Oil

    • Energy giants face 35% output cut to hit Paris climate goals

      Energy giants face 35% output cut to hit Paris climate goals

      The biggest listed oil and gas giants must slash production by more than a third by 2040 to keep emissions within targets laid out in the landmark Paris climate deal, an industry watchdog said Friday. Carbon Tracker, a Britain-based think tank, added that current rates of emissions from the energy majors would see the world's carbon budgets surpassed within decades due to an inexorable rise in oil and gas output.

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    • Russia, Saudi Arabia seal key oil deal

      Russia, Saudi Arabia seal key oil deal

      Russian President Vladimir Putin signed a key deal Monday with Saudi Arabia during a key visit for an OPEC+ grouping aimed at stabilising global oil prices and seeking to calm regional tensions with Iran. Putin's visit was the first one to the kingdom in over a decade and followed attacks on Saudi oil installations that Saudi Arabia and the United States have blamed on Iran, an ally of Moscow.

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    • US hints at military response to Saudi attacks

      US hints at military response to Saudi attacks

      Oil prices made their biggest jump since the Gulf War on Monday after President Donald Trump warned that the United States was "locked and loaded" to respond to attacks on Saudi oil infrastructure that Washington blamed on Iran. It is the first time the president has hinted at a potential American military response to the drone attacks, which slashed Saudi oil production by half and led both the kingdom and the US to announce they may tap their strategic reserves.

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    • BP exits Alaska in $5.6bn deal

      BP exits Alaska in $5.6bn deal

      British oil giant BP announced Tuesday it will sell all of its Alaska operations for $5.6bn, exiting the state after 60 years to help meet divestment goals. The local firm Hilcorp Alaska will acquire the BP assets, including operations in the mammoth Prudhoe Bay oilfield, BP said in a statement.

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    • US will sanction all countries importing Iranian oil

      US will sanction all countries importing Iranian oil

      In a move intended to further ramp up pressure on Iran by strangling the revenue it gets from oil exports, The US State Department is poised to tell five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from US sanctions if they continue to import oil from the Islamic country. The plans to not renew sanctions waivers for the five countries when they expire on 2 May are expected to be announced today by Secretary of State Mike Pompeo. The other countries no longer exempt would be China and India.

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    • ExxonMobil faces EU parliament ban

      ExxonMobil faces EU parliament ban

      ExxonMobil could become the second company after Monsanto to lose lobbying access to members of European Parliament after it failed to turn up to a hearing Thursday into whether or not the oil giant knowingly spread false information about climate change.

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