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GORKY, Russia (Reuters) – Russian Energy Minister Alexander Novak said on Tuesday that current high oil prices of between $70 and $80 per barrel were temporary and were mainly driven by sanctions, adding that the long-term price would stand at around $50 per barrel. Speaking at a meeting of government officials and the heads of … Read moreRussia: current oil price sanctions-driven, seen at $50/bbl long-term

Sep 18, 2018, by Javier Blas (Bloomberg) Aggressive and undiplomatic, certainly, but also extremely effective. With nearly 50 days to go before new U.S. oil sanctions against Iran enter into force, President Donald Trump has already managed to crush the country’s petroleum exports, dealing severe economic damage to Tehran. Iranian oil exports have plunged about … Read moreIn Big Win for Trump, U.S. Sanctions Cripple Iranian Oil Exports

Sep 18, 2018, by Javier Blas (Bloomberg) Saudi Arabia is now comfortable with Brent oil prices rising above $80 a barrel, at least in the short term, as the global market adjusts to the loss of Iranian supply from U.S. sanctions, according to people familiar with the kingdom’s view. The world’s largest exporter has tried … Read moreSaudi Arabia Is Said to Be Comfortable With Brent Oil Above $80

Sep 18, 2018, by Kyle Stock (Bloomberg) All the major players in the global auto industry envision a big electric tomorrow—and almost everyone outside of China is making their profits today on trucks, SUVs and other vehicles paired with gas-burning engines. Consider Ford Motor Co.: In the first half of the year, it had three … Read moreOnly BMW Comes Close to China’s Electric-Vehicle Heavyweights

Sep 18, 2018, by Lorcan Roche Kelly (Bloomberg) Mr. 10 percent The White House announced a new 10 percent tax on over 5,000 products from China that will come into effect next week, with those tariffs rising to 25 percent on Jan. 1 2019. The move undermines the prospect of any further trade talks with Beijing … Read moreFive Things to Know in World Business Today

Sept 18, 2018, by By Bernd Debusmann Jr The funds will be spent over the next decade, according to Saudi Aramco’s senior vice president for upstream. Saudi Aramco plans to spend more than $133 billion on oil and gas drilling over the next ten years, a senior executive said on Monday. Speaking at the first graduation … Read moreSaudi Aramco to spend $133bn on oil, gas drilling

Sep 18, 2018, by Naureen S. Malik (Bloomberg) Enbridge Inc. agreed to acquire the shares it doesn’t already own in three North American units for about $7.1 billion as the Canadian pipeline giant moves to simplify its corporate structure. The rollup will also streamline Enbridge’s capital structures and bring all of its core liquids and … Read moreEnbridge to Buy Units for $7.1 Billion to Simplify Structure

BERLIN (Reuters) – Germany’s gas market is open to all market participants, a government spokeswoman said on Monday after a newspaper reported that U.S. firms expect to start delivering liquefied natural gas (LNG) to Germany in four years at the latest. Deputy U.S. Energy Secretary Dan Brouillette told Bild that LNG deliveries from U.S. companies … Read moreGermany says gas market open as U.S. eyes LNG exports

LONDON (Reuters) – Royal Dutch Shell announced on Monday plans to limit emissions of methane, a potent greenhouse gas, across its oil and gas operations. Shell aims to maintain methane emissions intensity below 0.2 percent by 2025, it said in a statement, joining British rival BP, which last year set a similar goal. Methane is … Read moreShell targets lower methane emissions from oil and gas operations

Sep 17, 2018, by Anthony DiPaola (Bloomberg) OPEC needs to keep working with other oil producers to manage global supplies as demand for crude faces “headwinds,” the head of the organization said. The historic supply deal between Saudi Arabia, Russia and other producers reached in late 2016 needs to become permanent, Mohammad Barkindo, secretary-general of … Read moreOPEC Sees Need to Keep Oil Supply Deal as Demand Faces Headwinds

