LONDON (Reuters) – As major oil companies prepare to spend billions on renewable energy assets to stay relevant in a low-carbon future, the industry’s patchy track record on takeovers is a red flag for some investors. Ten years ago, the world’s top energy comp... More »
(Reuters) – Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the coronavirus pandemic triggered losses. The pandemic initially cut... More »
OSLO (Reuters) – Equinor (EQNR.OL) on Monday announced the appointment of Anders Opedal as chief executive effective from Nov. 2 as the Norwegian oil and gas group looks to speed up a move into renewable energy. The new CEO, who had been executive vice preside... More »
LONDON (Reuters) – BP (BP.L) will need to invest tens of billions of dollars over the next decade and may have to accept lower returns than it can get from oil if it is to meet its target of becoming one of the world’s largest renewable power generators. The B... More »
DUBAI (Reuters) – State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter. But the company stuck with plans to pay $... More »
FRANKFURT (Reuters) – The number of publicly accessible charging points for electric vehicles (EV) jumped 60% in 2019, the biggest increase in three years and outpacing sales of battery-powered cars, according to the International Energy Agency (IEA). In its a... More »
LONDON (Reuters) – Hydrogen has long been touted as a clean alternative to fossil fuels. Now, as major economies prepare green investments to kickstart growth, advocates spy a golden chance to drag the niche energy into the mainstream of a post-pandemic world.... More »
LONDON (Reuters) – Oil and gas output from some of the world’s top oil companies is set to drop by over 12% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations. The output cuts are driven by an unprecedented... More »
SINGAPORE (Reuters) – Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not come fast enough to fully offset the collapse in demand from the coronavirus pandemic. U.S. oil futures led l... More »
(Reuters) – A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse. U.S. West Texas ... More »
(Reuters) – Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a “historic yet insufficient” deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout. The Organization of... More »
LONDON (Reuters) – Deep oil output cuts by OPEC and other producing nations would not be enough to prevent a huge build in global crude inventories in the second quarter as measures to contain the coronavirus lead to “unprecedented” demand loss, the head of th... More »
MOSCOW (Reuters) – Twenty Gazprom workers, who were airlifted to hospital following a coronavirus scare last week, have been discharged after the tests came back negative, a Gazprom spokesman said on Monday. The workers were quarantined at Bovanenkovo gas fiel... More »
BOSTON/LONDON (Reuters) – The havoc wrought by the coronavirus crisis could give investors leverage to put new limits on CEO pay packages and link them more closely to a range of social and environmental issues at companies’ annual meetings this spring. Execut... More »
KUALA LUMPUR (Reuters) – A fire killed five people at a refining and petrochemicals complex in southern Malaysia owned by Petronas and Saudi Aramco, authorities said on Monday. It was the second fire in less than a year at the $27 billion Pengerang Integrated ... More »
DUBAI (Reuters) – Kuwait’s Health Ministry announced 10 new cases of coronavirus in the country on Monday bringing the total number to 56, a ministry official said. The official, who was speaking during a news conference broadcast on state television, urged ci... More »
OSLO (Reuters) – Eight candidates have applied to head Norway’s sovereign wealth fund, the country’s central bank said on Tuesday, as its board prepares to decide who should steer the global portfolio of assets worth $1.1 trillion through a time of transition.... More »
(Reuters) – Here are the latest developments around the coronavirus outbreak: *The death toll in mainland China reached 1,770 as of Sunday-end, up by 105 from the previous day, while there were 2,048 new cases, bringing the total count to 70,548. *In Hubei pro... More »
DUBAI (Reuters) – Oman’s energy minister Mohammed bin Hamad al-Rumhy told Reuters on Monday he fully supported Saudi Arabia’s readiness to react to any impact the new coronavirus could have on the oil market. “Oman fully supports the statement (and the spirit)... More »
DUBAI (Reuters) – State-owned oil company Saudi Aramco said on Sunday it had exercised its “greenshoe option” to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record $29.4 billion. Aramco initially raised a $... More »
PARIS (Reuters) – French oil company Total (TOTF.PA) said on Monday that it would pay a bonus of $100 million as part of its previously announced deal with U.S. peer Apache (APA.N) to develop an offshore block off Suriname. “Total is pleased with this signific... More »
