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World

Joe Biden bans US imports of Russian oil and gas amid the invasion in Ukraine

The United States is banning all imports of oil and gas from Russia, US President Joe Biden has announced, in a move that aims to pressure Russian President Vladimir Putin to end the war in Ukraine. Speaking at the White House on Tuesday morning, Biden said the move targets “the main artery of Russia’s economy”. […]

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World

Shell to stop buying Russian oil and gas and close all service stations in country

Shell has announced plans to withdraw from Russian oil and gas and close all its service stations in the country. The company will immediately stop buying Russian crude oil on the spot market and not renew term contracts. It will also change its crude oil supply chain to remove Russian supplies, but said this could […]

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World

Russia’s Invasion Of Ukraine: Oil prices hit seven-year high

The price of oil has jumped to a seven-year high to nearly $105 following Russia’s invasion of Ukraine. Brent crude soared 6.6 percent higher at $103.21 a barrel, the highest since August 2014, while US light crude has jumped 6.2 percent to $97.75 a barrel. Gas prices are also on the rise, up by 40 […]

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World

Oil storage tank goes up in flames in fuel strapped Lebanon

A “huge fire” that broke out in a fuel storage tank at Lebanon’s Zahrani oil facility has been contained, the country’s energy minister said from the site. The fire broke out on Monday and took more than three hours to contain and extinguish. At least 25 fire trucks were present on site, as the firefighters […]

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Business World

Oil companies sue governments $18 billion as climate change action threatens profits

Fossil fuel companies are suing governments across the world for more than $18 billion after action against climate change has threatened their profits, according to research conducted by campaign group Global Justice Now. Five energy companies are using a legal process that allows commercial entities to sue governments under international laws governing trade agreements and […]

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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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World

Indonesia seizes oil tankers from Iran and Panama on suspicion of illegal oil transfer

The Indonesian coast guard seized two oil tankers, an Iranian-flagged MT Horse and the Panamanian-flagged MT Freya vessels over suspected illegal oil transfer in the country’s waters on Sunday. Coast guard spokesman Wisnu Pramandita said the tankers, seized in waters off Kalimantan province, will be escorted to Batam island in Riau Island Province for further investigation. […]

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World

Shell employees orchestrated oil spills in Nigeria for PROFIT: Dutch documentary

The employees of the Anglo-Dutch oil company Shell ordered the deliberate vandalisation of oil pipelines for personal gain, a documentary in the Netherlands has reported. Dutch television documentary programme Zembla, together with Dutch environmentalist organisation Milieudefensie, reported in a programme to be aired on Thursday that “multiple witnesses declared that SPDC, a subsidiary of Shell, […]

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World

Japan sends second team to help oil spill cleanup off Mauritius

Japan is sending a second team of experts to Mauritius to help clean up tonnes of oil that leaked from a Japanese-owned ship after it ran aground earlier this month. Six members of the team are travelling to Mauritius from Japan, with the leader of the group joining from New York. “The oil leak from […]

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World

Japanese ship leaking oil off Mauritius breaks apart

A Japanese bulk carrier that ran aground over three weeks ago, leaked tonnes of oil near Mauritius has split apart. MV Wakashio, the carrier struck a coral reef off Mauritius on July 25 and its hull began to crack after days of pounding waves. About 1,000 tons of heavy oil are estimated to have spilled […]

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Business

Lockdown, price-war could soon result in no space to store oil

The world’s thirst for oil has evaporated. Highways are empty. Planes are grounded. Factories are dark. The unprecedented collapse in oil demand has sent crude crashing to 18-year lows. Supply, on the other hand, remains largely resilient amid a price war between Saudi Arabia and Russia. US producers don’t want to be the first to […]