Oil trades above $62 in New York
20 February 2018 | 5:17 am
Societe Generale Global Commodities Strategist Head of APAC Research Mark Keenan discusses the price and production of oil.
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Refining oil illegally is so lucrative in Nigeria that many engage in the practice despite the dangers and a government crackdown. Some of those involved told DW they had no other option to earn a living.
A deadly fire at Cuba's main oil terminal Matanzas is still burning days after one of its gas tanks was struck by lightning. Mexico and Venezuela have deployed teams to help contain the blaze.
North Dakota is a hub of the US hydraulic fracturing industry and the country's second-biggest oil producer. Surging demand for fracked oil and gas amid the Ukraine war means booming business, sidelining green energy.
Saudi energy giant Aramco says its profits have nearly doubled compared with last year. The firm, which is nearly fully state-owned, has seen both demand — and pump prices — soar.
Claudia Kemfert of the German Institute for Economic Research calls for a ban on Russian oil imports even if this means another hike in fuel prices.
Puddles of oil in the forests, polluted lagoons, crabs covered in oil: with photos and videos, activists have been denouncing recurrent pollution in western Gabon. In three years, they have recorded ten polluted sites in the Etimboué region, all of them located near the oil fields belonging to the Franco-British company, Perenco. Perenco's speciality is operating low-cost, end-of-life oil fields. But according to activists, its infrastructure is dilapidated and is causing serious damage to the environment. The France 24 Observers investigated in this special episode.
Ports in Africa lose vast sums of money because of corrupt port officials, inefficiencies, and poor infrastructure, among others. Corruption has affected economic growth and slowed the clearance and forwarding of goods.
OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections.
OPEC+ is cutting global oil production to drive up prices. The move shows that Russia can still count on the cartel led by Saudi Arabia to help it bolster its war chest.
In Poland, a leak in the Druzhba pipeline that is carrying oil from Russia to several European countries has been detected. Authorities stated that it is too early to identify the cause of the damage. Germany's economy ministry says it is receiving less oil, but supplies are guaranteed.
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