Category Archives: Oil

Saudi Arabia shakeup brings in new oil minister and royal court chief

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As the Aramco listing is revived, crown prince appoints a businessman to lead the oil sector and gets a new gatekeeper

Saudi Arabia has announced the creation of a new natural resources ministry, separating it from the energy ministry, while replacing the head of the royal court in a wide-ranging shakeup of the government.

As plans for the massive $2 trillion stock market listing of the state-owned oil company Aramco are stepped up, the kingdom’s de facto ruler and crown prince, Mohammed bin Salman, has brought in a prominent businessman to head the new ministry of industry and mineral resources.

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Political uncertainty puts London listing for Saudi Aramco in doubt

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Decision to rule out UK and Hong Kong would be major blow to both financial centres

Saudi Arabia’s revived plans for a $2tn mega-listing of its state oil company may rule out the London Stock Exchange amid Britain’s rising political uncertainty, according to reports.

Saudi Aramco, the world’s most profitable company, may instead look to Japan’s Tokyo stock exchange to host the second phase of what would be the biggest public offering in history.

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Why is China hiding its oil tankers from US trackers?

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Signs Beijing may be importing Iranian oil as Trump’s two biggest foreign policy headaches converge

In early June, a Chinese-owned supertanker abruptly went dark in the Indian Ocean, the tracking system signalling its course apparently deactivated.

It was not the first ship to vanish from the monitors. The deactivation of transponders that generate a unique ID issued to ships by the International Maritime Organisation (IMO) has become increasingly familiar in recent weeks to the companies that track tankers.

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Montara oil spill: site’s new operator rejects suggestion it couldn’t afford second clean-up

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Jadestone CEO says it could cover the cost of cleaning up a major spill, even though company has never made a profit

The new operator of the site of Australia’s worst ever oil spill has dismissed concerns it might not have the financial capacity to clean up should disaster strike again.

Ten years ago on Wednesday an estimated 40 million litres of oil leaked from a faulty rig in the Montara field, in the Timor Sea, and for 10 weeks spread over tens of thousands of square kilometres of ocean.

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Saudi Aramco ready for record $2tn IPO after first-half results

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Profits fell 12% but company still ahead of world’s six biggest listed oil producers combined

Saudi Arabia’s state-owned oil group is ready to move ahead with a record $2tn (£1.7tn) market float after revealing profits of $46.9bn for the first half of this year.

Saudi Aramco’s profits for the six months ending in June were down from $53.2bn in the first half of last year owing to lower oil prices, but were still well ahead of the world’s six biggest listed oil companies combined.

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Iran claims it has seized third oil tanker in Gulf as tensions with US rise

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State media says vessel was taken on Wednesday carrying a cargo of 700,000 litres

Iran claims it has seized a third foreign oil tanker in the Gulf in a further escalation of tensions between Tehran and Washington and its regional allies, who continue to stare each other down over crippling economic sanctions imposed by the Trump administration.

Iranian state media claimed the tanker was Iraqi and was seized on Wednesday in a northern part of the strait of Hormuz with a cargo of 700,000 litres of oil bound for neighbouring Arab states. The strait is one of the world’s most important waterways, on which a combustible standoff has played out since early July, when a British warship intercepted an Iranian tanker off the coast of Gibraltar.

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Just 10% of fossil fuel subsidy cash ‘could pay for green transition’

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Redirecting small portion of subsidies would unleash clean energy revolution, says report

Switching just some of the huge subsidies supporting fossil fuels to renewables would unleash a runaway clean energy revolution, according to a new report, significantly cutting the carbon emissions that are driving the climate crisis.

Coal, oil and gas get more than $370bn (£305bn) a year in support, compared with $100bn for renewables, the International Institute for Sustainable Development (IISD) report found. Just 10-30% of the fossil fuel subsidies would pay for a global transition to clean energy, the IISD said.

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Iran tanker standoff: Tehran releases nine crew of Mt Riah vessel

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India urges Tehran to release remaining three crew of tanker seized on 13 July amid Middle East tensions

Iran has freed nine of 12 Indian crew members of MT Riah, a Panama-flagged tanker it seized this month as part of a growing diplomatic crisis in the Middle East, the Indian foreign ministry said on Saturday.

The MT Riah was detained by the Iranian coastguard on 13 July, with 12 Indian crew members on board, the Indian foreign ministry said, and appealed for the release of the remaining crew. No reason has been provided as to why the three are being held.

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Iran releases footage of seized oil tanker crew – video

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The country's state TV has shown video of the crew onboard the British-flagged oil tanker Stena Impero. The Revolutionary Guards captured the ship, with its 23-strong crew, and took it to Bandar Abbas, one of Iran’s main military ports

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Iran releases footage of seized British-flagged oil tanker – video

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Iranian state media have released footage of the seized oil tanker Stena Impero detained in the strait of Hormuz on Friday, marking a dramatic escalation in the worsening standoff in the Gulf. Iran’s Revolutionary Guards claimed to have taken the British-flagged ship into port with its 23-strong crew, and Iranian officials claimed it had infringed maritime regulations

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Gulf crisis: story began with UK’s seizure of Iranian-flagged ship in Gibraltar

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Grace 1 was impounded over claim it was bound for Syria – but diplomats knew there might be consequences

The morning after a group of 30 Royal Marines helped seize the Iranian-flagged Grace 1 in Gibraltar, tired Foreign Office officials did not look exactly jubilant. There was not exactly a sense of foreboding, but diplomats were aware of the wider bilateral consequences for British-Iranian relations.