Sep 17, 2018, by Lorcan Roche Kelly (Bloomberg) Disharmony  China is considering declining the offer of trade talks, according to the Wall Street Journal, after President Donald Trump told aides on Thursday to proceed with tariffs on about $200 billion more in the the country’s products. The disunity within the U.S. administration over the approach … Read moreFive Things to Know in World Business Today

BERLIN (Reuters) – Europe should take action to neutralize the consequences of the U.S. decision to quit a 2015 Iran nuclear accord to ensure its own long-term economic interests, Iran’s Foreign Minister said in an interview published on Saturday. Mohammed Javad Zarif told Germany’s Der Spiegel news magazine that Iran could “reduce its implementation” of … Read moreEurope must offset U.S. pullout from nuclear deal: Iran minister

NEW DELHI (Reuters) – Indian refiners will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year as New Delhi works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November. India’s loadings from Iran for this month and next will … Read moreIndia’s Iran oil purchases to fade ahead of U.S. sanctions

Sep 14, 2018, by Lorcan Roche Kelly (Bloomberg) Storm surge Hurricane-force winds and heavy rain lashed the North Carolina coast as Florence, now in category 1, moved ashore. More than 1,500 flights have been cancelled, factories shut and farmers rushed to save their crops as estimates for damage wreaked by the hurricane range between $10 billion … Read moreFive Things to Know in World Business Today

BEIJING (Reuters) – China’s crude oil output rose in August for the first time in nearly three years, data showed on Friday, climbing after President Xi Jinping called for a boost to national energy security amid trade tensions with the United States. Monthly crude oil output hit 16 million tonnes, or 3.77 million bpd, up … Read moreChina’s crude oil output climbs for first time in nearly three years

by Jeremy Hodges, Bloomberg (Renewable Energy World) Europe’s installed wind power capacity is seen ballooning to 258 gigawatts, or about a quarter of the world’s entire output, within five years. European wind project developers will install an average of 17 gigawatts of capacity, or the equivalent of 17 nuclear reactors, annually for the next half … Read moreEurope Will Make Up a Quarter of Global Wind Power in Five Years

Sep 13, 2018, 2:27:12 PM, by Justin Bachman (Bloomberg) — For years, airlines have experimented with biofuels, aiming to reduce both carbon emissions and their reliance on fossil fuels. It’s been a turbulent journey buffeted by inconsistent investment and the periodic lure of cheap oil. But several major carriers are planning larger-scale usage of biofuel in 2019 and 2020, including JetBlue Airways … Read moreAirlines’ Biofuel-Powered Flights Might Soon Take Off

Sept 13, 2018, by Amanda Cooper LONDON (Reuters) – World oil consumption will top 100 million barrels per day (bpd) in the next three months, putting upward pressure on prices, although emerging market crises and trade disputes could dent this demand, the International Energy Agency said on Thursday. The Paris-based IEA maintained its forecast of … Read moreGlobal oil demand to top 100 million bpd but outlook may cloud

Sep 13, 2018, by Lorcan Roche Kelly (Bloomberg) One to watch The Bank of England is expected to make no changes to monetary policy when it announces its decision at 7:00 a.m. Eastern Time today. Forty-five minutes later, the European Central Bank is also expected to stand pat when its decision is published, with some tweaks to … Read moreFive Things to Know in World Business Today

Sep 13, 2018, by Grant Smith (Bloomberg) The International Energy Agency warned that oil prices could break out above $80 a barrel unless other producers act to offset deepening supply losses in Iran and Venezuela. Iranian crude exports have fallen significantly before U.S. sanctions even take effect, the IEA said in a monthly report. The … Read moreIEA Warns of Higher Oil Prices as Iran, Venezuela Losses Deepen

BEIJING (Reuters) – China is drawing up a plan to replace a million heavy duty diesel trucks, almost 20 percent of the national fleet, with ones that burn cleaner fuel, as Beijing ramps up its war on pollution, potentially dealing a heavy blow to oil refiners. The transport and environment ministries are considering proposals that … Read moreIn war on smog, China considers how to take polluting diesel trucks off the road

