Tag: oil

  • COP28 hosts back proposed additional Saudi oil cuts

    Saudi Arabia could cut oil production further thanks to the first stage of the OPEC+ group’s meeting this morning, supported by the UAE. The nation has won provisional backing for the move has made it contingent on other nations contributing to the cuts, measures that if not could jeopardise the agreement. The UAE, hosts of…

  • High Court green lights legal action against Shell over oil spills

    The High Court yesterday green lit a group action against Shell that stems from oil spills in a region of Nigeria. The lawsuit arose out of oil spills that occurred from oil pipelines located around Rivers State in the Niger Delta, which caused environmental damage. The thousands of claimants are from the Ogale and Bille…

  • OPEC+ meeting delay sends oil prices south

    Oil prices dived today following the news that the Organisation of the Petroleum Exporting Countries (OPEC+) has postponed its upcoming meeting. This Sunday’s meeting of OPEC and allies such as Russia, known as OPEC+, had been expected to consider potential further supply cuts. According to Bloomberg News, the meeting will delayed after Saudi Arabia expressed…

  • Petroineos to cut Grangemouth oil operations by 2025

    The owner of Scotland’s only oil refinery has said it could cut operations at the plant as soon as 2025. Owner company Petroineos, a joint venture between Chinese state-owned PetroChina and London-based Ineos, is implementing a transformation timescale of around 18 months with the resulting site being capable of importing petrol, diesel, aviation fuel and…