Tag: Oil and Gas

Israel shuts Mediterranean shore after oil spill devastates | Incredible Solutions Tech

Activists began reporting globs of black tar on Israel’s coast last week after a heavy storm, wreaking havoc on local wildlife. Israel closed all its Mediterranean beaches until further notice on Sunday, days after an offshore oil spill deposited tonnes of tar across more than 160km (100 miles) of...

US seen leaving Germans off Nord Stream 2 sanctions list: | Incredible Solutions Tech

The U.S. is likely to hold off sanctioning any German entities for now over the Nord Stream 2 gas pipeline from Russia, according to four people familiar with the matter, as the Biden administration seeks to halt the project without antagonizing a close European ally. A key report to...

Oil prices dip after surpassing $65 a barrel amid Texas cold | Incredible Solutions Tech

Brent crude had gained for four straight sessions before Thursday, while West Texas Intermediate had risen for three, both reaching their highest levels since January 2020. Oil prices fell on Thursday despite a sharp drop in United States crude inventories, as market participants took profits following days of buying...

Texas’s big freeze pushes oil prices to 13-month highs | | Incredible Solutions Tech

Texas oil producers and refiners remain shut due to icy cold weather, cutting output by 1-4 million barrels per day. Oil prices have rallied again to hit 13-month highs as concerns that a rare cold snap in the US state of Texas could disrupt crude output in the United...

US oil output dips by record 40% as cold wave freezes | Incredible Solutions Tech

The Permian Basin, which is located in New Mexico and Texas, is the worst affected, with output down between 65 percent and 80 percent from normal levels, traders and executives say. Total U.S. oil production has plunged by close to 40% — the most ever — as an unprecedented...

Stocks extend bull run on hopes of quick economic recovery | | Incredible Solutions Tech

Asian shares advanced on Tuesday, putting world equities on course to extend their bull run for a 12th consecutive session as optimism about the global economic recovery and expectations of continuing low-interest rates drive investments into riskier assets. Oil prices soared to a 13-month high as a deep freeze...

US deep freeze shutters Texas oil refineries, disrupts | Incredible Solutions Tech

Texas produces roughly 4.6 million barrels of oil a day and is home to some of the United States’ largest refineries, spread throughout the Gulf Coast. A deep freeze across Texas in the United States over the weekend took a toll on the energy industry in the largest US...

Decades of plundering: Where has Iraq’s oil wealth gone? | Incredible Solutions Tech

Iraq's dire public services, regular power cuts and water shortages have sparked protest across the country. Source link...

Shell freezes salaries, cuts $1bn in bonuses amid overhaul | | Incredible Solutions Tech

The Anglo-Dutch oil giant is moving towards greener energy, which also means shedding 9,000 jobs over the next two years, its CEO said. Royal Dutch Shell Plc will not raise salaries for most of its employees this year, according to people with knowledge of the matter, as it looks...

Bitcoin briefly exceeds $47,000 record, stocks and oil also | Incredible Solutions Tech

Bitcoin rises 20 percent after Tesla endorsement; Asian stocks, oil gain on US stimulus hopes and vaccine releases. Asian stocks rose on Tuesday after a record-setting day on Wall Street, while bitcoin paused for breath after an overnight endorsement from Tesla Inc sent the cryptocurrency up 20 percent to...

Algeria’s oil and gas exports plummet | Business and Economy | Incredible Solutions Tech

Algeria’s energy exports are plunging, threatening more financial suffering for the OPEC member and a potential repeat of the mass demonstrations that toppled the president two years ago. The North African nation’s struggling to keep up shipments of oil and gas – the lifeblood of the economy – as years of mismanagement and...

Asian shares edge towards record highs on hope of US stimulus | Incredible Solutions Tech

Hopes of a quicker global economic recovery and crude oil supply curbs by OPEC are pushing stocks and oil prices higher. Asian shares hovered near record highs on Monday while oil edged closer to $60 a barrel on hopes a $1.9-trillion COVID-19 aid package will be passed by policymakers...

Optimism-fuelled oil nears $60 per barrel, highest in a year | | Incredible Solutions Tech

The last time Brent traded at $60 a barrel, the pandemic had yet to take hold, economies were open – and demand for fuel was much higher. Oil prices rose about one percent on Friday, after hitting their highest in a year and closing in on $60 a barrel,...

Judge issues arrest warrant for ExxonMobil Nigeria chief | | Incredible Solutions Tech

The EFCC says it issued a warrant for the managing director of ExxonMobil Nigeria after he rebuffed three invitations to appear before investigators. A federal court in Abuja has signed off on a warrant to arrest the head of oil major ExxonMobil in Nigeria to compel him to appear before anti-graft...

Oil settles near $55 a barrel, highest level in over a year | | Incredible Solutions Tech

Crude has been climbing steadily since late last year on coronavirus vaccine hopes and as output curbs produced a tighter market. Oil climbed to the highest level in over a year as tightening global supplies and signs of strength in physical markets aided crude’s virus-recovery rally. Futures rose 2.3%...