LONDON (Reuters) – OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group’s efforts to support the market next year. In a monthly report, the Organization of the Petroleum Exporting Countries said … Read moreOPEC sees slower 2019 oil demand growth, warns on economy

Sep 12, 2018, by Elena Mazneva, Dina Khrennikova and Annmarie Hordern (Bloomberg) Russia has the capacity to set a new oil-production record, but won’t decide whether the market needs those additional supplies before a meeting later this month with its OPEC allies. The country could boost output by as much as 300,000 barrels a day … Read moreRussia Says Ready to Pump Oil at Record Rate If Market Requires

Sep 12, 2018, by Lorcan Roche Kelly (Bloomberg) Florence and Mangkhut The National Weather Service is warning of potential “catastrophic flash flooding” when Hurricane Florence, currently more than 575 miles (925 kilometers) from the coast, makes landfall late Thursday or early Friday. Companies from agricultural firm Cargill Inc. to carmaker Daimler AG suspended operations in its path, with insurers likely to be … Read moreFive Things to Know in World Business Today

(Reuters) – Exxon Mobil Corp is planning to spend more than 500 million pounds ($650 million) to upgrade the UK’s largest oil refinery, Fawley, on England’s south coast, a spokesman said on Tuesday. The project at the 270,000 barrel per day refinery – representing a fifth of British refining capacity – still needs a final … Read moreExxon eyes upgrading UK refinery for more than $650 million

Sep 11, 2018, by Anthony DiPaola, Julian Lee and Alex Longley (Bloomberg) Iran is starting to store oil on its fleet of supertankers again as impending U.S. sanctions force the Persian Gulf country to revive a strategy it deployed under previous curbs. The build-up of crude in floating storage offshore Iran signals the effectiveness of … Read moreIran Resorts to Floating Storage for Its Oil as Buyers Retreat

SINGAPORE/SEOUL (Reuters) – At least three North Asian buyers will receive extra supplies of oil from Saudi Arabia after the kingdom cut its prices for most grades in October and as they look to cushion the impact on supply of U.S. sanctions on Iran, sources said. Buyers have asked to lift more Saudi oil than … Read moreAsia buyers to receive more Saudi oil ahead of Iran sanctions

OTTAWA (Reuters) – Canadian Foreign Minister Chrystia Freeland will meet U.S. Trade Representative Robert Lighthizer in Washington on Tuesday to discuss talks to renew the NAFTA trade pact, a government official said on Monday. Freeland spokesman Adam Austen did not give details. After more than a year of talks, Canada and the United States are … Read moreCanada’s Freeland to hold NAFTA talks in Washington on Tuesday

Sep 11, 2018, by Robert Tuttle (Bloomberg) A colossal Canadian oil-sands project may be showing the way forward for an industry many thought would never see new investments. In a forest clearing roughly the size of Cleveland, building-sized trucks dump tons of oily soil into a massive crushing facility, while conveyors move the dirt on … Read moreCleveland-Sized Mine Signals the Path for an Oil-Sands Revival

BEIJING (Reuters) – China will respond if the United States takes any new steps on trade, the foreign ministry said on Monday, after President Donald Trump warned he was ready to slap tariffs on virtually all Chinese imports into the United States. On Friday, Trump said he was ready to levy additional taxes on practically … Read moreChina vows to respond if U.S. takes new steps on trade

Sep 11, 2018, by Lorcan Roche Kelly (Bloomberg) Florence frightening gale Hurricane Florence is expected to flirt with Category 5 strength as it approaches the U.S. East Coast this week, with landfall expected late Thursday or early Friday somewhere between Charleston, South Carolina and Norfolk, Virginia. With risk modelers suggesting the damage could run to $20 … Read moreFive Things to Know in World Business Today

BRAUNSCHWEIG, Germany (Reuters) – Volkswagen (VOWG_p.DE) went on trial on Monday to face investors seeking 9.2 billion euros ($10.6 billion) in compensation, arguing the carmaker should have informed shareholders earlier about its diesel emissions scandal. Shareholders representing 1,670 claims are seeking compensation for a slide in Volkswagen’s (VW) share price triggered by the scandal, which … Read moreVW investors seek $11 billion damages over dieselgate scandal

