Paris: World Bank Will No Longer Finance Oil and Gas Projects Starting from 2019

In a move meant to aid countries reach greenhouse gas-curbing targets set by the 2015 Paris Agreement to limit global warming, the World Bank has announced that it will stop financing oil and gas projects starting from 2019. The announcement came at a climate summit seeking to boost the global economy’s shift to clean energy. …

Changes to National Monuments Could Benefit the Fossil Fuel Industry

On December 4, President Donald Trump announced plans to drastically reduce the size of two national monuments in Utah. “Some people think the natural resources of Utah should be controlled by a small handful of very distant bureaucrats located in Washington,” Trump said during the announcement, according to the New York Times. “And guess what? …

Republican Tax Bill Presents Grave Threat to Alaska’s Tribal Groups

For tribal people in northern Alaska, a Republican tax overhaul that was hastily cobbled together in congressional backrooms 3,000 miles away has raised fears that their entire way of life could be erased from this frigid corner of the US. The Senate’s tax bill may land a decisive blow in a 30-year environmental battle over …

MEXICO: Discovered Richest Oil Field in 15 Years

Mexico’s Pemex Company reported that the new oil field is of great economic importance due to its location next to existing oil production infrastructure. Mexico’s President said that the oil will be produced at a low cost due to the convenient location of the oil field. Mexican President Enrique Pena Nieto said that Pemex has …

Traders Bet their Oil Storage Assets that OPEC Cuts Will Work

The jury is still out on whether OPEC can rein in a global oil glut but top commodity traders are betting it can by selling stakes in storage tank businesses that profited from oversupply. Since January, Glencore, Vitol and Gunvor have completed or have been seeking to sell parts of their holdings in storage firms. …

OPEC Secretary General speaks at IP Week conference in London

OPEC Secretary General, HE Mohammad Sanusi Barkindo, two days ago delivered a keynote address at the International Petroleum (IP) Week conference in London.  The session was moderated by Manus Cranny, Markets Editor/Anchor, Bloomberg TV, who followed the Secretary General’s speech with a number of questions, including some from the audience. The Secretary General initially highlighted …

Iran to Sell Russia 100,000 Barrels of Oil per Day – State TV

Iran announced on Tuesday it will begin selling 100,000 barrels of oil per day to Russia within the next 15 days and receive payment half in cash and half in goods and services, the Iranian Students’ News Agency (ISNA) reported. Iranian Oil Minister Bijan Namdar Zanganeh provided details about the deal after meeting Russian energy …