OPEC says major investment in oil industry still needed despite switch to renewable energy in coming decades
Oil industry
Latest in Oil industry
energy investments
OPEC calls for $14tn investment boost to meet surging energy demand through 2045
OPEC Secretary General stressed that these investments are crucial for ensuring reliable energy supplies for current and future generations
acquisition
Saudi Aramco buys US automotive oil manufacturer Valvoline for $2.65 billion
In October last year, Valvoline was in talks of separating its retail and global products businesses as the oil manufacturer aimed to be a pure-play automotive service provider
Capital Markets
DFM, Dubai Mercantile Exchange collaborate to offer retail investors access to crude oil asset class
DFM plans to launch a new retail product derived from the Oman Crude Oil Futures, DME’s flagship contract that provides investors with the opportunity to access the asset class
Aramco
Saudi Aramco shares hit record as oil demand continues to rebound
Aramco CEO hails rebounds as crude prices have surged around 20% this year
Basrah Oil Company
Iraq aims to clinch Exxon oil sale by June even as Chevron balks
Basra Oil Co., the state-run company overseeing crude production in the region, may open talks with more companies after Exxon submitted a request to sell its 32.7 percent stake in January
crude oil price
Saudis take charge of oil market with surprise production cut
Kingdom has pledged an additional unilateral cut of one million barrels-a-day in February and March
environmental impacts
Video: Where will oil’s shale revolution carry America?
The oil industry says the shale revolution is a bridge, one that will carry America to a future of 100% renewable energy. But fracking has significant negative environmental effects, and opponents say it actually increases US dependence on oil, further slowing the fight against global warming.
attack
BAPCO operations remain uninterrupted, Bahraini authorities say
Bahrain’s BAPCO activated business continuity plans on September 14 following the drone attacks on Aramco facilities in Saudi Arabia