet of tankers to Venezuela amid fuel shortage, DEFYING US sanctions

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 a report by Bloomberg. A fleet of some 10 Iranian vessels will also help export Venezuelan crude after discharging fuel. The Nicolas Maduro regime is widening its […]

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Business

Crude oil prices slide 30%, the biggest in 29 years

Crude oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak. Brent crude futures fell by as much as $14.25, or 31.5 per […]