Middle East
Iran's Oil Trade with China Stalls as Tehran Demands Higher Prices
China's oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world's biggest crude importer, refinery and trade sources said.
BlackRock to Invest Up to $400 Million in Dubai Decarbonization Firm Positive Zero
BlackRock has agreed to invest up to $400 million in Dubai-based decarbonization company Positive Zero through a diversified infrastructure fund, Positive Zero said in a statement on Monday.
India Boosts Saudi Oil Imports in December Amidst Decline in Russian Purchases
India increased imports of Saudi oil in December as payment problems drove its Russian oil buys to an 11-month low, with at least five cargoes of the sweet Sokol variant heading to other locations, data from vessel tracking agencies showed.
PetroChina Assumes Lead Role as ExxonMobil Completes West Qurna 1 Operations
U.S. energy giant ExxonMobil Corp. has formally exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as lead contractor, a deputy oil minister told Reuters on Monday.
Global News January 2024
Latest industry developments from around the world!
Qatar to Supply Crude Oil to Shell in Five-Year Deal
Qatar has agreed to supply Shell in Singapore with up to 18 million barrels of oil a year for five years in what the Gulf state's energy company said was its first ever five-year crude sales deal.
Oil Prices Stabilize Amid Middle East Tensions and Anticipation of U.S. Rate Cut
Oil prices were little changed on Tuesday as investors focused on geopolitical tensions in the Middle East and optimism the U.S. Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand.
ADNOC Signs 15-Year LNG Supply Deal with Unit of China's ENN
Abu Dhabi's state oil giant ADNOC said on Wednesday it signed a 15-year agreement to deliver at least 1 million metric tons a year of LNG to a subsidiary of China's ENN Natural Gas.
Some LNG Vessels Avoid Passing Yemen as Red Sea Attacks Increase
Several liquefied natural gas (LNG) vessels have changed their courses in recent days to avoid the Red Sea region amid maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.
Looking Back at the Biggest Pipeline Stories of 2023
(P&GJ) – In this final issue of P&GJ for 2023, the staff – with more than a little help from our readers – takes a look back at the sometimes chaotic year in midstream that was 2023.
Aramco Expands Big Data Unit to Drive M&A Decisions and Profit Optimization
Saudi oil giant Aramco is boosting its big data and artificial intelligence unit that links up its assets to help maximize profit, assisting on decisions from trading to acquisitions, a senior executive told Reuters.
Record U.S. Oil Output Challenges Saudi Mastery
U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC+ partners as they cut their own production to boost prices.
Global News December 2023
Latest industry developments from around the world!
EU Keeps Eastern Mediterranean Gas Pipeline on New List of Priorities
The European Commission has maintained a proposed pipeline connecting the gas reserves in the Eastern Mediterranean to Greece via Cyprus and Crete on its new list of Projects of Common Interest (PCI) published on Tuesday.
UAE Set to Ramp Up Murban Crude Exports in Early 2024
The United Arab Emirates will ramp up exports of Abu Dhabi's flagship Murban crude early in 2024 as a new OPEC+ mandate kicks in and barrels are diverted to the international market owing to refinery maintenance, according to traders and Reuters data.
Geopolitical Realities Dim the Prospects for an Oil Embargo on Israel Amidst Middle East Tensions
The conflict has led many analysts, oil market watchers and politicians to draw parallels with the 1973 OPEC embargo, when Arab oil producers cut off oil exports to several allies of Israel, including the United States and Britain, following the Israeli-Arab war that year.
Turkey Extends LNG Deal with Algeria for Three Years
Turkish state energy company Botas has signed a deal with Algerian state oil and gas company Sonatrach to extend their existing gas supply contract for three years, Turkey's energy minister said on Tuesday.
Kuwait-based Investment Firm Secures Minority Stake in Pipeline Inspection Provider Pipecare Group
Kuwait-based Gulf Investment Corporation (GIC) said on Monday it has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services.
Texas Men Convicted in Attempted Sale of Iranian Petroleum, Face 45 Years in Prison
A U.S. jury has convicted two Texas men of trying to sell Iranian petroleum in violation of sanctions imposed by Washington and of conspiracy to commit money laundering, the Justice Department said on Friday.
Iraq-Turkey Pipeline Restart Talks Exclude Industry Representation, APIKUR Says
APIKUR, which represents international companies involved in upstream oil or gas contracts in Iraq's Kurdistan region, have not been contacted by Iraqi or Kurdish officials for a deal to allow the resumption of oil flows from the Iraq-Turkey pipeline.
Global News November 2023
Latest industry developments from around the world!
Chevron Resumes Natural Gas Supply from Israel's Tamar Offshore Field
Chevron said on Monday it had resumed the supply of natural gas from the offshore Tamar field, a month after it was told by Israel to halt operations due to violence in the region.
Oil Prices Settle Up as Iraq Backs More Output Cuts from OPEC+
Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+'s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty.
Investors Dump Crude Oil and Distillates as Middle East Risk Recedes
Investors dumped crude oil futures and options for the second week running as the economic outlook worsened and the risk of a wider conflict in the Middle East appeared contained.
Cyprus Responds to Chevron's Request for Aphrodite Gas Field Development Extension
Cyprus has responded to a request from international energy companies led by Chevron for an extension in talks over a modified development plan for its Aphrodite offshore gas field, its energy minister said on Monday.
U.S. House Easily Passes Bill to Harden Sanctions on Iranian Oil
The U.S. House of Representatives easily passed a bill on Friday to bolster sanctions on Iranian oil in a strong bipartisan vote.
Saudi Arabia, Russia to Continue Additional Voluntary Oil Cuts
Top oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets.
Sinopec Signs New 27-Year LNG Supply Deal with QatarEnergy
Under the agreement, the two companies will cooperate on the second phase of the Gulf Arab state's North Field expansion project, which will supply 3 million metric tons of LNG per year to Sinopec.
India’s Petronet LNG Not Seeking Additional Volumes in Qatar Deal
India's top gas importer Petronet LNG is not seeking additional volumes when it renews its long-term liquefied natural gas deal with Qatar, its Head of Finance V. K Mishra said on Monday on an analyst call.
Oil Drops After Hamas Releases U.S. Hostages
Oil prices settled lower on Friday after the Islamist group Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies.
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- Williams Seeks Emergency Certificate to Operate $1 Billion Mid-Atlantic Gas Pipeline After Court Reversal
- Texas Oil Pipelines Near Max Capacity, Threatening Future Export Limits
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- Saudi Arabia Looking to Expand Pipeline to Reduce Oil Exports via Gulf
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
- Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
- Puerto Bahia, Gasco to Build Liquefied Petroleum Gas Facility in Cartagena, Colombia
- U.S. Court Overturns FERC Approval for NextDecade’s $18 Billion Rio Grande LNG Project
