Oil tanker owners are giving up. A 19-month curtailment of OPEC cargoes, and environmental regulations that are proving uneconomical to comply with, have got owners purging the supertanker fleet at the fastest pace since the 1980s, according to Global Marketing Systems Inc., one of the world’s top buyers of obsolete ships for scrap. While the […]
New Delhi: Mexico‘s president-elect announced a $16 billion investment plan Friday to boost flagging oil production, refinery capacity and electrical generation. Andres Manuel Lopez Obrador said Friday the country must act “urgently” to reverse a decline that saw crude output drop to 1.88 million barrels per day in the first half of 2018, down from 3.4 million […]
New Delhi: By Devika Krishna Kumar A production problem at one of Canada‘s largest oil sands facilities drove front-month U.S. crude futures to their steepest premium above second-month futures since 2014 on Monday. Canada is the world’s fourth-largest oil producer and could lose as much as 10 percent of its supply in July after a power outage last […]
NEW DELHI: Under pressure from US President Donald Trump, Saudi Arabiahas rushed to boost oil production — only to discover that global markets might not yet need it. The kingdom’s crude output surged the most in three years last month, as Trump demanded his ally’s help in cooling gasoline prices and filling in the supply gap that will be […]
MOSCOW: The Russian budgetwill get a boost of at least 1 trillion roubles ($16 billion) from changes to taxation in oil production and refining in the next six years, two government officials said on Thursday. They told a news brieing at the energy ministry that the government hopes to get as much as 1.3 trillion roubles in additional reveneus from […]