Oil prices fall as Middle East diplomatic talks offer supply relief
Oil markets decline as investors anticipate diplomatic talks could ease Middle East tensions and stabilize regional supply disruptions.
economy
Energy
Western energy majors are expected to report combined record profits of $200 billion in 2022, driven by volatile oil and gas prices following Russia's Ukraine invasion, with strong earnings projected to continue into 2023.
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Coverage (729 articles)
Truck strikes Wisconsin gas pipeline, forces evacuations and flight ban
A truck collision ruptured a natural gas pipeline near Saxon, Wisconsin, triggering community evacuations, flight bans, and temporary power cuts to prevent explosions.
Rwanda Eyes Stake in Dangote's $16B East African Oil Refinery
Rwanda is considering investing in a $16 billion oil refinery proposed by Nigerian businessman Aliko Dangote for Lamu, Kenya, with potential regional participation from Uganda and Ethiopia.
Ashéninka Leader Killed Defending Territory From Illegal Oil Extraction in Peru
Ashéninka leader Américo Pascuala Tumisha was fatally shot while patrolling his community's territory in Peru's Ucayali region after confronting illegal copaiba oil extractors. His death marks the latest killing of an environmental defender in Peru amid inadequate state protection.
Gunvor in talks to acquire Haynesville shale assets for over $1 billion
Energy trading firm Gunvor is in negotiations to acquire Haynesville shale assets for over $1 billion, signaling continued consolidation in U.S. natural gas production.
Prisma Capital coloca Origem Energia à venda após seis anos
A Prisma Capital avança em processo de venda da Origem Energia, junior oil que se tornou uma das maiores produtoras independentes de gás do País, após seis anos de investimento.
Australia's Pacific energy pledges need grassroots retail model to succeed
Australia's centralized electrification programs for Papua New Guinea and the Pacific are falling short of 2030 targets. A more scalable model leveraging local shopkeeper networks could deliver faster, cheaper energy access.
KRA Grapples With Sh5.1B Tax Refund on Rejected Oil Cargo
Kenya's tax authority faces a Sh5.1 billion tax refund dilemma after rejecting an MT Paloma fuel cargo that failed quality standards and was imported outside government protocols.
Dangote refinery transforms Nigeria into fuel exporter, boosting shipments 7-fold
Nigeria's fuel exports have surged seven-fold since 2023 with the Dangote refinery operational, while imports plummeted to one-third of previous levels, reshaping the country's petroleum trade.
US Strategic Petroleum Reserve hits lowest level since 1982
US Strategic Petroleum Reserve oil stocks fell by 3.7 million barrels, reaching their lowest level since 1982, signaling potential energy security concerns.
Argentina's Patagonia Oil Boom Reshapes Remote Region's Future
Argentina is experiencing an oil boom in northwest Patagonia, with the country banking on petroleum extraction to revitalize its struggling economy and reshape the region.
Ethiopia Considers Stake in Dangote's $17B Kenya Refinery Project
Ethiopia is exploring an equity investment in Nigerian billionaire Aliko Dangote's proposed $17 billion Lamu oil refinery in Kenya, with East African countries offered combined 30% stake in the regional energy infrastructure project.
Oil Trail, Truck Data Lead to Murder Conviction in South Carolina Hit-and-Run
A jealous estranged husband was convicted of intentionally hitting his wife's new boyfriend with his pickup truck, with digital evidence from the vehicle's onboard computer and an oil trail proving his guilt.
Constitutional Court kills Shell's R1.1bn Wild Coast oil exploration plan
South Africa's Constitutional Court has permanently blocked Shell and Impact Africa's R1.1bn oil and gas exploration right off the Wild Coast, finding that communities were never properly consulted and that financial interests cannot override constitutional violations.
India pays highest LNG prices since 2022 as Iran conflict disrupts global supplies
Indian energy companies are paying over $23/mmbtu for LNG cargoes, the highest since 2022, as Iran war disrupts global supplies and damages Qatar's export infrastructure.
Ukrainian suspect in Nord Stream pipeline blast detained in Croatia
Croatian authorities have detained a Ukrainian suspect in connection with the Nord Stream pipeline explosions, marking a significant development in the investigation into the 2022 sabotage.
Iraq Targets 8-10 Million Barrels Daily Within Six Years
Iraq plans to increase oil output to 8-10 million barrels per day within six years, signaling ambitious expansion of its petroleum sector capacity.
Venezuela's Oil Sales Outpace Port Capacity as Tankers Queue Up
Venezuela is selling oil faster than its ports can process shipments, causing tankers to queue at loading facilities. The supply-demand mismatch highlights infrastructure constraints in the country's petroleum sector.
Iranian oil offers to Chinese buyers decline amid US sanctions pressure
Iranian oil offers to Chinese buyers are declining as US sanctions tighten enforcement, reducing Tehran's ability to maintain crude sales to its largest customer despite previous resilience.
Maior termelétrica do Brasil é paralisada após falha em disjuntor
A usina GNA II, maior termelétrica do país com 1,7 GW de potência, foi paralisada em 10 de agosto após falha no disjuntor da turbina a vapor. A empresa não prevê quando retornará à operação.
Maior termelétrica do Brasil paralisa operação após falha em disjuntor
A usina GNA II, maior termelétrica do país com 1,7 GW de potência, foi paralisada em 10 de agosto após falha no disjuntor da turbina a vapor. A empresa não prevê quando retornará à operação.
SLB, Formentera Move to Reactivate Venezuelan Drilling Operations
SLB and Formentera are working to reactivate drilling rigs in Venezuela as part of efforts to resume oil production operations in the country.
Ukrainian man arrested in connection with 2022 Nord Stream pipeline explosions
A Ukrainian man has been arrested in connection with the 2022 Nord Stream pipeline explosions, marking a significant development in the investigation into the underwater infrastructure sabotage.
Strait of Hormuz traffic slows amid persistent geopolitical uncertainty
Traffic through the Strait of Hormuz is slowing amid persistent uncertainty about waterway security and operations, affecting global oil shipments and maritime commerce.