LONDON (Reuters) – Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran’s crude exports kick in from November. Benchmark Brent crude oil rose $1.09 a barrel, or 1.4 percent, to a high of $77.92 and was trading at $77.50 by 1130 GMT. U.S. light … Read moreOil up as U.S. drilling stalls, Iranian sanctions bite

Sep 10, 2018, by Lorcan Roche Kelly (Bloomberg) Trump threats President Donald Trump said on Friday he has firepower to impose new tariffs on China “at short notice,” leading former People’s Bank of China Governor Zhou Xiaochuan to warn the impact on domestic economic confidence may be larger than the immediate hit to trade. Shares in China and Hong Kong … Read moreFive Things to Know in World Business Today

Sep 9, 2018, by Khalid Al-Ansary (Bloomberg) Iraq is pumping crude at record levels and the violent street protests that engulfed the oil-rich south have not affected energy facilities in OPEC’s No. 2 producer. The country’s crude exports reached a record of 3.59 million barrels a day, Oil Minister Jabbar al-Luaibi said after a meeting … Read moreIraq Pumping Crude Oil at Record Levels, Unaffected by Protests

Sep 7, 2018, by Robert Tuttle and Sheela Tobben (Bloomberg)  Canadian crude prices are plunging once again as repairs were completed on Alberta’s second-biggest oil sands upgrader and production surged from a new mine. Synthetic crude, a light grade produced in upgraders, fell Thursday to the biggest discount to West Texas Intermediate futures since December … Read moreCanadian Crude Prices Collapse as Alberta Glut Grows Again

Sep 7, 2018, by Lorcan Roche Kelly (Bloomberg) Payrolls The consensus is for employers to have added 191,000 new positions in August, pushing the unemployment rate down to 3.8 percent. The data, released at 8:30 a.m. Eastern Time this morning, is also expected to show average hourly earnings holding steady at 2.7 percent. There were mixed … Read moreFive Things to Know in World Business Today

Sept 6, 2018, by Pamela Largue, Smart Energy International (Renewable Energy World) Bernadette Jordan, member of parliament for South Shore, St. Margarets, on behalf of Canada’s Minister of Natural Resources, the Honourable Amarjeet Sohi, has announced a $374,830 investment to help homeowners bring their home energy use to the net-zero level. In collaboration with the Clean … Read moreCanada Invests in Net-zero Retrofit Program for Homeowners

BERLIN (Reuters) – Qatar’s energy minister on Thursday threw his support behind the possible cooperation of Qatar Petroleum, the world’s top supplier of liquefied natural gas (LNG), on a potential German LNG terminal. Mohammed al-Sada told Reuters that discussions were under way but it would be premature to talk about any specific investment terms because … Read moreQatar could invest in German LNG terminal: Qatar energy minister

MEXICO CITY (Reuters) – Mexican President-elect Andres Manuel Lopez Obrador said on Thursday his government plans to launch tenders for drilling oil wells from early December. Lopez Obrador, who takes office on Dec. 1, also said the minimum wage along Mexico’s northern border region with the United States would be doubled from Jan. 1. The … Read moreMexico president-elect plans oil drilling tenders from December

OTTAWA (Reuters) – The Canadian government might appeal a court ruling that overturned federal approval of the Trans Mountain oil pipeline expansion, Prime Minister Justin Trudeau said on Wednesday. Trudeau told reporters in Edmonton that Ottawa was looking at its legislative and other options after the Federal Court of Appeal last month said the government … Read moreCanada might appeal ruling that quashed pipeline approval: Trudeau

Sep 6, 2018, by Lorcan Roche Kelly (Bloomberg) Bear with us The MSCI Emerging Markets Index retreated for a seventh day, bringing its drop since a peak in January to near 20 percent. Should it reach that level at the New York close, it will place the gauge in a bear market. JPMorgan Chase & Co. and BlackRock Inc. … Read moreFive Things to Know in World Business Today