JAKARTA (Reuters) – Indonesia expects to sign more deals with the United Arab Emirates in the energy, health and education sectors during a visit to the country next month by President Joko Widodo, a ministry statement released on Monday said. The Indonesian g... More »
ALEXANDRIA, Va. (Reuters) – Democratic presidential candidate Michael Bloomberg on Friday unveiled a climate plan to slash U.S. carbon emissions by 50% in ten years, by slapping tougher pollution standards on new gas-fired power plants and replacing coal with ... More »
(Reuters) – Goldman Sachs raised its oil price forecasts for 2020, citing tighter-than-expected inventories after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to deepen oil output cuts through the first quarter of next yea... More »
SOCHI, Russia (Reuters) – Russian President Vladimir Putin and his Chinese counterpart Xi Jinping on Monday oversaw the launch of a landmark pipeline that will transport natural gas from Siberia to northeast China, an economic and political boost to ties betwe... More »
NEW YORK (Reuters) – Citadel’s commodities investments are up at least $1 billion for the year, according to three sources familiar with the matter, helping to drive strong overall performance at one of the world’s largest hedge funds. Citadel, which manages m... More »
DUBAI (Reuters) – Saudi Aramco met investors in Dubai on Sunday to market its initial public offering (IPO), after trying to secure demand from Kuwait’s sovereign wealth fund for the deal, worth up to $25.6 billion, which relies heavily on local and regional b... More »
RIYADH (Reuters) – Saudi Aramco’s weighting in Saudi Arabia’s main stock index once the oil giant has listed shares is not expected to breach the maximum limit set by the Gulf kingdom’s Tadawul exchange, a senior executive said on Sunday. “There is a ceiling f... More »
RIYADH (Reuters) – Saudi Arabia’s central bank is monitoring banking indicators on a daily basis and is not seeing any impact on liquidity from oil giant Aramco’s initial public offering (IPO), its governor said on Sunday. Saudi Arabian Monetary Authority gove... More »
DHAHRAN, Saudi Arabia/DUBAI (Reuters) – Saudi Arabia’s giant state oil company finally kick-started its initial public offering (IPO) on Sunday, announcing its intention to float on the domestic bourse in what could be the world’s biggest listing as the kingdo... More »
DUBAI (Reuters) – Aramco, as Saudi Arabian Oil Co is usually known, is set to add another superlative to the list: the world’s most valuable listed company. The sprawling state-owned oil giant announced on Sunday its intention to float on the Riyadh stock mark... More »
LONDON/MOSCOW (Reuters) – Russian oil producer Lukoil and Hungarian energy company MOL are set to sign a settlement deal over contaminated oil during Russian President Putin’s visit to Budapest this week, four industry sources told Reuters. A high level of org... More »
MAPUTO (Reuters) – Mozambicans voted on Tuesday in an election that could test a fragile two-month-old peace deal between the ruling Frelimo party and its old civil war foe turned opposition rival Renamo. The presidential, legislative and provincial polls are ... More »
LONDON (Reuters) – Royal Dutch Shell (RDSa.L) still sees abundant opportunity to make money from oil and gas in coming decades even as investors and governments increase pressure on energy companies over climate change, its chief executive said. But in an inte... More »
OSLO (Reuters) – Norway on Tuesday reported it’s first monthly trade deficit in almost two years, a rare event triggered by a sharp fall in its sale of natural gas and a decline in the price of crude oil, the country’s two most important exports. The September... More »
WASHINGTON (Reuters) – U.S. President Donald Trump said on Sunday the United States was “locked and loaded” for a potential response to the attack on Saudi Arabia’s oil facilities, after a senior U.S. administration official said Iran was to blame. Trump also ... More »
TOKYO (Reuters) – (This August 29 story has been corrected to say China National Offshore Oil Corp, not CNOOC Ltd, in paragraph three.) Japan imported its first cargo of liquefied natural gas (LNG) from China in July as utilities from the world’s biggest buyer... More »
SAO PAULO/RIO DE JANEIRO (Reuters) – Brazil’s planned privatization of eight Petroleo Brasileiro SA (PETR4.SA) refineries has lured several of the world’s largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said. ... More »
SINGAPORE (Reuters) – Royal Dutch Shell is launching electric vehicle chargers at petrol stations in Singapore, its first such foray in Southeast Asia, the company said on Monday. The electric vehicle charging service, ‘Shell Recharge’, will be available at 10... More »
