Canadian oil and gas producer Cenovus Energy said on Tuesday it has acquired about 21.7 million common shares of MEG Energy prior to a vote on the merger between the two companies. Cenovus now owns or controls about 8.5% of MEG's 254.4 million outstanding shares, acquired since October 8. The two companies have also revised a standstill agreement to allow Cenovus to acquire up to 9.9% of MEG shares ahead of the merger vote. Earlier this month, Cenovus raised its bid for MEG to C$8.6 [Read more]
News
World oil market to see higher surplus as OPEC+ hikes, IEA says
World oil supply will rise more rapidly than previously expected this year and a surplus could expand in 2026 as OPEC+ members and other producers lift output and demand remains sluggish, the International Energy Agency predicted on Tuesday. Supply will rise by 3.0 million barrels per day in 2025, up from 2.7 million bpd previously forecast, the IEA, which advises industrialised countries, said in a monthly report. Next year it will rise by a further 2.4 million bpd, it said. OPEC+ is [Read more]
Google to invest $10 billion in data centre and AI project in India
Alphabet Inc's Google will invest $10 billion to set up a massive data centre and artificial intelligence hub in Andhra Pradesh, officials from the southern Indian state said, marking its biggest such investment in the South Asian nation. Google will build a 1-gigawatt data centre campus in the port city of Visakhapatnam, combining AI infrastructure, large-scale energy sources, and an expanded fibre-optic network, according to a statement from the state government. A formal agreement is [Read more]
US oil futures backwardation narrows to 20-month low on mounting fears of a glut
Front-month U.S. crude oil futures ended Monday's trading at their smallest premium since January 2024 over the seventh-month contract, as OPEC+ ramps up supply while seasonal refinery maintenance in the U.S. pressures demand for prompt barrels. Narrowing backwardation, the market term for immediate deliveries fetching a premium over later deliveries, suggests investors are making less money selling their oil in the spot market because near-term supply is perceived to be ample. A reversal of [Read more]
Sinopec diverts supertanker from US-sanctioned port, ship tracking data shows
The latest U.S. sanctions on a major Chinese crude oil terminal have forced refining group Sinopec to divert a supertanker and ask some plants to cut crude processing rates, according to ship tracking data and Chinese consultancies. A supertanker carrying oil to the Chinese port of Rizhao in Shandong province changed its destination over the weekend after the U.S. imposed sanctions on an import terminal at the port on Friday, LSEG data showed. Shortly after the U.S. announcement, Sinopec told [Read more]
Russian hybrid warfare could leave Europe’s energy consumers in the cold: Bousso
The recent surge in suspected Russian "hybrid warfare" incidents across Europe has put governments on high alert, raising questions about the vulnerability of the region’s energy infrastructure as the continent enters the critical winter heating season. Preventing sabotage of a massive energy network poses security and logistical challenges. But Europe’s leaders may need to start planning. With temperatures set to start dropping, the region is seeing an uptick in so-called hybrid warfare, [Read more]
Saudi Aramco can sustain 12 million bpd maximum oil capacity for a year, CEO says
Saudi Aramco can sustain crude oil production at 12 million barrels per day (bpd) for a year without incurring additional costs, Chief Executive Amin Nasser said on Monday. Saudi Arabia holds a substantial share of the world's spare oil capacity - idle supply that can quickly be brought to market. Speaking at the Energy Intelligence Forum in London, Nasser projected global oil demand would rise by 1.1 million to 1.3 million bpd this year, and by 1.2 million to 1.4 million bpd in 2026. Nasser [Read more]
Exxon sees tighter oil market in medium-long term, CEO says
U.S. energy major ExxonMobil sees a tighter oil market in the medium to longer term, particularly in the absence of further investments in unconventional oil and gas assets, Chief Executive Darren Woods said on Monday. Oil market oversupply is likely to be a short-term issue, with demand from emerging economies set to make meeting global energy demand more challenging in the medium-longer term, Woods told a conference in London. He said that without investments in unconventional oil and gas [Read more]
Oil rebounds 1% after sharp losses on US-China tensions
Oil prices clawed back some gains on Monday after hitting five-month lows in the previous session as investors hoped potential talks between the presidents of the U.S. and China could ease trade tensions between the world's two largest economies and oil consumers. Brent crude futures rose 87 cents, or 1.39%, to $63.60 a barrel by 0045 GMT after settling down 3.82% on Friday to the lowest since May 7. U.S. West Texas Intermediate crude was at $59.77 a barrel, up 87 cents, or 1.48%, following a [Read more]
How to cut Russia’s oil revenue by $80 bln a year
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Hugo Dixon BERLIN, Oct 13 (Reuters Breakingviews) - The Group of Seven says it wants to “maximise pressure on Russia’s oil exports”. If the rich industrialised nations are serious, they could slash Moscow’s income from overseas crude by up to $80 billion a year. That would deliver a big blow to the Kremlin’s flagging economy and might even get President Vladimir Putin to stop his war in Ukraine. G7 [Read more]
- « Previous Page
- 1
- …
- 413
- 414
- 415
- 416
- 417
- …
- 3803
- Next Page »