DUBAI (Reuters) – Saudi Aramco has raised the European price for its Arab Light crude grade for October, the state oil producer said on Wednesday, as Russian Urals prices rally and European refiners seek to replace Iranian oil supplies ahead of the November U.S. sanctions deadline. Aramco has raised the official selling price (OSP) to … Read moreSaudi Arabia raises October crude prices to Europe, cuts Asia

LONDON (Thomson Reuters Foundation) – Amnesty International’s new chief, Kumi Naidoo, has little patience for U.N. climate change talks that have made slow progress for decades but left the world heading for disaster. “The return on investment I would say should cause us to pause and reflect,” Naidoo said in an interview this week, as … Read moreAt ‘5 minutes to midnight’, rights group calls time on climate change

WINNIPEG, Manitoba (Reuters) – Suncor Energy Inc (SU.TO), one of Canada’s biggest oil producers, will not sanction further expansions of crude production until it becomes clearer when new pipelines will be ready, Chief Executive Steve Williams said on Wednesday. A court overturned last week the Canadian government’s approval of the Trans Mountain pipeline expansion. That … Read moreSuncor holding off on crude expansion amid Canadian pipeline confusion

MEXICO CITY (Reuters) – Mexico’s next government plans to build what could be the country’s largest oil refinery, with construction set to begin as soon as next year, President-elect Andres Manuel Lopez Obrador said on Tuesday. Mexico’s president-elect Andres Manuel Lopez Obrador speaks to the media during a news conference in Mexico City Mexico, August … Read moreMexico’s president-elect sets out plan for new $8 billion oil refinery

DUBAI/LONDON (Reuters) – Saudi Arabia wants oil to stay between $70 and $80 a barrel for now as the world’s biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until U.S. congressional elections, OPEC and industry sources said. After announcing the flotation of Saudi Aramco in 2016, the kingdom … Read moreSaudi Arabia aims to keep crude in $70 to $80 band

WASHINGTON/OTTAWA (Reuters) – Canada heads into talks in Washington on Wednesday to renew NAFTA determined not to back down on key issues despite threats from U.S. President Donald Trump to retaliate against the Canadian economy unless Ottawa gives ground quickly. Trump, fresh from wrapping up a side deal last week with Mexico, the third member … Read moreCanada to stick to guns at NAFTA talks despite Trump pressure

Sep 5, 2018, by Lorcan Roche Kelly (Bloomberg) Sell off Most emerging-market currencies were weakening again this morning, with South Africa’s rand and Indonesia’s rupiah getting hit the hardest. The benchmark Jakarta Composite Index closed 3.8 percent lower, as an emergency rate hike to shore up the currency is seen as increasingly likely by some analysts. … Read moreFive Things to Know in World Business Today

September 5, 2018, by Arabian Business Iran is to move its main oil export terminal from the Gulf to the Oman Sea, says President Hassan Rouhani. Iran is to move its main oil export terminal from the Gulf to the Oman Sea, President Hassan Rouhani announced on Tuesday, sparing its tankers from using the strategic … Read moreIran set to move main oil export terminal out of Gulf

(Reuters) – Venezuela’s crude sales to the United States fell in August for the second month in a row as exports of two of the South American country’s main grades dropped following port interruptions by a tanker collision, according to Thomson Reuters Trade Flows data. Venezuela’s state-run oil company Petróleos de Venezuela, S.A., known as … Read moreVenezuelan crude sales to U.S. fell in August on port interruptions

Sep 4, 2018, by David Wethe (Bloomberg) The world’s biggest offshore oil driller may reactivate two to three mothballed rigs a year as the industry embarks on a full-fledged recovery for deepwater exploration. In announcing a $2.7 billion deal for a rival operator, Transocean Ltd. cited a forecast by energy consultant Wood Mackenzie Ltd. that … Read moreTransocean May Reactivate 3 Rigs a Year as Recovery Takes Hold