ZURICH (Reuters) – ABB’s (ABBN.S) largest shareholder Investor AB (INVEb.ST) is pleased with the appointment of Bjorn Rosengren as the new chief executive of the engineering group, the Swedish investment company said on Monday. “We welcome the appointment of B... More »
PARIS (Reuters) – Energy major Total said its new supercomputer – which has propelled it to a world ranking as the most powerful computer in the sector – will enable its geologists to find oil faster, cheaper and with a better success rate. The Pangea III comp... More »
(Reuters) – Saudi air defenses intercepted two Houthi drones, one of them targeting a residential area in the southern city of Abha, the Saudi press agency said on Tuesday, citing the Saudi-led coalition. Al Masirah TV, citing a military spokesman, said on Mon... More »
SINGAPORE/BEIJING (Reuters) – China’s crude oil imports slipped 8% in May from an all-time peak hit the month before, customs data showed, as the world’s top importer of the commodity curbed shipments from Iran amid tightening U.S. sanctions on that country. C... More »
NEW YORK (Reuters) – U.S. sanctions on Venezuela’s oil industry have made winners out of Royal Dutch Shell Plc and BP Plc, Gulf of Mexico offshore heavyweights, as refiners in need of substitutes are scooping up oil produced in the region. Those two companies ... More »
PARIS (Reuters) – The board of French oil and gas major Total has proposed total 2018 compensation for Chief Executive Patrick Pouyanne of 3.1 million euros ($3.55 million), compared with 3.8 million in 2017, company documents showed on Wednesday. The total pa... More »
DUBAI (Reuters) – Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output “well below” 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support ... More »
LONDON (Reuters) – Saudi Aramco’s chief executive said on Tuesday the oil industry is facing “a crisis of perception” and the views of some observers that the end of oil is near with the rise of electric vehicles are illogical and not based on fact. Amin Nasse... More »
OSLO (Reuters) – Two crane ships early on Tuesday began raising a submerged Norwegian navy frigate which collided with an oil tanker in November and has remained stranded off Norway’s west coast since, the armed forces said. The accident injured eight people a... More »
BRUSSELS (Reuters) – New European Union rules to regulate Russia’s Nord Stream 2 pipeline won the backing of the bloc’s capitals on Friday, a move that will likely complicate but not rule out its construction. Representatives of the EU’s 28 nations endorsed a ... More »
BERLIN (Reuters) – European Union countries have reached an agreement on how to regulate Russia’s Nord Stream 2 pipeline, Chancellor Angela Merkel said on Friday, declining to give details on the compromise. “Regarding the gas directive, we have reached an agr... More »
LONDON (Reuters) – Royal Dutch Shell widened its lead over Exxon Mobil as king of cash among the world’s top oil and gas companies last year but its U.S. rival could catch up with its investment drive in new production. The five leading firms, known as oil maj... More »
WASHINGTON (Reuters) – Republican and Democratic U.S. senators on Thursday unveiled a resolution calling for the cancellation of Russia’s Nord Stream 2 natural gas pipeline, a link under the Baltic Sea from Russia to Germany. Leaders of the Senate Foreign Rela... More »
DOHA (Reuters) – Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying to show unity in tackling an oil price slide. Doha, one of OPEC’s smallest oil producers but the world’s bi... More »
BERLIN (Reuters) – Germany will not withdraw its political support for the Nord Stream 2 gas pipeline with Russia, its foreign minister said on Monday, as some lawmakers suggested curtailing the project to punish Moscow for its seizure of Ukrainian ships and t... More »
NEW YORK (Reuters) – Brenham Capital Management LP, an energy equities fund manager with about $800 million in assets under management, will shut after two years of losses, its founder said in a letter to investors on Friday. The Dallas-based fund will be liqu... More »
MILAN (Reuters) – Some European and U.S. fund managers are stepping back into Italian equities after fresh angst about a break from the euro zone wiped five months of gains off Milan’s top share index. Analysts expect uncertainty about Italy’s role in Europe a... More »
BRASILIA/SAO PAULO (Reuters) – Petrobras shares plunged 15 percent on Monday after Brazil’s government offered new fuel subsidies and softened the oil producer’s pricing policy in a bid to settle a truckers’ strike that has wreaked havoc on Latin America’s lar... More »
OSLO (Reuters) – Norway’s $1 trillion wealth fund voted against a motion at Shell’s annual meeting urging the energy giant to set climate targets, despite a push the fund is making for more firms to do so. Long-term investors with $10.4 trillion of assets unde... More »