Related: Hunt 'extremely concerned' as Iran seizes two British-linked oil tankers

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UK to send a second warship to the Gulf amid crisis with Iran

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MoD says destroyer will be deployed within days to protect British commercial oil tankers

The UK is stepping up its military presence in the Gulf by sending a second warship to the region to protect British commercial oil tankers, the Ministry of Defence has said.

The HMS Duncan, a Type 45 destroyer, will be deployed within days after it completed a course of Nato exercises in the Baltic Sea with the aim to be in the Gulf region by next week.

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‘Biggest compliment yet’: Greta Thunberg welcomes oil chief’s ‘greatest threat’ label

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Activists say comments by Opec head prove world opinion is turning against fossil fuels

Greta Thunberg and other climate activists have said it is a badge of honour that the head of the world’s most powerful oil cartel believes their campaign may be the “greatest threat” to the fossil fuel industry.

The criticism of striking students by the trillion-dollar Organization of the Petroleum Exporting Countries (Opec) highlights the growing reputational concerns of oil companies as public protests intensify along with extreme weather.

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Iran fury as Royal Marines seize tanker suspected of carrying oil to Syria

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Iran summons UK ambassador over incident off Gibraltar as tensions escalate over nuclear deal

Royal Marines have helped seize an Iranian supertanker suspected of carrying oil to Syria off the coast of Gibraltar, escalating tensions between the UK and Tehran as the agreement aimed at halting Iran’s nuclear programme unravels.

A detachment of nearly 30 British troops working with the Gibraltarian police intercepted the vessel, believed to be carrying 2m barrels of oil, in a dramatic manoeuvre Spain said had been conducted at the request of the US.

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Russia and Saudi Arabia agree to extend deal with Opec to curb oil output

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Vladimir Putin says deal due to expire on Sunday will be extended by six to nine months

Russia has agreed with Saudi Arabia to extend by six to nine months a deal with Opec on reducing oil output, the Russian president, Vladimir Putin, said, as oil prices come under renewed pressure from rising US supplies and a slowing global economy.

The Saudi energy minister, Khalid al-Falih, said on Sunday that the deal would most likely be extended by nine months and no deeper reductions were needed.

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Opec weighs up the risks if Russia goes it alone on prices

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Vladimir Putin may relish his place at the table in Vienna but he will be tempted to cash in on rising prices

The Organisation of Petroleum Exporting Countries (Opec) will meet this week in Vienna under a familiar pretext: to act as stewards of oil market stability. In practice, oil ministers from the world’s most powerful oil-producing nations will thrash out a deal to limit the amount of oil flowing into the global market and avoid an oil price collapse.

The latest pact is expected to extend a milestone deal first struck between Opec and a Russian-led alliance of nations outside the cartel in the wake of the oil price crash.

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Trudeau approves contentious Trans Mountain pipeline expansion

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Construction to start this year, Canadian prime minister says, despite opposition from environmental and Indigenous groups

Canada’s prime minister Justin Trudeau has once again approved a hotly contested proposal to expand the crude oil pipeline it bought last year, providing hope for a depressed energy industry but angering environmental and Indigenous groups which have fiercely opposed the project.

Construction on the expansion of the Trans Mountain pipeline is planned to start this year, Trudeau told a news conference on Tuesday. A senior government official, speaking on condition of anonymity, said earlier that Ottawa expected legal challenges to the approval.

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Russia is not alone in exploiting Africa | Letters

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Tracey Lindner says the scramble for Africa is largely about securing resources that are crucial for military and civilian digital technology. Terry McGinn shines a spotlight on the US

Foreign involvement in Africa is far from unique to Russia (Leaked documents reveal Russia’s efforts to exert influence in Africa, 12 June). The new scramble for Africa involves more powers than the first round over a century ago. This time it’s in part about securing resources such as oil, gas and rare earth metals crucial for military and civilian digital technology, and denying these resources to rival powers.

The United States Africa Command (Africom) now has 7,500 American troops active in all but one African country, up from 6,000 in 2017. Apart from its huge base in Djibouti, controlling the narrow strait between the Red Sea and the Gulf of Aden, a vital chokepoint through which all shipping using the Suez Canal has to pass – most importantly (for the Americans) Chinese shipping – the US has constructed small “lily pad” bases, whose presence gives the US a strong military capability.

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Oil tanker attacks will inflame conflict between the US, its allies and Iran

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The explosions, on a vital passageway for the world’s oil supply, may prove Trump’s policy of coercion has backfired

The explosions were bigger and the damage more extensive. But the message and its means of delivery have some similarities.

Thursday’s attacks on two oil tankers in the Gulf of Oman caused jitters in global markets and unease across a region that has been bracing for conflict throughout much of the year. As with the earlier attacks on 12 May, news of the latest strikes was again broken by media outlets aligned to Hezbollah in Lebanon and Iran, who broadcast images of the attacks within minutes of them taking place.

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Oil price jumps after Gulf of Oman tanker ‘attacks’ – business live

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Rolling coverage of the latest economic and financial news, as tanker fires send crude prices soaring

Iran hasn’t said who it thinks is responsible for today’s attacks off its coastline.

But on Twitter, foreign minister Javad Zarif has described the attacks as beyond suspicious:

Reported attacks on Japan-related tankers occurred while PM @AbeShinzo was meeting with Ayatollah @khamenei_ir for extensive and friendly talks.

Suspicious doesn't begin to describe what likely transpired this morning.

Iran's proposed Regional Dialogue Forum is imperative.

Here’s the key line from president Rouhani’s speech on Iranian TV:

“Security is of high importance to Iran in the sensitive region of the Persian Gulf, in the Middle East, in Asia and in the whole world. We have always tried to secure peace and stability in the region.”

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