Category Archives: Oil

Oil prices climb to fresh highs, UK petrol price hits record – business live

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After Tesco’s website and app were down for most of the weekend, leaving many frustrated customers unable to shop online, HSBC’s business banking portal (called HSBCnet) had some issues this morning.

Large corporate customers only had intermittent access via the website or app for about an hour, from 9.10am, but the problem has been fixed, according to HSBC.

This is truly a dark day for drivers, and one which we hoped we wouldn’t see again after the high prices of April 2012. This will hurt many household budgets and no doubt have knock-on implications for the wider economy.

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No formal Cop26 role for big oil amid doubts over firms’ net zero plans

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Officials from fossil fuel firms may attend fringe events but campaigners hail lack of official role

Fossil fuel firms have been given no official role in the Cop26 climate summit, it can be revealed, against a background of growing concern among UK officials that big oil’s net zero plans do not stack up.

Private emails from civil servants in the Cop unit, seen by the Guardian, show doubts about one oil major’s net zero plans, with an official saying BP “[does] not currently fit our success criteria for Cop26” and another noting “it’s unclear whether [its net zero] commitments stack up yet”.

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Rotting Red Sea oil tanker could leave 8m people without water

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FSO Safer has been abandoned since 2017 and loss of its 1.1m barrels would destroy Yemen’s fishing stocks

The impact of an oil spill in the Red Sea from a tanker that is rotting in the water could be far wider than anticipated, with 8 million people losing access to running water and Yemen’s Red Sea fishing stock destroyed within three weeks.

Negotiations are under way to offload the estimated 1.1m barrels of crude oil that remains onboard the FSO Safer, which has been deteriorating by the month since it was abandoned in 2017. The vessel contains four times the amount of oil released by the Exxon Valdez in the Gulf of Alaska in 1989, and a spill is considered increasingly probable.

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Canada invokes 1977 treaty with US as dispute over pipeline intensifies

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Michigan governor Gretchen Whitmer says Line 5 of pipeline is a ‘ticking time bomb’ and has ordered it shut down

The Canadian government has invoked a decades-old treaty with the United States in its latest bid to save a pipeline that critics warn could be environmentally catastrophic if it were to fail.

For nearly 67 years, Calgary-based Enbridge has moved oil and natural gas from western Canada through Michigan and the Great Lakes to refineries in the province of Ontario.

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Huntington Beach oil spill blackens beaches and waves – in pictures

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An estimated 126,000 gallons of crude oil has leaked from an underwater pipeline near Los Angeles in one of the largest disasters in recent state history. The spill near Huntington Beach has created a miles-wide sheen in the ocean and washed ashore, threatening the coastal ecosystem and marine wildlife. Crews are scrambling to clean up the area, which officials say could take weeks or even months

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California oil spill fouls beaches and kills wildlife – video

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A large oil spill off the coast of Southern California has killed wildlife and fouled beaches along the Orange county coast. At least 126,000 gallons (572,807 litres) spilled into the waters after oil leaked from a broken pipeline connected to an offshore rig

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‘There’s tar everywhere’: large California oil spill fouls beaches and kills wildlife

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Crews scramble to contain 126,000 gallons of crude oil that spilled in waters off Orange county before it spread further into wetlands

One of the largest oil spills in recent Southern California history fouled popular beaches and killed wildlife while crews scrambled Sunday to contain the crude before it spread further into protected wetlands.

At least 126,000 gallons (572,807 liters) of oil spilled into the waters off Orange county, according to a statement from the city of Huntington Beach.

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‘Only yourselves to blame’: UK’s shortages seen from abroad

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US and European media give their verdict on the fuel, food and labour crisis they say is caused by Brexit

Government ministers may insist it is “wrong” to blame Brexit for Britain’s fuel, food and labour shortages, but for the rest of Europe – and beyond – there is only one reason why the UK’s crisis is so very much worse than everywhere else’s.

“One is tempted to tell the British: ‘You have only yourselves to blame,’” said Gabi Kostorz on ARD’s Tagesthemen, a leading German news show. “We tried to talk you out of it, but you decided otherwise. Now you have to face the consequences.”

