As the 8th BRICS Summit came to a close in Benaulim, Goa, India, a multi-billion dollar oil deal piqued the attention of the commodities world.
In the presence of political bigwigs from the five member states, a formal announcement was made of the sale of Indian company Essar Oil to Russia's Rosneft. A major player in the petroleum refining sector, Rosneft will purchase a 98 per cent stake in the Mumbai-based organisation for a sum of $10.9 billion.
There are some consumer sectors that have changed society. They have become something greater than commodities and have moved into the realm of cultural drivers. Both the oil and technology industries fall under this category. These sectors have made the world smaller by connecting cities, countries and continents.
After an eight-month wait, a wad of documents finally arrives at the doorstep of a myopic thirty-year old man with a keen eye for detail.
He was the youngest child of three, born to the founder of a small business school in one of the United States’ first boomtowns. Upon the death of his father, he would leave formal education and become a messenger boy and courier, where he would develop a lifelong passion for cycling. When his polio-stricken sister died, he would ditch the idea of biking for a living to begin studying as an accountant in order to command a higher living wage.
At the age of 24, a trip abroad would change the direction of his life forever.
The global methanol market is undergoing dynamic transformations, reports HIS Chemical. Automotive and construction applications are the largest demand drivers. New markets are also emerging from methanol to olefins projects, direct methanol blending into gasoline and methanol conversion into gasoline.
The Democratic and Republican candidates for the presidency of the United States have faced off in their first moderated debate.
The series of three one-on-one events will deal with everything from domestic policy to the role of the United States in the wider world touching on the cornerstone and wedge issues that divide the nation’s 226 million eligible voters.
One of the crux areas for both candidates will be their position on the future for energy across the 50 states of the union. We’ve grouped together what Hillary Clinton and Donald Trump have said in their own words.
As the Organisation of Petroleum Exporting Countries (OPEC) prepares to meet next week alongside the International Energy Forum in Algeria, the rumour mill is running at full tilt.
Oil climbed on the global markets as Venezuelan President, Nicolás Maduro, told tale of “positive discussions” with regards to an oil price freeze as September comes to a close. Venezuela has suffered more than most countries in the wake of the oil price rout, with the world’s highest rate of inflation and everything from rolling blackouts to erupting food threatening to disintegrate any façade of socioeconomic and political order.
A Grade-A grey day in this North Sea port city. A man half way through his 50th year wheezes a last breath into the stuffy air of a high-ceilinged bedroom.
The oldest of five children, born into the house of a wealthy merchant from the Hansa city of Gdánsk, he would be orphaned at the age of 15 when both of his parents died on the same August afternoon after eating poisoned mushrooms.
Momentum is building for a referendum on the independence of Iraqi Kurdistan, an autonomous region occupying an area of 79,000 squared kilometres of embattled northern Iraq. Since 2010, the fractious Iraqi central government in Baghdad and the Kurdish Regional Government (KRG) based out of Erbil have been at loggerheads over the proceeds of oil revenues.
In February 2016, Masoud Barzani, President of Iraqi Kurdistan and scion of the Barzani clan, upped the stakes by mooting an independence referendum whilst disarray in Baghdad was at its highpoint. At the end of August 2016, Iraq's Prime Minster, Haider Al-Abadi, affirmed that Kurdish self-determination was an "undisputed right” and moves for a plebiscite would not be opposed by his government. The momentous vote may take place before the US election in November. In 2005, an informal referendum tacked onto regional Iraqi elections saw 98.8 per cent of the electorate opted for an independent Kurdistan.
As the G20 Summit came to a close in the eastern Chinese megacity of Hangzhou, agreements brokered on the undercard of the main event may prove to be more significant.
In a powwow arranged as an adjunct to the global congress, Russian President, Vladimir Putin, and Deputy Crown Prince of Saudi Arabia, Mohammad bin Salman Al-Saud, signed an energy accord that could limit the two nations’ oil output in the future. The announcement of this bilateral oil deal saw the price of a barrel of Brent crude soar by almost five per cent within a matter of hours, as traders leapt on any glimmer of hope in a depressed market.
Statistics coming out of the annual Government Expenditure and Revenue Scotland (GERS) report have made for the starkest reading yet for the UK’s oil and gas industry.
In the past 12 months, revenues from the oil and gas industry have dropped from £1.8 billion ($2.4 billion) to a paltry £60 million ($78 million). In comparison to the £9.6 billion ($12.6 billion) recouped in 2011, that represents a 99.4 per cent decrease in returns in the last five years.
The city that had the highest economic growth in the UK from 2006 to 2011 and more billionaires per capita than London, now has double the amount of emergency food banks it did a year ago. Oil sector job losses are set to hit 120,000 by the end of 2016, leaving more than a quarter of the pre-price slump workforce unemployed.