Tag: Oil

BUSINESS

Angola Set To Leave OPEC Amid Disagreement On Oil Output

Angola is leaving the Organization of Petroleum Exporting Countries (OPEC). The Angolan oil minister said on Thursday, that the “membership is not serving the country’s interests”. The southern African country, which joined OPEC in 2007, produces about 1.1 million barrels of oil per day, compared with 28 million barrels per day for the whole group. Angola’s exit is a setback […]

BUSINESS

Guyana’s ExxonMobil In A Spot Of Bother

According to media reports, the Guyana Appellate Court has put on hold the suspension order issued against ExxonMobil Esso Exploration and Product Limited to cease operations until the hearing determination of the full appeal case. In the interim, Judge Rishi Persaud today also ordered that the oil company provide a US$2 billion security deposit within the next ten days, or […]

BUSINESS

ExxonMobil Shareholders Reject Call For Information Disclosure In Guyana Operations

ExxonMobil shareholders have supported their Board of Directors and voted overwhelmingly to reject a proxy measure for additional disclosures on a worst-case scenario oil spill response plan for the company’s Guyana operations. Even as the company highlighted to its shareholders that Guyana has been one of its main revenue earners and its operations were on target to ensure a solid […]

NEWS

Thousands of Iran Energy Workers To Be Sacked, Replaced, Says Official

TEHRAN, IRAN — Four thousand Iranian petrochemical workers on strike over pay and conditions in an energy-producing region of the country’s south will be sacked and replaced, state media reported. The employees in Bushehr province have demanded salary increases and improved conditions for accommodation and transport, an official in charge of the Islamic Republic’s oil and gas sector in the region […]

NEWS

Suriname In Uproar Over High Fuel Prices

Hundreds of demonstrators stormed Suriname’s parliament, broke windows, and looted nearby businesses to protest high fuel and electricity prices. Protesters in the capital, Paramaribo, overwhelmed police who had fired tear gas to try to control the crowd. It was not immediately clear if there were injuries in the melee. The protesters demanded the resignation of President Chandrikapersad Santokhi, who recently […]

BUSINESS

Oil Prices Slip

Oil fell more than $2 per barrel on Friday, on track for a second weekly decline, as investors worried about weakening Chinese demand and further increases in US interest rates. Brent crude was down $2.80 at $86.97 per barrel. US West Texas Intermediate crude was down $2.79 at $78.85. Support The Readers Bureau Buy A T-Shirt Today (4 different colors)! […]

NEWS

Trinidad & Tobago Ask For Ease Up On Gas Imports

According to a Reuters’ report, the government of the Caribbean twin island Republic Trinidad and Tobago has asked the United States to authorize Venezuelan gas imports to restart an idled liquefaction train in the country. Under U.S. sanctions, companies and governments must obtain authorization from the U.S. Department of Treasury to do business with the Venezuelan state-run oil company PDVSA. […]

BUSINESS

G7 Flex Its Muscles At Russia

The Group of Seven (G7) countries, which represents the world’s most advanced economies, has agreed to set a fixed price for Russian oil. The G7 coalition says floating rates on seaborne oil shipments will be phased out by the end of the month. The actual price has not been set but should be announced in the coming weeks. The price […]

BUSINESS

ExxonMobil Sets Profit Record

America’s largest oil company ExxonMobil set a profit record for the second-straight quarter as oil and gas prices remained high. No. 2 US oil company Chevron also posted much-better-than-expected results. ExxonMobil earned $18.7 billion, excluding special items, up 6% from the second quarter results, which had been the record, and up 177% from a year ago. Earnings per share of […]

BUSINESS

Oil Prices Take A 3% Dip

Oil prices took a three percent dip at the close of last week as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. Brent crude futures dropped $2.94 to settle at $91.63 a barrel. U.S. West Texas Intermediate crude futures fell $3.50 to $85.61. Support The Readers Bureau […]