SAO PAULO (Reuters) – Rampant corruption scandals and a deep recession soured many foreign investors on Brazil in recent years, but one Canadian group saw opportunity. Brookfield Asset Management Inc and its subsidiaries have made nearly a dozen major acquisit... More »
(Reuters) – U.S.-based Harbour Energy made a final offer of $10.8 billion for Australia’s Santos Ltd (STO.AX) on Monday, hiking its bid for a fifth time in nine months after a steep rise in oil prices and potentially deterring any rival bids. Shares in the oil... More »
NEW YORK/LONDON/SINGAPORE (Reuters) – Oil futures prices have soared past three-year highs, OPEC’s deal has cut millions of barrels of inventory worldwide and investors are betting in record numbers that prices could rocket past $80 and even hit $90 a barrel t... More »
OSLO (Reuters) – Shareholders in Norway’s largest company, Statoil (STL.OL), will approve on Tuesday the board’s proposal to drop “oil” from its name as its seeks to diversify its business and attract young talent concerned about fossil fuels’ impact on climat... More »
(Reuters) – Senior scholars in Islamic finance are exploring ways to prevent legal disputes that have roiled the industry, with new rules aiming to clarify responsibilities, while others raise the prospect of penalties for their peers. The discussions are part... More »
FILE PHOTO: Eni’s logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016. REUTERS/Stefano Rellandini/File Photo MILAN (Reuters) – Italian energy company Eni will conduct research with the Massachusetts Institute of ... More »
Iranian President Hassan Rouhani shakes hands with French Foreign Affairs Minister Jean-Yves Le Drian, in Tehran, Iran, March 5, 2018. President.ir/Handout via REUTERS TEHRAN (Reuters) – After a day of tough talking in Tehran on Monday, France’s foreign minist... More »
East Timor and Australia have reached an agreement for a treaty on their disputed maritime border and on a "pathway" to develop the giant Greater Sunrise offshore gas fields, the Permanent Court of Arbitration said on Monday. More »
FILE PHOTO: A view shows Saudi Aramco’s Wasit Gas Plant, Saudi Arabia December 8, 2014. Saudi Aramco/Handout/File Photo via REUTERS LONDON (Reuters) – It’s the burning question in the oil industry: when will Saudi Arabia pull the trigger on the Aramco stock ma... More »
Lebanese parliament speaker Nabih Berri said on Friday that U.S. proposals regarding the disputed Lebanon-Israel maritime border were "unacceptable", state news agency NNA said. More »
(This February 1 story has been refiled to fix typo in 13th paragraph) By John Revill and Michael Shields ZURICH (Reuters) – Swiss private bank PKB Privatbank SA Lugano committed serious breaches of money laundering regulations in business linked to Brazilian ... More »
FILE PHOTO: A construction site at the new Suncor Fort Hills oil sands mining operations near Fort McMurray, Alberta, Canada, September 17, 2014. REUTERS/Todd Korol/File Photo CALGARY, Alberta (Reuters) – The revolution in U.S. shale oil has battered Canada’s ... More »
People take pictures of a high-efficiency petrol-burning concept car as it is unveiled by Royal Dutch Shell during a ceremony in Beijing, China April 22, 2016. REUTERS/Damir Sagolj LONDON (Reuters) – Royal Dutch Shell (RDSa.L) has spent over $400 million on a ... More »
FILE PHOTO: A 3D-printed Microsoft logo is seen on a displayed Russian flag in this illustration taken January 12, 2018. Picture taken January 12, 2018. REUTERS/Dado Ruvic/Illustration MOSCOW (Reuters) – Two of Microsoft’s official distributors in Russia have ... More »
An Electrify SG engineer shows a PowerPod that will be installed to record data of photovoltaic solar panels on a rooftop in Singapore. REUTERS/Edgar Su SINGAPORE (Reuters) – Energy startups have been using blockchain to power electricity sharing in microgrid ... More »
MOSCOW (Reuters) – Former Russian economy minister Alexei Ulyukayev was found guilty of soliciting a $2 million bribe from Rosneft (ROSN.MM) chief executive Igor Sechin and sentenced to eight years in jail on Friday. The high-profile court case shone a rare li... More »
FILE PHOTO: A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch/File Photo (Reuters) – Canada’s main stock index futures were little changed on Friday even as oil prices rose amid ongoing... More »
FILE PHOTO: The charging plug of an electric Volkswagen Passat car is pictured at charging station at a VW dealer in Berlin, Germany, February 2, 2016. REUTERS/Fabrizio Bensch/File Photo LONDON (Reuters) – Royal Dutch Shell (RDSa.L) has partnered with top carm... More »
FILE PHOTO: A boat is seen close to oil installations at Lake Maracaibo in Cabimas, Venezuela October 5, 2017. Picture taken October 5, 2017. REUTERS/Isaac Urrutia HOUSTON/DUBAI (Reuters) – As Venezuela’s dilapidated energy sector struggles to pump enough crud... More »
China's refiners raised crude oil processing runs to near record monthly levels in October as refining margins jumped after the country's state planner hiked prices for gasoline and diesel at the pump. More »
