Desperate for Fuel, Russia Looks to Kazakhstan for Refining Capacity
Russia is running short of undamaged oil refinery capacity, and it’s looking to Kazakhstan for help. Kazakhstan said Thursday that it is in talks with Moscow to process Russian oil…
War Sends Saudi Oil Output Down and Revenue Up
Saudi Arabia’s quarterly budget deficit shrank by nearly three-quarters in the second quarter, courtesy of the same war that hammered its oil industry and sent the economy into its steepest…
Oil Prices Head for 20% Monthly Surge Despite Recent Pullback
Crude oil prices have been trending lower over the past couple of days, but the benchmarks are on course to book both a weekly and a monthly rise. On a…
Caspian Oil Pipeline Shuts Down Again After Black Sea Drone Attack
The Caspian Pipeline Consortium has shut down again, following Ukrainian drone attacks on two tankers at the Russian Black Sea port of Novorossiysk, Reuters reported, citing the company operating the…
Japan Has Enough LNG to Avoid Summer Power Shortages
Japan’s biggest buyer of liquefied gas has told media it has secured enough supplies until October and there is no risk of summer shortages during peak air-conditioning demand, Channel News…
BP Puts Its North Sea Oil Business Up for Sale
BP on Friday launched a process to market its North Sea business as the UK-based supermajor looks to simplify its portfolio and invest in high-return projects. The formal launch of…
ADNOC Buys Five Supertankers as Hormuz Crisis Tightens Shipping
Amid tightened vessel supply due to the Middle East crisis, Abu Dhabi’s national oil company ADNOC has paid about $590 million to buy five supertankers to better manage its crude…
Six Saudi Oil Tankers Reroute Around Africa to Dodge Houthi Threat
Half a dozen empty Saudi oil tankers have turned away in the Arabian Sea from the Red Sea chokepoint Bab el-Mandeb and headed south around Africa in the western direction,…
Oil Prices Inch Higher as Iran Strikes U.S. Bases in Kuwait and Bahrain
Iran on Friday claimed it launched attacks on U.S. military assets in Bahrain and Kuwait amid the latest re-escalation of hostilities in the region, which dashed the hopes from early…
Shell Sells Cyprus Gas Stake to MOL for $720 Million
Shell has agreed to sell its wholly-owned subsidiary BG Cyprus Ltd to MOL Group of Hungary for $720 million, as the UK-based oil and gas supermajor targets to grow its…
