Oil

As an epic oil crash threatened more havoc on a pandemic-stricken global economy in April 2020, the US, Saudi Arabia, Russia and other G20 countries met to thrash out a solution. The co-operation helped end an Opec+ price war and restored stability to the market. Prices recovered. Two-and-a-half years later, and nine months into Russia’s […]

Comment on this story Comment The Biden administration said on Saturday it would lift a key oil sanction against Venezuela, marking the first significant crack in a years-long U.S. embargo that could eventually help ease the tight global energy market. Chevron, the only remaining active U.S. oil company in Venezuela, is part of a . […]

Sign at entrance to global headquarters of petroleum company Chevron in San Ramon, California, October 22, 2019. Photo by Smith Collection/Gado/Getty Images The Treasury Department on Saturday said it would allow Chevron to resume pumping oil from

Washington CNN  —  The US has granted Chevron limited authorization to resume pumping oil from Venezuela following the announcement Saturday that the Venezuelan government and the opposition group have reached an agreement on humanitarian relief and will continue to negotiate for a solution to the country’s chronic economic and political crisis, including a focus on […]

ACCRA, Nov 24 (Reuters) – Ghana’s government is working on a new policy where gold rather than U.S. dollar reserves will be used to buy oil products, Vice-President Mahamudu Bawumia said on Facebook on Thursday. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is […]

MELBOURNE, Nov 23 (Reuters) – Oil prices rose in early trade on Wednesday after industry data showed U.S. crude stockpiles fell more sharply than expected last week, highlighting supply tightness ahead of a looming European Union ban and G7 price cap on Russian oil. Brent crude futures gained 25 cents, or 0.3%, to $88.61 a […]

SOFIA, Bulgaria — Bulgaria will allow a Black Sea refinery owned by a Russian oil company to keep operating and exporting oil products to the European Union until the end of 2024 despite warnings by Brussels that it is against the bloc’s sanctions. The deal between Bulgaria and Russian-owned Lukoil will give an additional 350 […]

Oil Wells pumping outside of Midland Texas. (Photo by: Joe Sohm/Visions of America/Universal Images … [+] Group via Getty Images) Joe Sohm/Visions of America/Universal Images Group via Getty Images A meme making the rounds on Twitter this week captures the cyclical nature of employment levels in the oil and gas industry quite succinctly. The meme […]

Nov 18 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for a third week in a row as relatively high oil prices encourage companies to drill more. The oil and gas rig count, an early indicator of future output, rose three to 782 in the week to Nov. 18, its […]

WASHINGTON, Nov 17 (Reuters) – The United States targeted oil and gas companies in its latest round of Iran-related sanctions, according to a notice posted to the U.S. Department of Treasury website on Thursday. The sanctions target 13 companies in a range of countries, including China and the United Arab Emirates. Reporting by Susan Heavey; […]


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