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France's Total to Change Name in Pivot Away from Oil

Feb 09, 2021

France's Total posted better than expected earnings in the fourth quarter as oil prices stabilized, and said it would change its name as part of a push to diversify and grow renewable power and electricity production.The French oil and gas major, which like rivals suffered in 2020 as fuel consumption tumbled during the pandemic, said it would rebrand as TotalEnergies as it tries over the next decade to reduce oil products to a third of its sales from over half now…

OPEC+ to Weigh Modest Output Boost, Sources Say

Feb 24, 2021

OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic.The…

Risky Bet: NOCs Risk Wasting $400B as Energy Transition Accelerates

Feb 09, 2021

State-owned oil companies could squander about $400 billion on investments in the next decade on new oil projects that will struggle to turn a profit as the world shifts away from fossil fuels, a non-governmental organization said on Tuesday…

Oil Climbs to Highest in a Year

Feb 05, 2021

Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply.Brent crude futures climbed 28 cents…

Oil Market On Track to Rebalance Around Mid-2021

Jan 29, 2021

U.S. petroleum inventories have continued to converge down towards the five-year average, a sign that oil market rebalancing remains on track, despite the resurgence of the coronavirus since the end of 2020.Total stocks of crude oil and products…

Report: Sumitomo to Stop Investing in New Oil Projects

Jan 25, 2021

Japanese trading house Sumitomo Corp will stop investing in new oil development projects as it shifts away from fossil fuels businesses amid a global push to cut greenhouse gas emissions, the Nikkei business daily reported on Sunday.The move…

Oil Rises to 11-month High

Jan 12, 2021

Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56…

Indian Oil Corp Buys its First Cargo of Iraqi Basra Medium Oil

Jan 06, 2021

Indian Oil Corp (IOC) , the country's top refiner, has loaded its first cargo of Iraq's newly introduced Basra Medium crude grade, according to ship-tracking data from Refinitiv Eikon and a source with knowledge of the matter.IOC loaded the cargo onto Minerva Kalypso…

Oil Prices Jump 5% on OPEC+ Output Talks, Iran Tension

Jan 05, 2021

Oil prices climbed nearly 5% on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while international political tension simmered over Iran's seizure of a South Korean vessel.Brent crude futures rose $2.51, or 4…

Oil Slips, Set for 20% Annual Drop in Tumultuous 2020

Dec 31, 2020

Global crude prices slipped on Thursday and lost more than a fifth of their value in volatile trade in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and slammed fuel demand.Still, Brent and U.S. crude benchmarks have more than doubled from April's decade lows…

Oil Rises on Vaccine Hope, Weak Dollar

Nov 25, 2020

Oil rose for a fourth straight session on Wednesday as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.Brent crude was up 30 cents…

Global Crude Market Finds Support From China Demand

Nov 19, 2020

China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place…

China's INE Considers Singapore for Marine Fuel Futures Delivery

Nov 18, 2020

The Shanghai International Energy Exchange (INE) is considering using oil storage sites in Singapore owned by PetroChina Co as a delivery point for its low-sulphur fuel oil futures contract, according to two sources with direct knowledge of the matter…

Report: OPEC+ Oil Output Cuts Compliance at 101 Pct

Nov 13, 2020

The compliance of OPEC+ with oil production cuts in October was seen at 101%, three OPEC+ sources told Reuters on Friday, maintaining a strong level of adherence to their supply-cut pact.The compliance assessment will be reviewed and confirmed…

ConocoPhillips Posts Smaller-than-expected Loss

Oct 29, 2020

Oil producer ConocoPhillips, which is buying Concho Resources Inc for $8.3 billion, posted a smaller-than-expected quarterly loss on Thursday as it benefited from a recovery in crude oil prices from pandemic-driven lows.Oil prices began recovering…

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