Saudi Arabia's future king has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors including billionaire Alwaleed bin Talal who is one of the kingdom's most prominent businessmen. More »
Bribery, embezzlement, money laundering and abuse of power are among the accusations leveled against dozens of Saudi princes, officials and businessmen detained in an anti-corruption probe, a Saudi official told Reuters on Monday. More »
European shares were flat on Monday with banks weighing and Madrid's bourse lagging its peers as Catalonia's political crisis deepened. More »
State-owned Saudi Aramco has asked FTI Consulting (FCN.N) to suspend its investor relations advisory work related to the oil company's planned initial public offering, people familiar with the matter told Reuters. More »
French trade unionists blocked access on Monday to several fuel depots in protest against an overhaul of employment laws, seeking to test the government's will to reform the economy. More »
The chief executive of Russian oil giant Rosneft (ROSN.MM) said on Sunday his company was not seeking the frozen assets of Sistema as it presses its multi-billion dollar lawsuit against the business conglomerate. More »
When oil giant Saudi Aramco discloses its financials for the first time next year, it must either surprise investors with world record profits or reduce its aspirations for a $2 trillion valuation in its initial public offering (IPO). [IPO-ARMO.SE] More »
The world's largest oilfield services company, Schlumberger NV (SLB.N), is spending billions of dollars buying stakes in its customers' oil and gas projects - investing in the same ventures it supplies with equipment and expertise. More »
Oil and petrochemical plants along the U.S. Gulf Coast intend to go ahead with plans for near record spending on expansions next year, despite Hurricane Harvey driving up labor costs and slowing work, experts said. More »
Hong Kong Exchanges & Clearing Ltd (HKEX) (0388.HK) is still in talks with oil giant Saudi Aramco, with the bourse's planned IPO investment link with China key to clinching the potential listing, Chief Executive Charles Li told Reuters on Tuesday. More »
A hurricane in the heart of the U.S. energy industry is set to curtail near-record U.S. oil production for several weeks, with the impact expected to reverberate throughout the country and across international energy markets. More »
BlackRock Inc's (BLK.N) largest mutual fund hiked its exposure to "select names" in energy as the sector has lagged this year, one of its portfolio managers said on Thursday. More »
Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters. More »
Fixed income fund manager Ford O’Neil, who oversees Fidelity’s $29.7 billion Total Bond fund, has reduced the fund’s investments in high-yield, emerging market and corporate bonds, according to a report from Barron’s. More »
FILE PHOTO – Filled oil drums are seen at Royal Dutch Shell Plc’s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. Royal Dutch Shell is to sell its 45 percent stake in the Corrib gas venture to a subsidiary of Canada Pens... More »
The logo of Qatar Petroleum is seen at its headquartes in Doha, Qatar, July 8, 2017. REUTERS/Stringer Total is well placed to take a lead role in helping Qatar expand output from the world’s largest gas field, largely thanks to its involvement in the Iranian s... More »
A general view of the scene of an oil tanker explosion in Bahawalpur, Pakistan June 25, 2017. REUTERS/Stringer Pakistan’s oil and gas regulator on Friday ordered a subsidiary of Royal Dutch Shell to pay about 257 million rupees ($2.4 million) in damages and co... More »
FILE PHOTO: Empty Maersk shipping containers are seen stacked at Peel Ports container terminal in Liverpool northern England, December 9, 2016. REUTERS/Phil Noble/File Photo Maersk said it was too early to predict the financial impact of last month’s global Pe... More »
FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files Canadian mergers and acquisitions rose about 13 percent to C$120.5 billion ($93.2 billion) in the first half of 2017,... More »
U.S. President Donald Trump delivers remarks during an ‘Unleashing American Energy’ event at the Department of Energy in Washington, U.S., June 29, 2017. REUTERS/Carlos Barria President Donald Trump will use fast-growing supplies of U.S. natural gas as a polit... More »
FILE PHOTO: A message demanding money is seen on a monitor of a payment terminal at a branch of Ukraine’s state-owned bank Oschadbank after Ukrainian institutions were hit by a wave of cyber attacks, in Kiev, Ukraine, June 27, 2017. REUTERS/Valentyn Ogirenko U... More »
FILE PHOTO – A pump jack used to help lift crude oil from a well in South Texas’ Eagle Ford Shale formation stands idle in Dewitt County, Texas, U.S. on January 13, 2016. REUTERS/Anna Driver/File Photo In today’s U.S. shale fields, tiny sensors attached to pro... More »