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Boris Johnson to consider using army to supply petrol stations

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Ministers to discuss emergency plan Operation Escalin after BP reveals a third of its forecourts have shortages

Hundreds of soldiers could be scrambled to deliver fuel to petrol stations running dry across the country due to panic buying and a shortage of drivers under an emergency plan expected to be considered by Boris Johnson on Monday.

The prime minister will gather senior members of the cabinet to scrutinise “Operation Escalin” after BP admitted that a third of its petrol stations had run out of the main two grades of fuel, while the Petrol Retailers Association (PRA), which represents almost 5,500 independent outlets, said 50% to 90% of its members had reported running out. It predicted that the rest would soon follow.

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Iranian fuel tanker heading for Syria poses test for US sanctions

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Contents will be trucked to Lebanon to ease energy crisis, a plan that could challenge US resolve towards two foes

An Iranian tanker carrying fuel bound for Lebanon was at anchor in the Red Sea on Friday ahead of the final leg of a voyage to Syria, which is set to pose the biggest test yet to US sanctions imposed on two arch regional foes.

The tanker is expected in the Syrian port of Baniyas early next week, in defiance of US sanctions that prevent oil exports from Iran and imports to Syria, which have both been subject to stringent US-imposed restrictions on trade. The imminent arrival is being hailed by the Lebanese militant group turned political bloc, Hezbollah, as a sanctions-busting solution for an energy crisis that has brought Lebanon to a standstill and led to widespread blackouts.

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Without help for oil-producing countries, net zero by 2050 is a distant dream | Ali Allawi and Fatih Birol

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To meet climate targets and avoid economic collapse, countries such as Iraq need international support in the transition to clean energy

• Ali Allawi is deputy prime minister and finance minister of Iraq. Fatih Birol is executive director of the International Energy Agency

In the Middle East and north Africa, global warming is not a distant threat, but an already painful reality. Rising temperatures are exacerbating water shortages. In Iraq, temperatures are estimated to be rising as much as seven times faster than the global average. Countries in this region are not only uniquely affected by global temperature rises: their centrality to global oil and gas markets makes their economies particularly vulnerable to the transition away from fossil fuels and towards cleaner energy sources. It’s essential the voices of Iraq and similar countries are heard at the Cop26 climate change conference in Glasgow this November.

To stand a chance of limiting the worst effects of climate change, the world needs to fundamentally change the way it produces and consumes energy, burning less coal, oil and natural gas. The International Energy Agency’s recent global roadmap to net zero by 2050 shows the world’s demand for oil will need to decline from more than 90m barrels a day to less than 25m by 2050. This would result in a 75% plunge in net revenues for oil-producing economies, many of which are dominated by a public sector that relies on oil exports and the revenues they produce.

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Cyprus prepares for Mediterranean oil spill from Syrian power plant

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Officials in Turkish-occupied northern Cyprus say 20,000 tonnes of oil is approaching its coastline

Turkish Cypriot authorities have taken emergency action to stop an oil slick blamed on a faulty power plant in Syria from wreaking environmental havoc along some of the island’s finest unspoilt coastline.

Officials in the war-partitioned country’s breakaway north erected what local media described as a 400 metre barrier off the Karpas peninsula to prevent the slick reaching its pristine shores.

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Leaded petrol era ‘officially over’ as Algeria ends pump sales

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UN announcement marks ‘huge milestone for global health and our environment’

The era of leaded petrol is officially over, the UN has announced, eliminating a major threat to human and planetary health.

UN experts have called the use of the fuel, which began in 1922, a “catastrophe for the environment and public health”. By the 1970s, nearly all petrol produced around the world contained lead. Now the last country to use it, Algeria, has finally stopped selling it in petrol stations.

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Recovery in global trade hit by Covid outbreaks in east Asia

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Decline in exports from Taiwan combines with port closures in China and Japan to hinder growth

A recovery in global trade during the summer is beginning to wane, according to some early warning signs pointing to the negative effects of widespread Covid-19 outbreaks in the manufacturing centres of east Asia.

