Category: News & Announcement

Petrobras is resuming oil trade with the world’s top commodity trading houses Vitol, Trafigura, and Glencore, after nearly two years of suspension amid a bribery investigation into the oil trading giants, Brazil’s state-held oil firm told Reuters late on Monday. In December 2018, Brazilian authorities opened an investigation into Vitol, Trafigura, and Glencore over alleged bribery in which traders had allegedly paid bribes of at least US$31 million to Petrobras insiders, traders, and employees in exchange for oil deals.    Just after the investigation was announced, Petrobras said it was suspending oil and…

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urkey set new all-time high records on Sept. 3 for daily electricity production and hourly electricity consumption, the nation’s energy and natural resources minister announced Tuesday. “Turkey’s energy production continues to rise, breaking records. Despite the (COVID-19) outbreak, we have a new record on daily energy production,” Fatih Dönmez reported over his Twitter account. According to the data shared by Dönmez, an all-time high daily generation was recorded on Sept. 3 with 1.07 billion kilowatt-hours (KWh), breaking the previous record of 1.06 billion KWh set on Aug. 2, 2018. The…

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The world is past the era of growing crude oil demand, BP said in its annual energy outlook report, which was released today. The message of the outlook, according to media reports, is that oil consumption may never recover to pre-pandemic levels, and not just because of the pandemic itself but because of factors that have been at play long before the coronavirus made the jump from bats to humans. “Demand for oil falls over the next 30 years,” the company said in the report. “The scale and pace of this…

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Renewables are set to be the fastest-growing source of energy in the coming decades, giving fossil fuels such as coal and oil a run for their money in many parts of the world.  Sure, the world will continue to need oil, coal, and natural gas in the future, because energy systems cannot and will not switch to 100-percent low-carbon energy sources any time soon.   Recent data and analyses suggest, however, that renewable energy sources such as solar and wind power and increased penetration of electric vehicles (EVs) are becoming increasingly competitive…

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The United Arab Emirates (UAE), currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota under the OPEC+ deal, undermining the oil market’s faith in the group’s unity in the cuts.   According to tanker tracking data Bloomberg has compiled from several oil flow tracking firms, the UAE shipped more oil in August than it produced, and its production itself breached the limit set in the OPEC+ deal.  The UAE, which has so far followed Saudi Arabia’s lead to ‘lead…

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