A dramatic decline in exports from Taiwan, which makes many of the computer chips used in cars and mobile phones, has combined with temporary port closures and lockdowns in Australia, China and Japan to cut the level of global trade.

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North Sea oil was battered by Covid, but now faces much deadlier waves

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Since the pandemic hit, the world’s altered attitude to fossil fuels is throwing doubt over the industry’s future

The UK’s North Sea oil industry may have survived one of the darkest market downturns in history during the Covid-19 pandemic, but the deepest gloom lies over the future of the fossil-fuel industry.

Companies are braced for this week’s annual economic report from industry body Oil and Gas UK (OGUK). It is expected to lay bare the full toll of the pandemic on the ageing oil and gas basin last year.

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Stop the east African oil pipeline now | Bill McKibben, Diana Nabiruma and Omar Elmawi

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The fate of a planned line from Uganda to Tanzania will be the first test of whether anyone was listening to António Guterres’ call to end fossil fuels

If there is one world leader trying to look out for the planet as a whole, not just their own nation, it’s the UN secretary general. Last week, António Guterres was resolute in the wake of the damning report from the IPCC on the perilious climate crisis. It should, he said, sound “a death knell for coal and fossil fuels, before they destroy our planet”.

He called for an end to “all new fossil fuel exploration and production”, and told countries to shift fossil fuel subsidies into renewable energy.

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BHP to shift oil and gas assets into Woodside Petroleum as part of major overhaul

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Global miner declares a bumper profit due to high iron ore prices but slashes value of NSW coalmine to become a $200m liability

Global miner BHP is planning a major overhaul, simplifying its company structure and dumping its oil and gas assets into Woodside Petroleum, creating one of the biggest energy producers in the world.

BHP on Tuesday declared a bumper profit due to high iron ore prices, as it announced it will bring together its Australian and UK arms into one company and leave the London Stock Exchange, which could have ramifications for investors.

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Outraged fishers show oil spill ‘like porridge’ in Trinidad sea – video

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A group of fishers were outraged when they came across a large oil spill with 'clumps as thick as porridge' covering the Gulf of Paria in Trinidad. 

 Gary Aboud and Fishermen and Friends of the Sea (FFOS) documented the spill and criticised the clean-up attempt by oil company Paria Fuel Trading Company Ltd, calling for the company to contain the oil and collect it instead of dispersing it with boats. 

 In a statement released on Monday, Paria said: 'The spill is contained, and a residual clean-up is ongoing.' The company said that absorbent booms had been strategically placed to prevent further migration of oil into the sea, but FFOS said they had not seen evidence of this. 

Almost 500 oil spills have been reported in the region’s land and at sea since the beginning of 2018

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Israel’s shadow war with Iran

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A spate of attacks on one of the world’s busiest shipping trade routes is part of an escalating tit-for-tat conflict playing out between Iran and Israel, says Martin Chulov, the Guardian’s Middle East correspondent

In the last week of July, an oil tanker managed by an Israeli company was making a routine journey from Dar es Salaam in Tanzania to Fujairah in the United Arab Emirates when it was hit by an explosive, believed to be a drone. Two men, a Romanian and a British national, were killed in the attack. The Israeli government immediately blamed Iran who has denied any part in it.

The Guardian’s Middle East correspondent, Martin Chulov, tells Nosheen Iqbal that it is the latest action in what is now a rapidly escalating ‘shadow war’ between Israel and Iran. With both countries under new leadership in recent weeks, there is an added layer of unpredictability to relations that have been tense for some time.

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Reduce methane or face climate catastrophe, scientists warn

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Exclusive: IPCC says gas, produced by farming, shale gas and oil extraction, playing ever-greater role in overheating planet

Cutting carbon dioxide is not enough to solve the climate crisis – the world must act swiftly on another powerful greenhouse gas, methane, to halt the rise in global temperatures, experts have warned.

Leading climate scientists will give their starkest warning yet – that we are rushing to the brink of climate catastrophe – in a landmark report on Monday. The Intergovernmental Panel on Climate Change will publish its sixth assessment report, a comprehensive review of the world’s knowledge of the climate crisis and how human actions are altering the planet. It will show in detail how close the world is to irreversible change.

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